$Federal Agricultural Mortgage-A (AGM.A.US)$Revenue increase...

The balance ratio has not changed much over the past five years. The total assets of 27.3 billion yuan are mainly composed of 15.7 billion securities investments and 10.2 billion net loans. Securities held until maturity are 3.5 billion, accounting for 1/3 of securities investment, and 12.2 billion yuan of securities investment, accounting for 2/3 of securities investment. The debt of 26 billion is mainly composed of long-term loans of 18.1 billion dollars and short-term loans of 8 billion dollars. Without depositor deposits, there is no risk of crowding out. The risk is mainly short-term investment on the asset side.

However, since there are a large number of preferred shares, dividends have a great impact on common shareholders' profits. Over the past five years, the net profit of common shareholders has declined for two years, falling from 95 million to 89 million, and then recovered back to 151 million.

Currently, the price-earnings ratio is 8.7 and the net price-to-market ratio is 1.6. It is not much underestimated and not very attractive.