报告要点 央行分支行行长会议再一次强调上促进信贷均衡 投放，控制贷款风险的政策目标，和近期一系列 政策微调的动作一脉相承，更多是表达了对风险因 素的关注，在继续实施刺激政策的大方向下，通过 信贷促进增长的大框架下，央行的政策目标并不要 求急踩信...
new era in EMEA banking is upon us. We see a strong case for structural growth in EMEA banking. We have endeavored to provide a roadmap to the recent trends across EMEA banking, as this is a far from homogenous group of banks in various st...
THAILAND BANKS Value trap or value proposition? Thai bank stocks performed poorly in 2008, losing 51% of their value. Share price recovery, when it comes, could be unusually large. We think investors may have to wait more than 12 months to...
目 录 致谢 1 详细摘要 2 第一章 采取平衡战略............................................................ 8 2006《科技规划》........................................................................................................................
Action: After pricing in the optimistic expectation that CES will realize IPO in 2H09 and its valuation will converge to A-share comparables, with 0%~20% non-controlling holding discount for CES, our valuation range for CEL is HK$21.5~HK$2...
投资要点 2008年度，实现营业收入553.08亿元，增长35.04%；拨 备后利润（营业利润）264.12亿元，增长26.28%；税前利润 267.59亿元，增长27.16%；归属于母公司股东的净利润 210.77亿元，增长38.27%；基本EPS1.43元。 2008年后两个季度营业收入环比均表现为负...
Table of contents Domestic CEE banks: assessing sustainable returns.................................... 5 How to defend against credit losses..........................................................5 In search of sustainable returns ........
TABLE OF CONTENTS Overview ......................................................................................................................3 Today Versus The Early 1990s ..................................................................
Table of contents THE INVESTMENT CASES 2 SUMMARY AND VALUATION 5 WHO IS STRESS TESTING THE STRESS TESTERS? 7 EASTERN EUROPE SPIRALING DEVALUATIONS UNLIKELY 10 SHIPPING SECTOR RECENT BULK SURGE SHOULD GIVE SUPPORT TO DNB NOR AND NORDEA 14 S...
Table of Contents Sector Overview 8 How is the 7% loan growth estimate derived? 11 Relentless hike in NPLs is the big worry no short-term hope of a recovery 12 Which bank suffered most? 14 A helpful move from the BRSA for problem loans 16...
