Executive summary Outlook We believe that the China auto sector has just commenced its high growth phase with accelerated penetration, as experienced by Japan and Korea decades ago. Yet unlike those countries, Chinas auto market is likely...
Climate change a rapidly growing piece of the global economy 3 Introduction 3 Climate revenues 4 Climate employment 5 Potential size of the listed climate theme 6 HSBC Climate Change Index Review 8 Introduction 8 The core investment pillar...
Looking for Regional Banks Stocks to Take a Breather with 3Q Results. Since the mid-point of 2009 the mid-cap banks have now rallied 19% higher outperforming a 12% increase in the SP, tied to several key factors, which included the sector...
Contents Turnaround in sight 3 Margins to rebound as excess liquidity runs off 3 Mortgages a bright spot in asset growth 3 Fee income growth remains a key growth area 4 Asset quality has been benign; do not expect it to change 4 Raising ea...
TABLE OF CONTENTS 3Q09 Preview: Middle-Mkt/Boutique Firms ................................................ 4 Composite Analysis ..................................................................................................4 Industry-wi...
Better than expected asset quality trends and profitability generation trigger sizeable earnings estimate upgrades #1048599; We raise our sector EPS forecasts by 23% in 2010e and 28% in 2011e, on a combination of lower LLPs and higher NII;...
Rise of NIM: a new phase Structural rise of NIM We believe banks NIMs will now stay elevated through out 2010 given: 1) low competitive environment for banks with less focus on market share growth, 2) rebound of NIM in 2H09 mostly due to l...
第一章 客户信用评级 1.1 概述 1.1.1 定义及内容 客户信用评级是采用科学的方法和规范化的程序，对评级对象履行相应经济承诺的能力及其可信任程度进行调查、分析、评价、测定和审核，将评级对象的各项指标与有关的参数值，通过科学的计量方法进行横向比较和...
Table of Contents Investment Thesis ............................................................................. 3 Outlook and top picks ........................................................................3 Valuation ....................
概述 两大宏观负面因素可能在2008 年持续：中国相对较高的通胀率和美国的经济衰退/信贷市场动荡； 设定中国银行股的交易区间和建议买入水平； 在银行业公布了与预期一致或好于预期的2007 年业绩预告之后，我们对H 股银行（中国银行除外）的2008-09 年盈利预...
