Table of contents
Financial sector outlook
July performance review...................................................... 4
August investment outlook & top picks ............................. 6
1) Banking ................................................................................... 7
2) Non-life insurers........................................................................ 11
3) Securities brokers ............................................................... 13
Major sector indicators
Major sector indicators...................................................... 18
Earnings forecasts
Key assumptions & earnings forecasts ............................... 32
Quarterly earnings forecasts ............................................................... 44
Valuations & global peer analysis
Sector valuations & peer analysis............................................................ 50
Stock valuations: P/B & P/E multiples........................................................ 53
Global peer analysis: Sector indices....................................................... 63
Global peer analysis: Financial stocks.................................................... 66
Appendices
Macro-economic indicators...................................................................... 72
Samsung Securities Financial Sector Research Team ................................. 74
| 