We are assuming/initiating coverage of six mid-sized Indian financial companies. Yes Bank, IDFC, JK Bank and Union Bank are our favoured stocks and we rate them OUTPERFORM. We are also assuming coverage on Kotak (NEUTRAL) and IOB (UNDERWEI...
序言 纵观当前，全球性的金融危机可能催生全球金融新秩序。我们将在本文中分析中国在渐具 雏形的全球金融新秩序中所担当的角色，以及跨国公司和中国投资者面临的机遇和挑战。...
After our recent bank visits, we lower our credit cost assumption to reflect a more benign NPL cycle. The recent recovery in property prices also gives us more comfort on asset quality outlook. We now estimate net credit cost of 100 bp and...
For LatAm, this month we present a new BRL valuation model, and examine QE in Chile #1048599; For Asia, we examine RMB valuation, look at Asian trade accounts and reserves, and focus on INR and THB #1048599; In EMEA, we look at regional Bo...
Key Themes The Battle Between U and V We expect a U-Shaped economic recovery with the US recession ending in summer 2009. Recovery will likely be gradual as cyclical headwinds have not fully disappeared, rising mortgage rates can dampen af...
Table of contents Executive summary ............................................................................................... 4 Whats new? .................................................................................................
FINANCIALS 2009 Riding wild horses In Global Financial Sector: Strategy through a glass darkly (19 December 2008) we suggest stabilisation of UK economic data may come in 2010. This could mean a more positive outlook emerges at the end of...
目录 一、银行业：宽松货币政策带来的利润增长将在下半年开始体现........ 4 1、银行业上半年表现回顾......................................... 4 （1）、银行一季度利润普遍低于预期................................ 4 （2）、5月份以来，银行板块股票表...
TABLE OF CONTENTS Sector strategy summary....................................................................................................5 Financial sector performance.......................................................................
Contents Valuation Summary 3 Hong Kong Banks Valuation Abstract 3 Hong Kong Banks Performance Ratio 4 Banks and Property Reflation 5 Rmb Trade Settlement 6 Interim results likely mixed 8 Bank of East Asia (0023.HK) 12 Sell: Stock Looks Exp...
