There's More To The Rebound Than Just Credit Introducing Our F2011 EPS Estimates We are introducing our F2011 EPS estimates, which are on average 27% higher than our F2010 EPS estimates. Valuing the bank stocks on reasonable valuation para...
内容摘要 美国公司债券市场每周综述 9月9 日,美联储发表经济褐皮书认为经济形势在7、8月份趋于稳定,未来趋势保持谨慎正面,公布的进口价格指数和消费者信心指数等有所好转。美国财政部发布了关于改革美国和国际银行控股公司的资本规范计划书,主要包含八点核心...
Contents Upturn not yet priced in 3 We recommend staying Overweight the Korean banks in view of: 1) the continuing upcycle in macro leading indicators; 2) the likelihood we see of further upward revisions to consensus FY10 EPS; and 3) unde...
概 要 中国经济继续感受着全球危机的冲击。2009 年上半年,虽然若干国家出现了经济暂 时回稳的迹象,但全球经济活动继续下滑。 不过,极具扩张性的财政和货币政策使中国经济保持了令人瞩目的增长。财政政策 刺激主要围绕以基础设施建设为导向的四万亿方案,...
Contents S Curve Portfolio 4 Looking Ahead 5 I. How much can China grow? 8 II. Defining the S curve 11 III. Comparing China with other countries 12 IV: Comparing the Chinese Financial Sector to the Rest of the World 15 V. China and the Res...
Government-assisted better economic trends have resulted in lower expected bad debts, and bank pre-provision profitability again held up better than we expected over the Q2 earnings season. As bad debts normalise, we expect sector returns...
Egyptian banks should see moderate loan growth and margin expansion in H2 2009, despite earnings pressure #1048599; Ungeared balance sheets and high asset quality should cushion them against current economic headwinds #1048599; Ratings unc...
Contents HSBC weightings 4 International fund flows 6 Foreign flows in to GEMs equities 7 Foreign flows in to EMEA equities 8 Czech Republic 10 Hungary 11 Poland 12 Russia 13 Turkey 14 South Africa 15 Israel 16 Egypt 17 Foreign flows in to...
Which banks look cheap on new normal returns? In this note we set out what we think will be the new normal earnings power for US and European banks. We look at risks around the trajectory and outcome, implied upside to valuations on a look...
Table of Contents Investment case........................................................................3 Shareprice drivers, catalysts and risks ..................................................6 Economic recovery = plunging provisions,...