Contents Valuation and risks 3 Treating NPLs differently 6 Slowing NPL growth, understating accounting? 8 Assessing the real net profits and capital ratios 12 Changes to our forecasts 14 Appendix 15 Company profiles 19 Disclosure appendix...
We follow up on our recent visit report, China Banks Sector: liquidity has put concerns to rest, for now, published on 14 July 2009, and revise our earnings accordingly. We raise our 2010 estimates by 2-23%, driven mostly by stronger loan...
Our view The market likely has digested the good news: NIM bottomed in 2Q09 and credit charges remain low. Looking ahead, NIM expansion and fee income growth may generate earnings upside. We favour banks with these abilities, eg CCB and IC...
Contents Executive Summary....................................................................................3 Economic Review........................................................................................4 GDP 4 Exchange Rate 8...
目录 综观：警惕公共部门风险急遽上升（3-7页） 目前危机可以说已经度过最令人恐慌的时点，但评估薄弱环节所在尤为重要。此次危机是由三个因素造 成的：金融体系的系统性失灵，全球经济失衡，以及之前对大量警告的置若罔闻。其中，全球经济失衡 仍为脆弱性生...
内容摘要 中金公司-090813-美联储：低利率政策不变但经济企稳向好，加强量化回收分享最及时、最权威的顶级券商报告，欢迎各位有需求的朋友下载于8月12日结束的美国联邦公开市场委员会（FOMC）议息会议中, 美联储宣布继续维持联邦基金基准利率在0-0.25%的目标...
Higher NIM + lower NPL = POSITIVE Expect NIM recovery; sector raised to POSITIVE We upgrade the banks sector to POSITIVE from Neutral and upgrade both Hana Financial and IBK to BUY from Hold. We expect NIM to reverse course starting in 2H0...
Table Of Contents 1. Deposits #1048707; Total Deposits 4 #1048707; Core deposits 5 #1048707; Large Time deposits 6 #1048707; Money Market Funds 7 #1048707; Deposits vs. Loans 8 2. Loans Total Loans 10 CI Loans 11-12 Consumer Loans 13-14 Re...
Banks Low rates really helping Q2 emerging themes supportive The early signs from Q2 results are supportive for a number of our top picks. Low rates policy response are starting to suppress NPL formation in Western markets, and alongside s...
Banks Bank Capital: an Introduction Hybrid Capital vs. Equity: At times of financial distress and at early phases of recovery, the risk reward offered by hybrid capital instruments may be more attractive than the risk reward in the equity...
