Stable macro outlook strengthens the currency, reducing key threats to Polish banks We have more confidence in a recovery from 2010, but are still waiting for the bottom of the cycle in the sector in 2009 We upgrade Pekao to Overweight (V)...

Banking is a heavily regulated industry, and the industry will need 15% ROEs to be able to support onerous capital adequacy requirements and finance economic growth #1048599; True, regulators will demand the industry holds more capital, bu...

Turning positive on Korean banks: We upgrade our view on Korean banks/bank-centric FHCs from neutral to overweight relative to the KOSPI and MSCI Korea benchmark, based on: (1) our estimate of a double-digit growth in PPOP for the next thr...

Table of Contents Executive Summary ...................................................................................... 3 Key Themes ................................................................... 4 Theme 1 Review of capital require...

Closer to recovery We are more bullish about an H-share bank earnings recovery in 2010 as NIM contraction is likely to bottom out earlier than we expected back in May and asset quality remains benign in 2009-10. As NIMs stop contracting, r...

本报告导读： 本报告认为美元本位继续维持，人民币重新盯住美 元，美元对欧元今年呈现升值 息差交易解体以及风险溢价抬高使得近期全球汇率 波动性巨大，已经影响实体经济和金融市场 摘要： 汇率是最重要的全球宏观变量，其变化一方面是全球实体经济的结果，...

U.S. Mid-Cap Banks Look for 2Q09 Results to Drive a Rally; Inflow of NPAs Should Slow, NIM Upside; CMA CYN Top Picks U.S. Mid-Cap Banks Steven Alexopoulos, CFAAC (1-212) 622-6041 steven.a.alexopoulos@jpmchase.com Preeti S Dixit (1-212) 622...

内容简介： 一、宏观经济是影响银行业的主要因素 二、银行分析的基本框架与指标 三、盈利增长的驱动因素和模型 四、估值方法 五、银行业发展趋势...

目录 银行、房地产与相关实体经济行业之间存在行业轮动关系......4 行业的周期性特征是行业轮动模式的驱动因素.........8 插图 图1：银行与实体经济行业的轮动模式逐渐形成趋势性反转... 4 图2：银行与防守型实体行业的轮动模式趋势有待延续..... 5 图3：银...

简介 范围 毕马威按建行的要求，列出了以最佳模式运作的世界级银行采用的关键绩效指标。本文件的编排方式，是为了方便建行能用以界定开发管理信息系统的要求。我们在制定关键绩效指标时，已经透过使用平衡记分卡的方法，把建行的策略目标和信息要求互相连系...