Table of contents Summary of stock ratings ........................................... 4 BNP Paribas ..............................................................................4 Socit Gnrale.................................................

Contents Executive Summary 2 Summary of Key Macro Findings 6 Office Objects in the Rear Are Further Than They Appear 6 Industrial Shifting into Lower Gear 6 Retail Green Shoots Providing Encouraging Signs 6 Making the Case for Diversificat...

Confluence of concerns We initiate coverage on the Banking Sector with a long-term Underweight and a short-term Neutral stance. We recommend investors to use the current rally in bank stocks triggered by a surge in bond prices to reduce ov...

CONTENTS Investment recommendation 3 I Private Banks trading at attractive values 5 #1048657; Swiss private banks trading at 2.3% of AUM, 1x P/BV 5 II Summary of sensitivity analysis 8 #1048657; Average 3% to 6% loss in private client AUM...

Seven deadly sins We are initiating coverage on US banks with an Underweight rating given the ongoing consequences of increased risk-taking. A key implication is that loan losses should rise to levels exceeding those of the Great Depressio...

Contents Nusantaras awakening 3 Bullish: Rakyat is our top pick 4 Initiating coverage: BCA, Danamon, Mandiri and Rakyat 5 Loan, margin dynamics compared 7 Fee income, operating cost dynamics compared 10 Asset quality, credit cost dynamics...

India Banks It Wasn't That Bad, But It Isnt That Good Either Financial markets and Indias longer-term outlook have improved... We raise values on the Indian Banks due to: 1) Market factors lower market risk premia, higher benchmark multipl...

Table of contents SUMMARY AND VALUATION 3 ROUGE PROSPECTS FOR THE NORWEGIAN ECONOMY 7 INCREASING LOSSES 9 SOLIDITY WITHIN REGULATORY REQUIREMENTS 12 DECLINING VOLUME GROWTH 14 MORE STABILE SENIOR BONDS AND INTER-BANK SPREADS 16 INCREASEING...

Contents Is it time for China to break its piggy bank? 3 I. Investment 3 II. Consumption 5 III. Government spending 9 IV. Exports: how to square the circle 12 V. China versus India: where are we? 13 VI. Autos and White Goods 16 Our main co...

Contents Ugly Ducklings 4 Wait for a better entry point 5 Growth outlook to be lukewarm in the near term 5 Medium-term outlook should see an improvement, as growth mix undergoes a paradigm shift 5 Balance sheets are on strong footing going...