We upgrade ABSA to Equal-weight and reiterate our Overweight on Standard Bank. With early signs of stabilization in retail portfolios in recent months, we now expect 2009 to be the trough in South African banks earnings. Short-term headwin...
Table of Contents Summary............................................................................................ 3 Sorting out the stress test ................................................................ 7 Credit cycle in the earl...
Value remains in the Thai banks. Thai banks still look cheap compared with regional peers on P/B - ROE metrics, and seem to over discount country risk. They also look undervalued against the SET as a whole. ■ NPLs are almost certain to ri...
Turkish Banks SECTOR REVIEW Better outlook for 2009 provides further upside ■ There is still value left: Turkish bank stocks have risen 60% since their lows in early March 2009, with strong 1Q09 results and improving global markets. We be...
Singapore banks have doubled from March lows and are trading close to long-term average valuation multiples. From here on, performance would need the support of EPS upgrades which have already started. In this report, we analyse the potent...
Sector recap: Improved short term outlook The trade-off between short term and long term The Chinese bank sectors short term and long term outlook is diverging, in our view. Visibility on long term outlook has declined - the sharp accelera...
目录 第一章 银行业概述............................................1 一、银行业定义及报告研究范围的界定 ..........................1 二、银行业的基本特点 ........................................3 （一）构成主体具有特殊性........................
Credit market recovery eases capital concerns but ROE unlikely to return to the levels seen between 2004 and 2007 We think a re-rating is unsustainable until the macro economy fully recovers; RMB business is not a near-term driver Downgrad...
Economic data supports Chinas target of 8% GDP growth in 2009; the governments efforts seem to be working We expect monetary policy to be less negative for banks NIM bottoms in 1H09, FY09 profit growth turns positive, and NPL risks are del...
目 录 I. 第八届中国网民网络消费行为大调研背景 ......... 2 II. 研究背景 ............................ 4 III. 概念定义 ........................... 4 Ⅳ. 研究方法 .................................. 5 V. 报告摘要 ..................................
