China Banks Key beneficiary of liquidity and reflation story: Stay OW on China Banks on strong earnings in 2010-11E China Banks Samuel ChenAC (852) 2800-8557 samuel.s.chen@jpmorgan.com Sunil Garg (852) 2800-8518 sunil.garg@jpmorgan.com Jos...
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...
UK Banks Clawback Government involvement in the UK banking system should ensure an orderly deleveraging of the private sector while allowing the banks to avoid forced selling. Equity book value/share grows as a result, most powerfully at B...
Banks Upgrading Singapore banks We believe it is time to turn more aggressive on Singapore banks. We see pre-tax operating profit support from rising NIMs, driven by loan re-pricing and market share gains. Bad debt charges are likely to ri...
Wholesale Banks By hook or by book Following a sharp sector re-rating, we look for future book value growth for stock differentiation. We thus recommend switching from UBS into BNP Paribas and continue rate Credit Suisse a Buy. There is li...
Pakistans macro indicators have improved over the past few months and the SBP has started to loosen monetary policy to boost growth. Despite this improving outlook, we believe Pakistan banks face another challenging year, as our concern ha...
Regional Banks INITIATION Not All Banks Are Created EqualInitiating Coverage of the US Regional Banks ■ We initiate coverage of the Regional Banking Industry, with an initial strategic focus on the (1) Southeast, (2) Midwest, and (3) Mid-...
European Wholesale Banks SECTOR REVIEW Stabilising at a low level ■ With Q1 data now in, the wholesale banking industry looks weak on an underlying basis, but there are some positive signs. The decline in the global fee pool may be stabil...
European Wholesale Banks SECTOR REVIEW Even more about trading ■ As Q2 comes to an end, and the coming results season looks likely to be driven by trading profits, we look at some of the more fundamental drivers. On the key issue with res...
INITIATION Outshining their peers ■ In this report, we re-iterate our overweight view on Qatar and highlight what we see as an opportunity to invest in the banking sector, which is trading at historically low valuations and is likely to b...
