Contents Banking Siege Overview 2 Valuations Unbelievable Levels 4 Recommendations Strong Buy 5 Market Capitalization Declines vs. Writedowns Severe 6 Short Interest Ratio Declining Short Covering 6 Balance Sheet Risk Exposure to High-Risk...
Key operational risks With robust balance sheets, relatively stable liquidity and earnings growth, Nordic banks have gone through the credit crisis largely unaffected. We expect increasing risk to revenue growth going forward. Slowing loan...
US Banks Underweight Analyst(s): FPK US Bank Research Group 212-687-1105 Examining Loan Loss Reserves Then and Now Versus The Early 1990s, Our Universe Of Banks Is Under-Reserved. The current credit cycle is often compared to the early 199...
Our view In 2008, we think timing is the prime factor for the H-share banks. As in 2007, concern over monetary tightening is likely to drag price performance over the first half. But confirmation of solid EPS growth even under tightening o...
Share prices have risen on strong results but underlying growth is slowing We think further earnings surprises are unlikely; the good news is priced in Downgrade BoCOM, CCB and ICBC from OW(V) to N(V), CITIC from N(V) to UW Changing pictur...
US Banks Underweight Analyst(s): FPK US Bank Research Group 212-687-1105 Examining Loan Loss Reserves Then and Now Versus The Early 1990s, Our Universe Of Banks Is Under-Reserved. The current credit cycle is often compared to the early 199...
INITIATION The Tide Is Turning ■ Attractive valuations counterbalance credit uncertainty. Our expectations for improved earnings in 2008, a recent retreat in valuations, and potential nearterm relief from the Fed position the sector weigh...
Asia-Pacific Banks 2H 2008 Outlook Oil Shocks and Economic Visibility Oil: the new policy dilemma Record oil prices and their pervasive impact on Asian economies have replaced US recession concerns as the focal point for govt. and central...
Regional bank stock performance - Technical relief? The Asian bank sector strongly outperformed the broader market rally last week as worries over economic health temporarily subsided. Chinese banks were the biggest gainers, with most of t...
规模增速节奏转向平稳，利润增长保持强劲 目前的贷款实际利率水平仍处于较低的水平，对企业还具有足够吸引 力，银行贷款对于大部分企业而言仍属于廉价的资金来源。对于贷款增 长的最大制约因素只能来自于政府的行政控制，08 年一季度，在信贷 紧缩政策效应逐...
