Table of Contents Investment Thesis ....................................................................4 Key Investment Points .............................................................4 Investment Risks...................................

Contents An atypical recession 3 Why NPLs have remained low 4 Raising forecasts on low NPL formation 6 Top-line growth gathering momentum 7 Earnings revision cycle still early days 9 AMMB, Maybank, AFG still offer value 10 Regionally, Mala...

Table of Contents Industry Overview 4 Bank of America Corp. (BAC) 39 BBT Corp (BBT) 54 Citigroup, Inc.(C) 67 City National Corp (CYN) 74 CVB Financial (CVBF) 86 Fifth Third Bancorp (FITB) 98 First Horizon (FHN) 109 JPMorgan Chase (JPM) 121...

Table of Contents Valuation and target price .............................................................. 3 Upgrading ratings, target prices; shifting valuation benchmark to adjusted NAV based on FY3/11 (FY10/12) forecasts .................

Contents Selective growth plays 3 Three non-consensus picks 3 Share price drivers 5 Higher growth = higher rates 9 Valuations: Focus on PE 11 Rolling one-year forward PE and PB charts 13 ROE Myths busted 16 Company highlights 19 Bank of Ba...

We argue that strong Asian demand will drive a stronger-than-expected earnings recovery for western machinery makers #1048599; Most of these names have in the two previous cycles beaten prior peak earnings in only year two of an upturn #10...

Table of Contents Valuations .................................................................................3 Cost of equity...................................................................3 Outlook for banking shares.....................

EM currencies waving goodbye to Uncle Sam? (pg 3) We are now moving into the post crisis period of market development. The risk reward trade off favours EM over the G10. If growth is being spurred by China and commodity prices continue to...

Omans banking sector is relatively under-penetrated; the case for sustained balance-sheet growth is compelling Income statements have a defensive appeal with strong recurring income Bank Muscat is our top pick; we initiate with a target pr...

Contents Contents 2 Investment Summary 3 Cyclical downturn differences in approach 5 Higher provisions met by reprising of risk 5 Preparing for higher capital levels and reduced rollover risk 8 Valuation 12 Q2 Handelsbanken still showing r...