全球银行行业深度研究报告（瑞银证券UBS）（PDF英文版）-经管之家官网！

Contentspage
Executive summary 5
Introduction to the Global Banks Analyser 23
Price performance summary 24
Valuation Summary 25
Sector performance and aggregate valuations 27
EPS Changes 39
Tactical investment analysis & company financials 51
—ANZ Banking Group .................................................................................... 52
—Banco do Brasil ........................................................................................... 54
—Banco Popular............................................................................................. 56
—Bank of China.............................................................................................. 58
—Bank of Montreal ......................................................................................... 60
—Barclays ...................................................................................................... 62
—BB&T........................................................................................................... 64
—BBVA .......................................................................................................... 66
—BCOM......................................................................................................... 68
—BNP Paribas................................................................................................ 70
—Bradesco..................................................................................................... 72
—CASA .......................................................................................................... 74
—CIBC ........................................................................................................... 76
—CMB............................................................................................................ 78
—CN Construction Bank ................................................................................. 80
—Commerzbank ............................................................................................. 82
—Commonwealth Bank .................................................................................. 84
—CS Group .................................................................................................... 86
—Danske........................................................................................................ 88
—DBS Group Holdings ................................................................................... 90
—DnB NOR.................................................................................................... 92
—Deutsche Bank............................................................................................ 94
—Fifth Third Bancorp ......................................................................................96
—Hang Seng Bank..........................................................................................98
—HDFC ........................................................................................................ 100
—HSBC ........................................................................................................ 102
—ICICI Bank ................................................................................................. 104
—Intesa SanPaolo ........................................................................................ 106
—Itau Unibanco ............................................................................................ 108
—KB Financial Group.................................................................................... 110
—KBC........................................................................................................... 112
—Lloyds Banking Group................................................................................ 114
—Macquarie Group....................................................................................... 116
—Mitsubishi UFJ FG..................................................................................... 118
—National Aust. Bank ................................................................................... 120
—NBG .......................................................................................................... 122
—Nordea....................................................................................................... 124
—PNC Financial............................................................................................ 126
—RBC Financial Group................................................................................. 128
—RBS Group ................................................................................................ 130
—Santander .................................................................................................. 132
—Santander Brasil ........................................................................................ 134
—Sberbank ................................................................................................... 136
—Scotiabank................................................................................................. 138
—SEB........................................................................................................... 140
—SHB........................................................................................................... 142
—Soc Gen .................................................................................................... 144
—Standard Bank........................................................................................... 146
—Standard Chart. ......................................................................................... 148
—State Bank of India .................................................................................... 150
—Sumitomo Mitsui FG.................................................................................. 152
—Sumitomo Trust ......................................................................................... 154
—SunTrust Banks......................................................................................... 156
—Swedbank ................................................................................................. 158
—TD Bank .................................................................................................... 160
—UBI Banca................................................................................................. 162
—UniCredit ................................................................................................... 164
—UOB .......................................................................................................... 166
—US Bancorp ............................................................................................... 168
—Wells Fargo ............................................................................................... 170
—Westpac Banking Corp .............................................................................. 172
Appendix 1: Price performance tables 175
Appendix 2: Valuation charts 181
Appendix 3: Valuation tables 197
Appendix 4: DuPont analysis 207