花旗——韩国非银行金融机构研究 04.16

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

花旗——韩国非银行金融机构研究 04.16

16 April 2007 | 10 pages

Korea Non-Bank Financials Feedback from recent marketing trip: Korea Non-life Insurance Sector and Securities Sector

113728.pdf (324.01 KB, 需要: 1 个论坛币)

2007-5-5 15:31:00 上传

花旗——韩国非银行金融机构研究 04.16
需要: 1 个论坛币  [购买]

 Mixed feedback on non-banking financials — We met 35 institutions in the past
two weeks in Asia. While most investors agreed on earnings recovery of non-life
insurers in FY08, they felt that this is already priced in. As for the securities
sector, local investors were positive on the sector while foreign investors were
cautious about increasing underweight positions in the Korean Securities sector.
 Non-life insurance — Investors agreed on an earnings recovery in FY08 from
improving auto loss ratio but find some of this is already priced in. Some
showed concern over long-term lines, whether current growth and profitability
could be sustained. We think the growth rate of long-term lines could slow but
profitability should be maintained at the current level for FY08-FY09.
 Securities sector — Among the investors we met, some local investors were
positive on the securities sector, while most foreign investors were either
underweight or had no exposure to the sector. Most investors agreed to pending
regulation risks that we pointed out.
 Top picks — Among Korea non-bank financials, we have pitched LIG Insurance
(002550.KS - W16,700; 1M) and Hyundai Marine & Fire (001450.KS -
W13,400; 1M) as our top picks, based on their earnings recovery in FY08 and
relatively attractive valuation compared to peers.

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏2 回帖

关键词：非银行金融机构 金融机构 非银行 Institutions Institution 研究 金融机构 花旗 韩国 非银行