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【出版时间及名称】：2010年1月中国银行业研究报告
【作者】：星展银行
【文件格式】：pdf
【页数】：102
【目录或简介】：
Table of Contents
Investment summary – BUY on dips 3
Policy normalization fear overplayed 5
Accommodative policy stance will stay 12
Being re-rated in tightening cycle 18
Capital-raising not a major concern 20
NIM and ROE recoveries justify further re-rating 25
Other positive macro trends 41
Asset quality will remain resilient 46
Stock-picks: ICBC and CCB. Favour CMB among
small banks 60
Stock Profiles 65
Appendix 1: Earnings forecasts 80
Appendix 2: Quarterly results trend 82
Appendix 3: Key performance indicators comparison 86
Appendix 4: Valuation methodology 89
Appendix 5: P/B and P/E charts 90
Appendix 6: Lock-up period of foreign strategic
shareholders 94
Appendix 7: IPO details of H-share listed banks 97
Appendix 8: Market share positions 98
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