发帖
雷达卡
【出版时间及名称】：2010年2月加拿大银行业研究报告
【作者】：加拿大皇家银行
【文件格式】：pdf
【页数】：48
【目录或简介】：
Table of Contents
Key themes we expect in Q1/10: .............................................................................................................................................................. 3
Canadian bank stocks still attractive ......................................................................................................................................................... 5
Leading indicators of profitability continue to trend in the right direction .................................................................................. 5
Upside potential in Canadian bank shares attractive over next 12–18 months ............................................................................ 7
Q1/10 Preview: industry section ............................................................................................................................................................. 10
Capital: Regulatory capital ratios likely to remain high until clarity is provided ...................................................................... 10
Credit: Non-performing assets and credit losses will likely rise at a slower pace in Q1/10 ...................................................... 12
Retail businesses seeing some improvements but still face challenges to profitability ............................................................. 15
U.S. banking still have headwinds but starting to subside ......................................................................................................... 22
Wholesale results will likely decline from strong 2009 levels .................................................................................................. 23
Currency translation should have negative impact YoY but little impact QoQ ......................................................................... 27
Q1/10 Preview: individual bank sections ................................................................................................................................................ 29
CIBC (Reporting date: Thursday, February 25) ........................................................................................................................ 29
National Bank of Canada (Reporting date: Thursday, February 25) ......................................................................................... 30
Bank of Montreal (Reporting date: Tuesday, March 2) ............................................................................................................. 31
TD Bank (Reporting date: Thursday, March 4) ......................................................................................................................... 32
Scotiabank (Reporting date: Tuesday, March 9) ....................................................................................................................... 33
Canadian Western Bank (Reporting date: Thursday, March 4) ................................................................................................. 34
Laurentian Bank (Reporting date: Wednesday, March 3) ......................................................................................................... 35
Valuation and Price Target Impediments ................................................................................................................................................ 38
京公网安备 11010802022788号
