发帖
雷达卡
【出版时间及名称】：2010年3月美国银行业研究报告
【作者】：摩根斯坦利
【文件格式】：pdf
【页数】：48
【目录或简介】：
midcap banks that are both asset sensitive and are
trading at relatively attractive valuations. Our top picks
based on this analysis are Comerica, SVB Financial,
and Zions, each of which we rate Overweight. We would
be inclined to be more constructive on M&T Bank and
Cullen Frost (both Underweight) given their asset
sensitivity were it not for their expensive valuations.
New standardized methodology for ranking the
asset and liability sensitivity of midcap banks: We
have created a template to measure the level of each
bank’s asset and liability sensitivity. For each bank, we
pulled each loan, security, and deposit category that
resets within three and 12 months, using regulatory data,
and combined that with the amount of interest rate floors
and use of derivatives disclosed by managements and
SEC filings. Because we use standardized assumptions,
our conclusions about asset/liability sensitivity differ
from what most banks disclose.
Roughly 60% of the banks are well positioned for
higher rates: We found that roughly 60% of our banks
appear to be well positioned for the coming rise in rates,
being asset-sensitive on both a three and 12 month
basis. Not surprisingly, Comerica is the best-positioned
bank within our universe to benefit from higher rates.
While SIVB also ranks high on the list (another
well-known asset-sensitive bank), we were surprised to
see how well First Horizon and M&T Bank ranked.
Similarly, NYB and TCB appear to be more liability
sensitive than many of their peers.
Investment recommendation: We have an Attractive
industry view on the midcap banks. The credit-sensitive
banks, including CMA, WBS, and ZION should
outperform as credit improves and the Fed tightens.
Conversely, high-quality but expensive banks, CFR,
MTB, and WABC, could lag as the economy recovers.
京公网安备 11010802022788号
