中东欧银行业研究报告2009年3月

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

Table of contents
Domestic CEE banks: assessing sustainable returns......................................................................................... 5
How to defend against credit losses............................................................................................................................5
In search of sustainable returns ..................................................................................................................................6
Growing risk in Poland ................................................................................................................................................6
Upgrading rating on Komer鑞?banka to Outperform ...................................................................................................6
Downgrading rating on PKO BP to Underperform........................................................................................................6
Downgrading rating on Bank Pekao to In Line.............................................................................................................7
How to defend against credit losses ..................................................................................................................... 8
Three lines of defence ....................................................................................................................................................8
First line of defence: pre-provisioning profitability ........................................................................................................8
Second line of defence: dividends...............................................................................................................................9
Final line of defence: higher capital ratios ....................................................................................................................9
Komer鑞?and Pekao: capital increase unlikely .............................................................................................................10
PKO BP: capital likely to support expansion .................................................................................................................10
Credit quality: bank by bank .........................................................................................................................................11
Diverging asset quality ..............................................................................................................................................11
Potential problem areas ............................................................................................................................................12
In search of sustainable returns .......................................................................................................................... 16
Leverage.......................................................................................................................................................................16
Return on assets ..........................................................................................................................................................16
Normalising cost of risk ................................................................................................................................................17
Removing non-core revenues ......................................................................................................................................18
Growing risks in Poland....................................................................................................................................... 21
Funding pressure..........................................................................................................................................................21
Asset quality .................................................................................................................................................................22
Loss given default .....................................................................................................................................................23
Foreign currency option exposure.............................................................................................................................23
Exchange rate sensitivity of asset quality...................................................................................................................23
Updated earnings estimates................................................................................................................................ 25
Komer鑞?banka (Outperform, target price CZK2,400)..................................................................................................26
PKO BP (Underperform, target price PLN19)................................................................................................................29
Bank Pekao (In Line, target price PLN100) ...................................................................................................................33
Valuation considerations..................................................................................................................................... 37
Investment risks............................................................................................................................................................38
Komerční banka ........................................................................................................................................................38
Bank Pekao...............................................................................................................................................................38
PKO BP.....................................................................................................................................................................39
Disclosure information......................................................................................................................................... 40

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0 回帖

关键词：行业研究报告 研究报告 行业研究 中东欧 欧银行 研究报告 银行业 中东欧

我想骂人了！！！！！

。。。。。。。。。。。。。