Table of contents
Financial sector outlook
July performance review.................................................................................................................. 4
August investment outlook & top picks ........................................................................................... 6
1) Banking .................................................................................................................................. 7
2) Non-life insurers.................................................................................................................... 11
3) Securities brokers ................................................................................................................. 13
Major sector indicators
Major sector indicators................................................................................................................... 18
Earnings forecasts
Key assumptions & earnings forecasts ........................................................................................ 32
Quarterly earnings forecasts ......................................................................................................... 44
Valuations & global peer analysis
Sector valuations & peer analysis................................................................................................. 50
Stock valuations: P/B & P/E multiples........................................................................................... 53
Global peer analysis: Sector indices............................................................................................. 63
Global peer analysis: Financial stocks.......................................................................................... 66
Appendices
Macro-economic indicators............................................................................................................ 72
Samsung Securities Financial Sector Research Team ............................................................... 74