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[外行报告] 德意志银行:北欧银行业研究报告2009年10月 [推广有奖]

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bigfoot0518 发表于 2009-10-28 17:06:33 |显示全部楼层 |坛友微信交流群
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Table of Contents
Nordic banks valuation ..................................................................... 3
How much of the bank rally is left?...........................................................................................4
Where are the valuations? ........................................................................................................5
Q3: poor top-line, but LLP peak drives EPS upgrades.................... 7
Q3 key points...........................................................................................................................7
Weaker top-lines: cyclical downturn and lack of structural growth...........................................8
Margins: balance sheet restructuring starting to hurt .............................................................10
Nordic asset quality: LLP peak in 2009 supports “recovery trade” ........................................14
Baltic asset quality: NPL formation slowing…for now............................................................17
Company section ............................................................................. 18
Danske Bank..................................................................................... 19
Results can confirm recovery story.........................................................................................19
Valuation and risks ..................................................................................................................21
DnB NOR .......................................................................................... 23
Top-line visibility; expect better 2010 LLP outlook..................................................................23
Valuation and risks ..................................................................................................................25
Handelsbanken ................................................................................ 27
Positive to Swedish asset quality............................................................................................27
Valuation and risks ..................................................................................................................29
Nordea.............................................................................................. 31
Management statement takes edge off Q3 bear case ...........................................................31
Valuation and risks ..................................................................................................................33
SEB.................................................................................................... 35
Very weak Q3 well flagged; clearing the decks for 2010 ........................................................35
Valuation and risks ..................................................................................................................37
Swedbank ........................................................................................ 39
Short-term recovery story; long-term “shrinking” story..........................................................39
Valuation and risks ..................................................................................................................41
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关键词:行业研究报告 德意志银行 行业研究 研究报告 欧银行 研究报告 银行业 德意志银行 北欧

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xuxulib 发表于 2009-10-29 20:42:40 |显示全部楼层 |坛友微信交流群
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doundle 发表于 2009-10-29 20:46:49 |显示全部楼层 |坛友微信交流群
LZ又想帮助人又要这么贵,我很纳闷LZ收集这么多币做么!

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