摩根大通JP48页2011年亚洲银行业投资观点深度研究报告 英文

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1、AsiaPacificEquityResearch29November2010AsianBanks-2011IdeasVolatileGrowthPlayAsianFinancialTeamACSunilGarg(852)2800-8518sunil.garg@jpmorgan.comBloombergJPMAGARGJ.P.MorganSecurities(AsiaPacific)LimitedRegionalSunilGarg,JosephLeungRegionalInsuranceBaolingChanAustraliaScottManning,SiddharthParam

2、eswaran,RalphDaviesJr.,JamesNicholiasChinaSamuelChenHongKongJosephLeungIndiaSeshadriKSen,AdarshParasrampuriaIndonesiaAdityaSrinathPhilippinesHarshWardhanModiSingaporeHarshWardhanModiSouthKoreaScottSeoTaiwanDexterHsu,PennyLinThailandAnneJirajariyavechJapanKatsuhitoSasajima,AkitoKonoJapan(Diversifi

3、edFinancials)NatsumuTsujinoSeedetailedlistonthebackcoverSeepage44foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcou

4、ldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.SunilGargAsiaPacificEquityResearch(852)2800-851829November2010sunil.garg@jpmorgan.comModelPortfolioTable1:Modelportfolio–Longonly25-Nov-10Weightings%PerformanceYTDPerformancefrom

5、addinAddin/WgtchgNamePortfolioAbs%vsJPMBI%Abs%vsJPMBI%DatePriceLCAustralia--3.6-4.427-Jun-05PortfolioChangesBOC-H2.57.115.270.741.37-Apr-092.4Minsheng-H5.0---25-Nov-107.0•IncreasedThailand/fundedICBC-H7.5----25-Nov-106.0fromKorea.CITIC-H2.58.13.48.13.424-Jun-105.2ABC-H5.015.96.315.96.326-Aug-103.

6、5•China/HK–ReplacedBoComChina22.50.99.021.927-Jun-05withICBC.AddedMinsheng.BEA5.016.9-13.616.9-13.624-Jun-1028.7ReplacedBOCHKwithWHBHKEX2.58.03.18.03.17-Oct-10163.4–smallbankbiasWHB2.5----25-Nov-10101.0HongKong10.061.534.2194.227-Jun-05•Korea/Taiwan–ReplacedICICI5.0-4.76.3-4.76.37-Oct-101137.6SFG

7、withKBFinancial.ExitedPNB2.5-0.0-4.2-0.0-4.226-Aug-101218.3KEB.IndusInd2.530.626.530.626.526-Aug-10226.3India10.039.328.8112.127-Jun-05•India–ExitedBoI/IncreasedBDMN2.528.73.928.73.924-Jun-105250ICICI.Indonesia2.567.11