j.p.摩根-美股-global banks research

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1、Completed23Jun201708:41AMEDTDisseminated23Jun201709:17AMEDTNorthAmericaEquityResearch23June2017GlobalBanksResearchHighlightsWeekEndingJune23,2017ThisreportprovidesasummaryoftheresearchproducedbyJ.P.MorganGlobalEquityResearchProductGlobalBankEquityResearch.KeyhighlightsfromthepastweekareandMa

2、rketingbelow.NicholasRosatoJr.(1-212)622-2302nicholas.rosato@jpmorgan.comJ.P.MorganSecuritiesLLCAlexRushingInsurance&FinancialValuationUpdate:Jun23:WePreferP&C(44-20)7134-3381InsurersoverLifeInsurers,ButDoNotOverlookLifeInsurersDuetoAlex.Rushing@jpmorgan.comBoJ’sOfficialPolicyJ.P.MorganSecu

3、ritiesplcScottChristensenLargeCapBanks:DFAST2017:MoneyCentersStronger;StateStreet(66-2)684-2677SharplyLower-ImplicationsForCapitalReturn?scott.christensen@jpmorgan.comJPMorganSecurities(Thailand)LimitedSouthAfricanBanks:CostConundrum:Structuralandcyclicalchallenges.CapitecandInvestecbestpl

4、aced;d/gFSR,NEDtoNU.S.Mid-andSmall-CapBanksInterestRateWeeklyMonitor:FedFundFuturesEdgeDown;YieldCurveExpandsSlightly;MortgageRatesOnTheDeclineAgainJapaneseMajorBanks:RecedingBoJExitStrategy;ImplicationsforBankSectorInvestmentING:WellpositionedinallratescenariosgivendifferentiatedNIIgrowt

5、hprospects-stayOWMonexGroup(8698):1QEst:ProfitImprovesfromtheCostDecreaseofDecommissionedSystem,butThisHasBeenFactoredintothePriceMatsuiSecurities(8628):1QEst:WeExpect1QRecurringProfittoHoldat4QLevelSberbank:Aguidefortheyear'speaksandvalleysU.S.Mid-andSmall-CapBanksMergers&AcquisitionsWe

6、ekly:FiveDealsAnnounced;STL-AFDealReceivesShareholderApprovals;YTDCountLags2016LargeCapBanks:TreasuryReformProposal:PositiveFirstStep;RegulatoryAgencyDrivenChangesMoreLikelyMalaysiaBanks:Sectorconsolidationgoodforall;upgradeRHB/AMMSeepage44foranalystcertificationandimportantdisclosures,inc

7、ludingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisrepo