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ID:8223120
大小:755.86 KB
页数:71页
时间:2018-03-10
《j.p.摩根-jpmorgan-拉美股市-银行业概览和2017q2预览-2017.7-latin american banks overview of the sector and previewing 2q17》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、Completed16Jul201711:07PMEDTDisseminated16Jul201711:07PMEDTLatinAmericaEquityResearch16July2017LatinAmericanBanksOverviewoftheSectorandPreviewing2Q17ThisquarterweexpectdifferentdynamicstounfoldacrossthedifferentbankingLatinAmericanFinancialssystemsinLatAm.InBrazil,weareconcerned
2、thattoplineweaknessmaystartACDomingosFalavinapointingtocompromisedearningsgrowthin2018,asNIMscompressandloan(1-212)622-3602booksdon’texpand.InMexicotheoppositeshouldhappen,Banorteanddomingos.falavina@jpmorgan.comSantanderMexicoarelikelytocontinueenjoyingmarginimprovementsastheir
3、BloombergJPMAFALAVINAloanportfoliocontinuestorepricewithhigherlocalrates.InPeru,againweJ.P.MorganSecuritiesLLCexpectsomeloangrowthdecelerationbutalsosomegoodnewswithloweffectsYuriRFernandesofElNiño.MonthlybankdataforChileindicatesSantanderChiletobebattinga(55-11)4950-3711tho
4、usand,BCHalreadyreportedsummarizedearningsandlookslikeasolidyuri.r.fernandes@jpmorgan.comquarter.InColombiaquestionsremainonassetqualitytrendsfortheshorttermBancoJ.P.MorganS.A.andmargintrendsinthelongterm.ThesearesomeofthetopicstobeaddressedGustavoLoboin2Q17.(55-11)4950-2901gust
5、avo.lobo@jpmorgan.comInBrazil–WehavejustbecomemorecautiousonBrazilianBanksduetoBancoJ.P.MorganS.A.concernsoverNIIgrowthin2018.For2Q17weexpectBradescotoprinttheGuilhermeGrespanbetterresults,asassetqualityshouldstartshowinglateimprovements.Forlong(55-11)4950-3058term,wecontinueto
6、haveapreferenceforItausaoverbanks,duetodivyield.guilherme.grespan@jpmorgan.comBancoJ.P.MorganS.A.InMexico–CNBVfiguresforApril-MayarepointingtoagoodquarterforSanMex(helpedbytradingandlowertax)andvirtuallyinlinewithourTable1:EarningsReleaseDatesestimatesforBanorte.WebelieveGenter
7、ashouldhaveachallenging(buthighlyCompanyDatesexpected-link)quarterandwefine-tuneourestimatesforBanregio.OverallweBanorte20-JulAMCremainoptimisticwithearningstrendsinMexico.Bladex21-JulBMOInChile–Weexpectabold2Q17forChileanbanks.WithSBIFdataoutforBanregio24-JulAMCApril/Maywedeci
8、dedtoreviewourSanChile2Q17earningsestimates.WeB
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