Asia Commercial Bank – Too Much Credit
* Fully-loaded problem loan figures are a major concern, as is the size of Level 3 asset and net open short F/X position. Loan loss reserves need...
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MUFG – Bank Danamon Deal Makes Little Sense
* Bank Danamon is additive to MUFG’s ASEAN strategy, bringing it's foreign content of EPS to 50%.* From a financial and managerial perspective,...
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Asian Stars Are Aligning With MUFG's Acquisition of an Indonesian Bank; Shares Undervalued
We see upside to our fair value estimate for Mitsubishi UFJ Financial Group (8306 JP), or MUFG, following a series of positive developments that...
166 Views
HSBC Holdings Plc – Likely Getting a Big Hickey From President Trump
* Despite bottom-line improvement on a go-forward basis, deferred tax asset (DTA) write-downs are likely at major global financial companies -...
269 Views
International Equity Strategy: Bullish Big Picture
Economic data finally confirms what the charts have been saying all year: global growth in the major regions is now in sync. We see the bullish...
343 Views