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1、,Global Equity Research,AsiaUBS Investment Research,Asian Bank Valuations,Financial,Sector Comment31 October Andrews,CFAA+852-2971 7821Jina LeeAssociate A+852-3712 2534This report has been prepared by UBS Securities Asia LimitedANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 19.UBS does
2、 and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of thisreport.Investors should consider this report as only a single factor in making their investment decisi
3、on.,3,6,9,12,15,Asian Bank Valuations 31 October 2012,Stephen Andrews,CFAA+852-2971 7821Jina LeeAssociate A+852-3712 2534,ContentsPrice performanceCore valuationCore operational performanceCore balance sheet&asset qualityPer share growth rates,page,All prices in this document as at market close 30 O
4、ctober 2012UBS 2,*,*,*,*,*,*,Asian Bank Valuations 31 October 2012Price performance,Price,Target Target,Mkt,vs,Rel MSCI Banks&,(Local),Reuters,BBG,Price Upside Free Float,Cap,52-Week,High,Absolute(%)Local,Rel Local Market(%)Local,Div.Fin.(%)US$,30-Oct-12,Rating,Code,Code,(Local),(%)Factor Source,($m
5、),High,Low,(%),1W 1M 1Q 1Yr YTD,1W 1M 1Q 1Yr YTD,1W,1M 1Q 1Yr,YTD,(1),(2),(3),(4),Agricultural Bank of ChiBank of BeijingBank of ChinaBank of CommunicationBank of NanjingBank of NingboChina CITIC BankChina Construction Ban,3.316.823.125.657.568.973.925.71,NeutralBuyNeutralNeutralBuyBuyNeutralBuy,128
6、8.HK 1288 HK601169.SS601169 CH3988.HK 3988 HK3328.HK 3328 HK601009.SS601009 CH002142.SZ 002142 CH0998.HK 998 HK0939.HK 939 HK,3.159.923.055.6010.1511.574.206.15,-4.8 0.70 MSCI45.5 0.30 MSCI-2.2 0.03 MSCI-0.9 0.20 MSCI34.3 0.30 MSCI29.0 0.30 MSCI7.1 0.50 MSCI7.7 0.30 MSCI,138,7159,617112,37654,1393,5
7、974,14523,665184,197,3.928.923.396.479.9310.775.106.59,2.75-15.66.65-23.62.36-8.04.77-12.77.32-23.98.70-16.73.51-23.14.75-13.4,-1.2 9.6 5.8-8.1-0.9-2.0-0.7-8.8-20.2-11.8-1.0 5.8 6.8 9.5 9.1-3.7 7.4 10.8 3.1 4.1-3.3 0.0-7.6-15.8-18.5-1.3-0.9-11.2-9.6-2.1-6.4 6.5 3.2-9.7-10.3-2.7 6.1 12.6-2.4 5.4,1.20
8、.51.4-1.4-0.91.2-4.2-0.4,10.20.46.38.01.20.37.16.7,5.9-6.77.010.9-5.4-9.13.312.8,8.4-4.229.121.61.08.46.515.1,5.0-5.915.610.3-13.14.4-5.011.6,-0.8-1.5-0.5-3.4-2.8-0.8-6.1-2.3,8.3-2.8-10.6-1.3-14.3-21.04.5-1.7 6.56.2 1.9 0.3-0.5-13.2-16.7-1.4-16.6-10.65.3-5.1-12.24.9 3.6-5.1,-14.8-23.7-6.2-10.6-29.5-
9、15.3-22.9-9.4,China Merchants Bank,14.20,3968.HK 3968 HK,*1.00 MSCI,39,534,18.20 12.24-22.0,-5.1 8.7 0.6-16.1-9.6,-2.8,9.3,0.7,-1.0,-4.2,-4.7,7.5-7.5-18.4,-22.3,China Minsheng Bankin,7.15,1988.HK 1988 HK,*0.90 MSCI,24,646,8.16,5.78-12.4,0.8 16.8 1.6 8.0 6.2,3.3,17.4,1.7,27.4,12.6,1.3,15.5-6.6 5.0,-8
10、.7,Chongqing Rural Comm,3.57,Neutral,3618.HK 3618 HK,3.20-10.4 0.95 MSCI,4,284,4.79,2.81-25.5,-2.2 16.7 20.2-1.9-11.2,0.2,17.2,20.4,15.7,-5.9,-1.8,15.3 10.5-4.6,-23.7,Hua Xia BankIndustrial&Commercia,8.335.03,BuyBuy,600015.SS600015 CH1398.HK 1398 HK,11.405.30,36.9 0.30 MSCI5.4 0.75 MSCI,9,143226,518
11、,12.125.69,7.79-31.33.99-11.6,-1.0 3.6-2.2-27.3-25.8-2.7 9.8 16.4 0.2 9.1,1.6-0.4,4.810.4,0.016.6,-12.818.2,-20.915.6,-0.4-2.3,3.1-8.1-28.18.5 7.1-2.6,-35.8-6.2,Industrial Bank,12.24,601166.SS601166 CH,*0.30 MSCI,21,156,14.64 11.65-16.4,-1.2 1.9-0.8-9.4-2.2,1.3,3.1,1.5,8.7,4.3,-0.7,1.4-6.8-10.4,-15.
12、4,Shanghai Pudong Deve,7.48,Buy,600000.SS600000 CH,9.74,30.2 0.30 MSCI,22,358,9.69,7.11-22.8,-1.2 1.4-1.1-20.3-11.9,1.3,2.5,1.2,-4.4,-6.0,-0.7,0.8-7.0-21.1,-23.8,Ping An Bank,13.09,Buy,000001.SZ 000001 CH,18.61,42.2 0.30 MSCI,10,747,17.48 12.64-25.1,-1.6-0.3-11.9-23.1-16.0,0.9,0.8,-9.8,-7.8,-10.5,-1
13、.1,-0.8-17.2-24.0,-27.4,China,4.2,888,837,-14.7,-2.4 9.0 9.7-4.2 2.6,-0.1,9.5,10.0,13.1,8.8,-2.0,7.7 1.0-6.7,-11.8,Bank of China(Hong KoBank of East AsiaDah Sing FinanlHang Seng BankWing Hang Bank,23.5528.6529.20119.1082.85,NeutralNeutralBuyNeutralNeutral,2388.HK0023.HK0440.HK0011.HK0302.HK,2388 HK2
14、3 HK440 HK11 HK302 HK,23.5028.0034.70110.0076.00,-0.2-2.318.8-7.6-8.3,0.350.650.450.400.60,MSCIMSCIMSCIMSCIMSCI,32,127 24.907,763 32.351,103 30.6029,400 119.903,223 84.05,16.50-5.424.95-11.421.25-4.691.20-0.759.85-1.4,-1.9-4.5-0.6 22.9 28.0-1.2-1.5 6.1-0.7-2.60.3 9.0 19.2 14.1 25.6-0.5 0.2 10.7 16.5
15、 29.25.9 13.8 17.2 15.4 30.2,-0.6-7.10.0-4.21.6 6.00.7-2.67.2 10.7,-9.2 14.8 10.1-3.0-7.2-16.28.9 6.6 8.01.2 8.9 11.27.1 7.8 12.0,-1.5-5.6-0.8-2.70.8 7.7-0.1-1.06.3 12.5,-8.6-2.49.61.87.8,19.5-3.410.913.312.2,10.0-16.28.011.111.9,Hong Kong,-3.6,73,617,-4.3,-0.7-0.8 6.3 15.9 23.5,0.5-3.5,-2.8 8.3 6.3
16、,-0.3-2.0,-2.2,12.7,6.2,Axis BankBank of BarodaBank of IndiaFederal Bank,1,185719.10273.10479.70,NeutralSellSellBuy,AXBK.BOBOB.BOBOI.BOFED.BO,AXSB IBBOB IBBOI IBFB IB,1,200770.00285.00600.00,1.37.14.425.1,0.550.200.201.00,MSCIMSCIMSCIUBS,9,1005,4782,9041,520,1,288867.15396.60490.45,794.25610.50255.5
17、5327.80,-8.0-2.9 4.2 13.8 2.8 46.9-17.1-8.2-9.9 6.9-2.7 8.8-31.1-8.3-12.0-7.8-15.7 2.6-2.2-1.7 7.6 17.2 16.6 42.0,-1.4 6.1 5.8-0.7 23.1-2.9 0.8 7.4-9.9 23.7-6.8-8.3-0.6-6.0-8.8-8.2-12.9 1.0-14.7-8.3-6.9-10.4-14.2-18.6-14.0-8.3-14.9-12.9-26.2-13.6-0.2 9.6 9.0 12.7 19.1-1.7 4.1 10.7 2.2 19.7,HDFC Bank
18、,633.95,Buy,HDBK.BO,HDFCB IB,700.00,10.4,0.65,MSCI,27,417,640.55,406.05,-1.0 0.1 0.8 8.0 31.4 48.4,1.6 2.7 0.4 26.9 24.5,0.1-2.5 2.0 15.1 25.1,Housing Development FICICI BankIndusInd Bank,749.701,045361.85,NeutralBuyBuy,HDFC.BOICBK.BOINBK.BO,HDFC IBICICIBC IBIIB IB,830.001,300450.00,10.724.424.4,0.9
19、00.370.67,MSCIMSCIUBS,20,70421,5843,135,788.201,086371.15,613.20652.40225.35,-4.9-0.1-3.0 10.7 9.1 15.4-3.8-3.2-1.2 8.4 12.0 52.6-2.5-0.2 2.3 8.3 28.5 60.6,1.4-1.3 3.0 5.4-3.2-0.2-6.2 4.5-4.4-2.7-1.7 0.6 0.8 8.2 28.0-3.2-4.4 2.3-1.9 28.61.3 4.1 0.7 24.2 34.6-0.2-1.1 2.3 12.6 35.3,Oriental Bank of Co
20、mm,298.25,Neutral,ORBC.BO,OBC IB,310.00,3.9,0.20,MSCI,1,612,314.90,193.95,-5.3 1.5-1.1 27.9-2.2 51.9,3.1 0.7 18.9-5.6 27.4,1.5-4.3 20.7-14.4 28.0,Punjab National BankShriram Transport FinanState Bank of IndiaUnion Bank,729.75615.352,074192.85,NeutralBuySellNeutral,PNBK.BOSRTR.BOSBI.BOUNBK.BO,PNB IBS
21、HTF IBSBIN IBUNBK IB,850.00750.001,850220.00,16.521.9-10.814.1,0.420.550.200.20,UBSMSCIMSCIMSCI,4,5872,55925,7911,967,1,078655.902,452267.10,666.45417.401,583152.00,-32.3-10.8-13.1-0.2-24.1-6.9-6.2-0.9-0.6 6.8 0.1 46.7-15.4-7.2-7.3 2.1 8.8 28.1-27.8-5.8-7.1 13.8-13.1 13.7,-9.5-11.5-7.2-26.7-21.9-10.
22、9-15.9-5.8-33.5-21.60.6 1.2-0.6-3.3 23.0-0.9-3.8 0.9-12.3 23.6-5.8-5.6-5.0 5.1 7.4-7.2-10.4-3.6-4.7 7.9-4.4-5.5 5.8-16.1-4.6-5.8-10.2 7.4-23.9-4.2,YES Bank,407.60,Buy,YESB.BO,YES IB,480.00,17.8,0.74,UBS,2,668,416.50,232.20,-2.1 2.1 6.6 13.3 29.3 70.8,3.6 8.6 5.4 24.9 43.2,2.0 3.2 7.0 13.2 43.9,India
23、,10.7,125,799,-6.1-1.9-1.5 8.8 14.5 34.6,-0.4 0.2 1.2 10.6 12.8-1.9-4.8 2.7 0.3 13.4,UBS 3,*,*,*,Asian Bank Valuations 31 October 2012,Price,Target Target,Mkt,vs,Rel MSCI Banks&,(Local),Reuters,BBG,Price Upside Free Float,Cap,52-Week,High,Absolute(%)Local,Rel Local Market(%)Local,Div.Fin.(%)US$,30-O
24、ct-12,Rating,Code,Code,(Local),(%)Factor Source,($m),High,Low,(%),1W,1M 1Q 1Yr,YTD,1W 1M 1Q 1Yr YTD,1W,1M 1Q 1Yr,YTD,Bank Central AsiaBank Danamon IndonesBPD Jawa Barat dan Ba,8,2006,1001,100,BuyBuyBuy,BBCA.JKBDMN.JKBJBR.JK,BBCA IJBDMN IJBJBR IJ,9,7757,0001,525,19.2 0.50 MSCI14.8 0.35 MSCI38.6 0.25
25、UBS,21,0276,0811,098,8,300 6,900-1.26,450 4,050-5.41,170 810.00-6.0,0.00.01.9,3.8 3.1 2.5-2.4 1.7 22.00.0 17.0 7.8,2.548.820.9,-0.8 1.4-3.1-10.1-10.2-0.8-4.7-4.5 7.1 30.31.0-2.3 9.9-5.4 5.9,0.70.72.5,2.4-6.6-8.8-3.8-7.9 8.5-1.4 6.0-4.1,-17.419.9-2.6,Bank Mandiri,8,400,Neutral,BMRI.JK,BMRI IJ,9,300,1
26、0.7 0.40 MSCI,20,385,8,400 6,050,0.0,3.7,2.4 7.0 16.7,24.4,2.9 0.0 0.5 2.4 9.0,4.4,1.0-3.1 3.8,0.3,Bank Negara IndonesiaBank Rakyat IndonesiaBank Tabungan NegaraPT Bank Tabungan Pen,3,9007,6501,5705,050,BuyBuyNeutralBuy,BBNI.JKBBRI.JKBBTN.JKBTPN.JK,BBNI IJBBRI IJBBTN IJBTPN IJ,5,1508,5001,4806,000,3
27、2.1 0.40 MSCI11.1 0.45 MSCI-5.7 0.28 UBS18.8 0.40 UBS,7,56419,6281,4432,975,4,150 3,400-6.07,800 5,250-1.91,590 1,150-1.35,250 3,150-3.8,0.00.00.6-1.0,-0.6-0.6-3.72.7 12.5 12.59.0 17.2 9.0-3.8 21.0 32.0,2.613.329.848.5,-0.8-3.0-6.7-15.5-10.1-0.8 0.3 5.7-1.3-0.8-0.2 6.5 10.0-4.3 13.6-1.8-6.1 13.6 15.
28、9 30.1,0.70.71.3-0.3,-2.0-10.0-14.31.3 1.9 0.17.5 6.1-3.0-5.1 9.5 17.4,-17.3-8.74.619.7,Indonesia,15.8,80,200,-1.9,0.9,2.2 6.9 10.2,15.4,0.1-0.2 0.4-3.3 1.0,1.6,0.8-3.2-2.0,-7.0,DGB Financial GroupHana Financial GroupIndustrial Bank of KoreaKB Financial GroupKorea Exchange BankBS Financial GroupShin
29、han Financial GrouWoori Finance Holdings,13,70031,00012,05037,0507,60012,25037,15010,400,BuyBuyNeutralBuyNeutralBuyNeutralNeutral,139130.KS139130 KS086790.KS086790 KS024110.KS024110 KS105560.KS105560 KS004940.KS004940 KS138930.KS138930 KS055550.KS055550 KS053000.KS053000 KS,16,50051,00012,00046,0008
30、,50013,50038,00011,000,20.464.5-0.424.211.810.22.35.8,1.000.810.300.950.400.900.900.45,MSCIUBSMSCIMSCIMSCIMSCIMSCIMSCI,1,6626,8467,11013,1164,4912,09516,1427,681,17,25044,90015,05045,0008,89014,70047,00013,750,11,50030,45011,20033,0007,14010,30033,3509,100,-20.6-31.0-19.9-17.7-14.5-16.7-21.0-24.4,1.
31、1-6.8 5.4-1.4 6.2-2.7-9.0-11.9-25.9-12.81.7-1.6-0.8-20.2-3.6-2.8-6.7 4.8-17.7 2.1-1.4-10.5-2.2-8.7 3.40.0 2.1 6.5-2.8 10.9-0.9-2.1 4.8-19.7-6.5-1.0-5.5-3.3-7.1 10.3,2.6-1.33.1-1.40.01.40.50.5,-2.1 2.3 0.1 2.1-4.3-14.5-24.8-16.23.4-3.7-18.9-7.3-1.9 1.7-16.4-1.9-5.9-5.1-7.2-0.67.3 3.4-1.2 6.62.9 1.7-1
32、8.4-10.2-0.6-6.1-5.7 6.0,2.6-1.23.2-1.30.11.50.60.6,-6.1 1.0-3.1-3.3-8.2-15.6-27.2-20.6-0.9-5.0-21.6-12.2-5.9 0.4-19.1-7.0-9.8-6.3-10.2-5.82.9 2.0-4.5 1.0-1.3 0.4-21.1-14.9-4.7-7.3-8.7 0.5,Korea,18.1,59,145,-21.0,-1.5-4.9 1.6-17.0-1.7,0.0,0.0-1.4-15.7-5.6,0.1,-4.1-2.7-18.5-10.5,Alliance Financial Gr
33、oupAMMB HoldingsCIMB Group Holdings BHong Leong BankMalayan BankingPublic BankRHB Capital,4.066.377.6214.889.0415.907.51,SellNeutralSellBuyBuyBuyNeutral,ALFG.KL AFG MKAMMB.KL AMM MKCIMB.KL CIMB MKHLBB.KL HLBK MKMBBM.KL MAY MKPUBMe.KLPBKF MKRHBC.KL RHBC MK,3.556.907.6015.4011.1016.307.95,-12.68.3-0.3
34、3.522.82.55.9,0.650.550.650.300.500.300.30,MSCIMSCIMSCIMSCIMSCIMSCIMSCI,2,0616,29618,5739,17324,50518,2605,430,4.406.497.9514.889.4615.908.03,3.405.496.6810.207.9512.306.80,-7.7-1.8-4.20.0-4.40.0-6.5,0.5-0.7-4.7 15.0 2.80.3 0.2-1.1 7.4 7.10.4 1.6-2.8 2.1 2.44.8 11.0 7.8 39.3 36.5-0.1 0.3 3.2 8.3 5.4
35、6.1 10.6 10.7 25.6 20.51.6 4.2 1.6-2.1 0.4,-0.1-0.3-0.24.2-0.75.51.0,-3.0-2.1-0.78.5-1.98.11.8,-7.1 1.8-6.0-3.6-5.0-2.1-5.3-9.6-6.45.1 23.3 24.80.6-4.2-3.77.9 11.1 10.1-0.9-13.4-8.2,1.21.01.15.50.56.82.3,-1.7-0.80.69.9-0.79.53.1,-9.5 12.1-8.4-6.1 4.7-4.5-7.7-0.4-8.72.4 35.8 21.7-2.0 5.6-6.15.2 22.4
36、7.4-3.5-4.5-10.5,Malaysia,8.2,84,299,-3.4,1.4 3.0 2.0 10.7 8.6,0.8,0.7,-0.6-2.0-0.7,2.1,2.0,-3.1 7.9-3.2,Banco de Oro UniversaBank of the Philippine IsMetrobank,64.0583.3093.65,BuyNeutralNeutral,BDO.PSBPI.PSMBT.PS,BDO PMBPI PMMBT PM,78.0080.0096.00,21.8-4.02.5,0.400.200.10,MSCIMSCIMSCI,5,571 68.407,
37、195 83.504,802 100.20,48.9952.3066.10,-6.4-0.2-6.5,0.5-0.20.7,-1.3 1.6 26.1 20.34.4 13.3 42.4 50.91.2-3.3 31.1 37.8,0.6-0.10.8,-2.8-1.2 0.7-3.12.8 10.2 13.7 21.6-0.3-5.9 4.7 11.0,1.50.71.7,-1.1-5.0 26.74.6 6.0 43.11.5-9.5 31.7,9.937.825.9,Phil.National Bank,70.75,PNB.PS,PNB PM,0.30,MSCI,1,138 77.40,
38、52.00,-8.6,-2.8,-3.4-4.4 29.0 25.4,-2.7,-4.8-7.0 3.0 1.1,-1.9,-3.2-10.6 29.6,14.6,Philippines,10.6,18,706,-4.6,0.0,0.6 4.4 32.1 32.4,0.1,-0.9 1.5 5.5 6.7,1.0,0.8-2.4 32.7,20.9,DBS Group HoldingsOCBCUnited Overseas Bank,13.999.0218.41,BuyBuyNeutral,DBSM.SI DBS SPOCBC.SI OCBC SPUOBH.SI UOB SP,16.0010.
39、5019.50,14.416.45.9,0.75 MSCI0.75 MSCI0.80 MSCI,27,94125,46224,021,14.989.5820.20,11.267.8014.77,-6.6-5.8-8.9,-0.5-2.2-0.6,-2.8-3.4-6.3,-5.1-5.7-7.5,9.34.95.3,21.415.220.6,0.1-1.60.0,-2.2-2.8-5.7,-6.5-7.1-8.8,2.5-1.6-1.3,3.8-1.63.0,0.4-1.20.3,-3.3-3.9-6.8,-10.8-11.4-13.0,8.2 11.03.8 5.34.2 10.2,Sing
40、apore,12.3,77,424,-7.1,-1.1,-4.1,-6.1,6.6,19.1,-0.4,-3.6,-7.4,0.0,1.8,-0.1,-4.6,-11.7,5.5 8.9,UBS 4,Asian Bank Valuations 31 October 2012,Price,Target Target,Mkt,vs,Rel MSCI Banks&,(Local),Reuters,BBG,Price Upside Free Float,Cap,52-Week,High,Absolute(%)Local,Rel Local Market(%)Local,Div.Fin.(%)US$,3
41、0-Oct-12,Rating,Code,Code,(Local),(%)Factor Source,($m),High,Low,(%),1W,1M 1Q 1Yr,YTD,1W 1M 1Q 1Yr YTD,1W,1M 1Q 1Yr,YTD,Cathay Financial HoldinFubon Financial HoldingYuanta Financial Holdin,29.8030.3013.45,NeutralNeutralBuy,2882.TW2881.TW2885.TW,2882 TT2881 TT2885 TT,31.1032.8015.30,4.4 0.65 MSCI8.3
42、 0.60 MSCI13.8 0.80 MSCI,10,3589,3964,072,35.95 28.0035.40 27.7517.70 12.40,-17.1-14.4-24.0,-2.5-3.3-2.2,-5.4 2.4-17.2-5.0-2.7-14.8-12.7-2.9-20.9,-8.9-5.5-12.9,-0.4 1.6 2.1-12.2-10.3-1.3 2.0-3.0-9.6-6.9-0.1-6.2-3.2-16.1-14.3,-1.7-2.6-1.4,-6.2-3.3-17.9-5.8-8.2-15.5-13.4-8.3-21.5,-19.0-15.9-22.6,Taiwa
43、n,13.8,4,072,-24.0,-2.2,-12.7-2.9-20.9,-12.9,-0.1-6.2-3.2-16.1-14.3,-1.4,-13.4-8.3-21.5,-22.6,Bangkok BankBank of Ayudhya,177.5029.75,BuyBuy,BBL.BK BBL TBBAY.BK BAY TB,245.0041.00,38.037.8,0.290.30,MSCIMSCI,11,047 203.00 138.00-12.65,892 36.50 18.10-18.5,-3.5-1.7,-8.5-8.5 19.5 15.6-4.8-8.5 48.8 35.2
44、,-2.3-0.4,-8.2-15.7-10.1-8.4-4.5-15.6 11.8 7.1,-2.9-1.0,-9.2-13.4 15.3 2.3-5.5-13.4 43.5 19.6,Kasikornbank,177.00,Buy,KBAN.BK KBANK TB 230.00,29.9,0.49,MSCI,13,812 186.50 109.00-5.1,1.7,-3.0 2.9 43.9 45.1,3.0,-2.7-5.1 8.2 14.9,2.4,-3.7-2.6 38.8 28.3,Krung Thai BankSiam Commercial Bank,18.30160.50,Bu
45、yBuy,KTB.BK KTB TBSCB.BK SCB TB,23.00200.00,25.724.6,0.250.46,MSCIMSCI,6,671 19.00 14.10-3.717,788 171.00 102.00-6.1,-3.2-0.6,0.0 12.3 17.3 22.8-4.7 1.6 36.0 37.8,-2.00.6,0.3 3.5-11.8-2.7-4.4-6.4 2.3 9.1,-2.50.1,-0.7 6.3 13.2 8.6-5.4-3.8 31.2 21.9,TMB Bank,1.85,Sell,TMB.BK TMB TB,1.65,-10.8,0.30,MSC
46、I,2,626,1.92,1.33-3.6,-3.1,1.6 24.2 37.0 17.1,-1.9,2.0 14.5 3.0-7.3,-2.5,0.9 17.5 32.2 3.6,TISCO Financial Group,44.50,Buy,TISCO.BK TISCO TB,54.00,21.3,0.49,MSCI,1,056 49.25 33.00-9.6,-2.7,-3.3 11.3 29.9 17.1,-1.5,-2.9 2.6-2.3-7.2,-2.0,-3.9 5.3 25.3 3.6,Thailand,27.9,58,892,-7.5,-0.7,-4.2 1.6 35.6 3
47、4.4,0.5,-3.8-6.4 1.9 6.4,0.0,-4.8-3.9 30.8 18.9,Aggregates,Asia(ex-Japan)Asia(ex-Japan,China),7.812.2,1,470,990582,154,-11.9-7.7,-1.7-0.7,4.6-1.7,6.92.7,1.2 9.39.0 19.0,0.00.0,5.1-1.3,5.0-2.2,7.90.2,6.63.3,-1.20.0,3.4-2.9,-0.9-3.6,-2.73.2,-5.43.9,Source:UBS estimates.(1)Aggregate ratios are calculat
48、ed on a market cap.weighted basis using a Free Float Factor to adjust the weighting.Where available,these aggregates have been calculated using factors obtained from MSCI/Factset,and whereunavailable,the factors are source UBS.(2)Market capitalisation is calculated in US$m,based on outstanding share
49、s(3)Current share price versus highest price.(4)Based on a UBS calculated weighted composite index based on the MSCI ACWIF Banks andthe MSCI ACWIF Diversified Financials indices.*UBS Investment Bank is currently unable to display forecast data on this company.For further information please contact y
50、our local sales or research representative.Excluded from Banks compositecalculations.UBS 5,Asian Bank Valuations 31 October 2012Core valuation,Price,CAGR,%vs,Price:Book,UBS Adj.,UBS Adj.Adj IRP,M.cap.,(Local),Adj EPS(Local),13E/11E,Consensus,Adj P/E,Net Div Yld(%),P/GOPS,Stated,Adjusted,RoE(%),RoAE(
