ASIANBANKVALUATIONS1101

1、global equity researchasiaubs investment researchasian bank valuationsfinancialsector 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 and

2、 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 decisio

3、n.3691215asian bank valuations 31 october 2012stephen andrews, cfaa+852-2971 7821jina leeassociate a+852-3712 2534contentsprice performancecore valuationcore operational performancecore balance sheet & asset qualityper share growth ratespageall prices in this document as at market close 30 octob

4、er 2012ubs 2*asian bank valuations 31 october 2012price performancepricetarget targetmktvsrel msci banks &(local)reutersbbgprice upside free floatcap52-weekhighabsolute (%) localrel local market (%) localdiv. fin. (%) us$30-oct-12ratingcodecode(local)(%) factor source($ m)highlow(%)1w 1m 1q 1yr

5、ytd 1w 1m 1q 1yr ytd 1w1m 1q 1yr ytd(1)(2)(3)(4)agricultural bank of chibank of beijingbank of chinabank of communicationbank of nanjingbank of ningbochina citic bankchina construction ban3.316.823.125.657.568.973.925.71neutralbuyneutralneutralbuybuyneutralbuy1288.hk 1288 hk601169.ss601169 ch3988.hk

6、 3988 hk3328.hk 3328 hk601009.ss601009 ch002142.sz 002142 ch0998.hk 998 hk0939.hk 939 hk3.159.923.055.6010.1511.574.206.15-4.8 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 msci138,7159,617112,37654,1393,5974,14523,665184,1973.928.923.396.479.93

7、10.775.106.592.75 -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 5.41.20.51.4-1.4-0.91.2-4.2

8、-0.410.20.46.38.01.20.37.16.75.9-6.77.010.9-5.4-9.13.312.88.4-4.229.121.61.08.46.515.15.0-5.915.610.3-13.14.4-5.011.6-0.8-1.5-0.5-3.4-2.8-0.8-6.1-2.38.3 -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 -5.1-14.8-23.7-6.2-10.6-29.5-15.3-22.9-9.4ch

9、ina merchants bank14.203968.hk 3968 hk* 1.00 msci39,53418.20 12.24 -22.0-5.1 8.7 0.6 -16.1 -9.6-2.89.30.7-1.0-4.2-4.77.5 -7.5 -18.4-22.3china minsheng bankin7.151988.hk 1988 hk* 0.90 msci24,6468.165.78 -12.40.8 16.8 1.6 8.0 6.23.317.41.727.412.61.315.5 -6.6 5.0-8.7chongqing rural comm3.57neutral3618

10、.hk 3618 hk3.20 -10.4 0.95 msci4,2844.792.81 -25.5-2.2 16.7 20.2 -1.9 -11.20.217.220.415.7-5.9-1.815.3 10.5 -4.6-23.7hua xia bankindustrial & commercia8.335.03buybuy600015.ss600015 ch1398.hk 1398 hk11.405.3036.9 0.30 msci5.4 0.75 msci9,143226,51812.125.697.79 -31.33.99 -11.6-1.0 3.6 -2.2 -27.3 -

11、25.8-2.7 9.8 16.4 0.2 9.11.6-0.44.810.40.016.6-12.818.2-20.915.6-0.4-2.33.1 -8.1 -28.18.5 7.1 -2.6-35.8-6.2industrial bank12.24601166.ss601166 ch* 0.30 msci21,15614.64 11.65 -16.4-1.2 1.9 -0.8 -9.4 -2.21.33.11.58.74.3-0.71.4 -6.8 -10.4-15.4shanghai pudong deve7.48buy600000.ss600000 ch9.7430.2 0.30 m

12、sci22,3589.697.11 -22.8-1.2 1.4 -1.1 -20.3 -11.91.32.51.2-4.4-6.0-0.70.8 -7.0 -21.1-23.8ping an bank13.09buy000001.sz 000001 ch18.6142.2 0.30 msci10,74717.48 12.64 -25.1-1.6 -0.3 -11.9 -23.1 -16.00.90.8-9.8-7.8 -10.5-1.1-0.8 -17.2 -24.0-27.4china4.2888,837-14.7-2.4 9.0 9.7 -4.2 2.6-0.19.510.013.18.8

13、-2.07.7 1.0 -6.7-11.8bank of china (hong kobank of east asiadah sing finanlhang seng bankwing hang bank23.5528.6529.20119.1082.85neutralneutralbuyneutralneutral2388.hk0023.hk0440.hk0011.hk0302.hk2388 hk23 hk440 hk11 hk302 hk23.5028.0034.70110.0076.00-0.2-2.318.8-7.6-8.30.350.650.450.400.60mscimscims

14、cimscimsci32,127 24.907,763 32.351,103 30.6029,400 119.903,223 84.0516.50 -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 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 -1

15、6.28.9 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 12.5-8.6-2.49.61.87.819.5-3.410.913.312.210.0-16.28.011.111.9hong kong-3.673,617-4.3-0.7 -0.8 6.3 15.9 23.50.5 -3.5-2.8 8.3 6.3-0.3 -2.0-2.212.76.2axis bankbank of barodabank of indiafederal bank1,185719.10273.10479.70neutra

16、lsellsellbuyaxbk.bobob.boboi.bofed.boaxsb ibbob ibboi ibfb ib1,200770.00285.00600.001.37.14.425.10.550.200.201.00mscimscimsciubs9,1005,4782,9041,5201,288867.15396.60490.45794.25610.50255.55327.80-8.0 -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

17、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 19.7hdfc bank633.95buyhdbk.bo hdfcb ib700.0010.40.65msci27,417640.55406.05-1.0 0.1 0.8 8.0 31.4 48

18、.41.6 2.7 0.4 26.9 24.50.1 -2.5 2.0 15.1 25.1housing development ficici bankindusind bank749.701,045361.85neutralbuybuyhdfc.boicbk.boinbk.bohdfc ibicicibc ibiib ib830.001,300450.0010.724.424.40.900.370.67mscimsciubs20,70421,5843,135788.201,086371.15613.20652.40225.35-4.9 -0.1 -3.0 10.7 9.1 15.4-3.8

19、-3.2 -1.2 8.4 12.0 52.6-2.5 -0.2 2.3 8.3 28.5 60.61.4 -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 35.3oriental bank of comm298.25neutralorbc.bo obc ib310.003.90.20msci1,612314.90193.95-5.3 1.5 -1.1 27.9 -2.2 51.93.1 0

20、.7 18.9 -5.6 27.41.5 -4.3 20.7 -14.4 28.0punjab national bankshriram transport finanstate bank of indiaunion bank729.75615.352,074192.85neutralbuysellneutralpnbk.bosrtr.bosbi.bounbk.bopnb ibshtf ibsbin ibunbk ib850.00750.001,850220.0016.521.9-10.814.10.420.550.200.20ubsmscimscimsci4,5872,55925,7911,

21、9671,078655.902,452267.10666.45417.401,583152.00-32.3 -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 -10.9 -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 -1

22、0.4 -3.6 -4.7 7.9-4.4 -5.5 5.8 -16.1 -4.6 -5.8 -10.2 7.4 -23.9 -4.2yes bank407.60buyyesb.bo yes ib480.0017.80.74ubs2,668416.50232.20-2.1 2.1 6.6 13.3 29.3 70.83.6 8.6 5.4 24.9 43.22.0 3.2 7.0 13.2 43.9india10.7125,799-6.1 -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 13.4ubs 3*asia

23、n bank valuations 31 october 2012pricetarget targetmktvsrel msci banks &(local)reutersbbgprice upside free floatcap52-weekhighabsolute (%) localrel local market (%) localdiv. fin. (%) us$30-oct-12ratingcodecode(local)(%) factor source($ m)highlow(%)1w1m 1q 1yr ytd1w 1m 1q 1yr ytd 1w1m 1q 1yr ytd

24、bank central asiabank danamon indonesbpd jawa barat dan ba8,2006,1001,100buybuybuybbca.jkbdmn.jkbjbr.jkbbca ijbdmn ijbjbr ij9,7757,0001,52519.2 0.50 msci14.8 0.35 msci38.6 0.25 ubs21,0276,0811,0988,300 6,900 -1.26,450 4,050 -5.41,170 810.00 -6.00.00.01.93.8 3.1 2.5-2.4 1.7 22.00.0 17.0 7.82.548.820.

25、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 5.90.70.72.52.4 -6.6 -8.8-3.8 -7.9 8.5-1.4 6.0 -4.1-17.419.9-2.6bank mandiri8,400neutralbmri.jkbmri ij9,30010.7 0.40 msci20,3858,400 6,0500.03.72.4 7.0 16.724.42.9 0.0 0.5 2.4 9.04.41.0 -3.1 3.80.3bank negara indonesiabank rakyat ind

26、onesiabank tabungan negarapt bank tabungan pen3,9007,6501,5705,050buybuyneutralbuybbni.jkbbri.jkbbtn.jkbtpn.jkbbni ijbbri ijbbtn ijbtpn ij5,1508,5001,4806,00032.1 0.40 msci11.1 0.45 msci-5.7 0.28 ubs18.8 0.40 ubs7,56419,6281,4432,9754,150 3,400 -6.07,800 5,250 -1.91,590 1,150 -1.35,250 3,150 -3.80.0

27、0.00.6-1.0-0.6 -0.6 -3.72.7 12.5 12.59.0 17.2 9.0-3.8 21.0 32.02.613.329.848.5-0.8 -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 15.9 30.10.70.71.3-0.3-2.0 -10.0 -14.31.3 1.9 0.17.5 6.1 -3.0-5.1 9.5 17.4-17.3-8.74.619.7indonesia15.880,200-1.90.92.2 6.9 10.215.40.1

28、-0.2 0.4 -3.3 1.01.60.8 -3.2 -2.0-7.0dgb financial grouphana financial groupindustrial bank of koreakb financial groupkorea exchange bankbs financial groupshinhan financial grouwoori finance holdings13,70031,00012,05037,0507,60012,25037,15010,400buybuyneutralbuyneutralbuyneutralneutral139130.ks13913

29、0 ks086790.ks086790 ks024110.ks024110 ks105560.ks105560 ks004940.ks004940 ks138930.ks138930 ks055550.ks055550 ks053000.ks053000 ks16,50051,00012,00046,0008,50013,50038,00011,00020.464.5-0.424.211.810.22.35.81.000.810.300.950.400.900.900.45msciubsmscimscimscimscimscimsci1,6626,8467,11013,1164,4912,09

30、516,1427,68117,25044,90015,05045,0008,89014,70047,00013,75011,50030,45011,20033,0007,14010,30033,3509,100-20.6-31.0-19.9-17.7-14.5-16.7-21.0-24.41.1 -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 -

31、19.7 -6.5-1.0 -5.5 -3.3 -7.1 10.32.6-1.33.1-1.40.01.40.50.5-2.1 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 -18.4 -10.2-0.6 -6.1 -5.7 6.02.6-1.23.2-1.30.11.50.60.6-6.1 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

32、.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 0.5korea18.159,145-21.0-1.5 -4.9 1.6 -17.0 -1.70.00.0 -1.4 -15.7 -5.60.1-4.1 -2.7 -18.5 -10.5alliance financial groupammb holdingscimb group holdings bhong leong bankmalayan bankingpublic bankrhb capital4.066.377.621

33、4.889.0415.907.51sellneutralsellbuybuybuyneutralalfg.kl afg mkammb.kl amm mkcimb.kl cimb mkhlbb.kl hlbk mkmbbm.kl may mkpubme.klpbkf mkrhbc.kl rhbc mk3.556.907.6015.4011.1016.307.95-12.68.3-0.33.522.82.55.90.650.550.650.300.500.300.30mscimscimscimscimscimscimsci2,0616,29618,5739,17324,50518,2605,430

34、4.406.497.9514.889.4615.908.033.405.496.6810.207.9512.306.80-7.7-1.8-4.20.0-4.40.0-6.50.5 -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 5.46.1 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

35、 -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 -8.21.21.01.15.50.56.82.3-1.7-0.80.69.9-0.79.53.1-9.5 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 7.4-3.5 -4.5 -10.5malaysia8.284,299-3.41.4 3.0 2.0 10.7 8.60.80.7-0.6 -2.0 -0.72.12.0-3.1 7.9 -3.2ban

36、co de oro universabank of the philippine ismetrobank64.0583.3093.65buyneutralneutralbdo.psbpi.psmbt.psbdo pmbpi pmmbt pm78.0080.0096.0021.8-4.02.50.400.200.10mscimscimsci5,571 68.407,195 83.504,802 100.2048.9952.3066.10-6.4-0.2-6.50.5-0.20.7-1.3 1.6 26.1 20.34.4 13.3 42.4 50.91.2 -3.3 31.1 37.80.6-0

37、.10.8-2.8 -1.2 0.7 -3.12.8 10.2 13.7 21.6-0.3 -5.9 4.7 11.01.50.71.7-1.1 -5.0 26.74.6 6.0 43.11.5 -9.5 31.79.937.825.9phil. national bank70.75pnb.pspnb pm0.30msci1,138 77.4052.00-8.6-2.8-3.4 -4.4 29.0 25.4-2.7-4.8 -7.0 3.0 1.1-1.9-3.2 -10.6 29.614.6philippines10.618,706-4.60.00.6 4.4 32.1 32.40.1-0.

38、9 1.5 5.5 6.71.00.8 -2.4 32.720.9dbs group holdingsocbcunited overseas bank13.999.0218.41buybuyneutraldbsm.si dbs spocbc.si ocbc spuobh.si uob sp16.0010.5019.5014.416.45.90.75 msci0.75 msci0.80 msci27,94125,46224,02114.989.5820.2011.267.8014.77-6.6-5.8-8.9-0.5-2.2-0.6-2.8-3.4-6.3-5.1-5.7-7.59.34.95.

39、321.415.220.60.1-1.60.0-2.2-2.8-5.7-6.5-7.1-8.82.5-1.6-1.33.8-1.63.00.4-1.20.3-3.3-3.9-6.8-10.8-11.4-13.08.2 11.03.8 5.34.2 10.2singapore12.377,424-7.1-1.1-4.1-6.16.619.1-0.4-3.6-7.40.01.8-0.1-4.6 -11.75.5 8.9ubs 4asian bank valuations 31 october 2012pricetarget targetmktvsrel msci banks &(local

40、)reutersbbgprice upside free floatcap52-weekhighabsolute (%) localrel local market (%) localdiv. fin. (%) us$30-oct-12ratingcodecode(local)(%) factor source($ m)highlow(%)1w1m 1q 1yr ytd1w 1m 1q 1yr ytd 1w1m 1q 1yr ytdcathay financial holdinfubon financial holdingyuanta financial holdin29.8030.3013.

41、45neutralneutralbuy2882.tw2881.tw2885.tw2882 tt2881 tt2885 tt31.1032.8015.304.4 0.65 msci8.3 0.60 msci13.8 0.80 msci10,3589,3964,07235.95 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.

42、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 -21.5-19.0-15.9-22.6taiwan13.84,072-24.0-2.2 -12.7 -2.9 -20.9-12.9-0.1 -6.2 -3.2 -16.1 -14.3-1.4 -13.4 -8.3 -21.5-22.6bangkok bankbank of ayudhya177.5029.75buybuybbl.bk bbl tbbay.bk bay tb245.0041.0038.037.80.290.30mscimsci1

43、1,047 203.00 138.00 -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 35.2-2.3-0.4-8.2 -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 19.6kasikornbank177.00buykban.bk kbank tb 230.0029.90.49msci13,812 186.50 109.00 -5.11.7-3.0 2.9 43.9 45.13.0-2.7 -

44、5.1 8.2 14.92.4-3.7 -2.6 38.8 28.3krung thai banksiam commercial bank18.30160.50buybuyktb.bk ktb tbscb.bk scb tb23.00200.0025.724.60.250.46mscimsci6,671 19.00 14.10 -3.717,788 171.00 102.00 -6.1-3.2-0.60.0 12.3 17.3 22.8-4.7 1.6 36.0 37.8-2.00.60.3 3.5 -11.8 -2.7-4.4 -6.4 2.3 9.1-2.50.1-0.7 6.3 13.2

45、 8.6-5.4 -3.8 31.2 21.9tmb bank1.85selltmb.bk tmb tb1.65-10.80.30msci2,6261.921.33 -3.6-3.11.6 24.2 37.0 17.1-1.92.0 14.5 3.0 -7.3-2.50.9 17.5 32.2 3.6tisco financial group44.50buytisco.bk tisco tb54.0021.30.49msci1,056 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

46、.6thailand27.958,892-7.5-0.7-4.2 1.6 35.6 34.40.5-3.8 -6.4 1.9 6.40.0-4.8 -3.9 30.8 18.9aggregatesasia (ex-japan)asia (ex-japan, china)7.812.21,470,990582,154-11.9-7.7-1.7-0.74.6-1.76.92.71.2 9.39.0 19.00.00.05.1-1.35.0-2.27.90.26.63.3-1.20.03.4-2.9-0.9-3.6-2.73.2-5.43.9source: ubs estimates. (1) ag

47、gregate ratios are calculated 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

48、in us$m, based on outstanding shares (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

49、. for further information please contact your local sales or research representative. excluded from banks compositecalculations.ubs 5asian bank valuations 31 october 2012core valuationpricecagr% vsprice : bookubs adj.ubs adj. adj irp m. cap.(local)adj eps (local)13e/11e consensusadj p/enet div yld (

50、%) p/gopsstatedadjustedroe (%)roae (%) (%) 12m / dep.30-oct-1211e12e13e14e(%)12e13e12e13e14e12e13e12e 13e12e13e12e 13e12e 13e12e 13efwd12e(1)(2)(3)(4)(6)(8)(9)(10)(11)agricultural bank of chibank of beijing3.316.820.381.200.451.300.451.340.471.54+9.0+5.8+3.1-1.5-2.7-3.45.9x5.2x6.0 x5.1x5.7x4.4x5.84.

51、26.04.73.6x 3.5x3.3x 3.2x1.150.841.020.741.15 1.020.84 0.7421.0 18.117.4 15.521.0 18.117.4 15.515.316.27.98.3bank of china3.120.440.470.450.50+0.2-2.5 -12.75.3x5.6x5.1x5.85.83.5x 3.2x0.860.780.82 0.7417.2 14.517.2 14.514.57.4bank of communicationbank of nanjing5.657.560.861.080.821.270.691.400.761.6

52、1-10.2+13.6+1.3-2.8-9.8-2.35.5x6.0 x6.6x5.4x6.0 x4.7x3.54.24.04.63.5x 3.7x4.1x 3.7x0.890.920.800.810.89 0.800.92 0.8117.3 12.916.3 15.917.3 12.916.3 15.912.314.89.111.2bank of ningbo8.971.131.391.571.82+17.8+2.7 +6.56.5x5.7x4.9x3.13.54.5x 3.9x1.171.001.17 1.0019.6 18.819.6 18.813.712.2china citic ba

53、nk3.920.710.720.680.73-2.3-0.2-4.94.4x4.6x4.3x4.85.12.7x 2.6x0.730.650.72 0.6417.9 14.817.9 14.918.36.4china construction ban5.710.680.770.770.83+6.9+2.8 +1.46.0 x5.9x5.6x5.45.44.0 x 3.7x1.221.071.21 1.0622.0 19.222.1 19.213.410.2china merchants bankchina minsheng bankin14.207.151.500.61*chongqing r

54、ural comm3.570.460.520.480.54+2.5-2.9 -13.05.5x6.0 x5.3x5.45.03.7x 3.4x0.850.780.86 0.7816.3 13.516.5 13.713.99.4hua xia bankindustrial & commercia8.335.031.480.601.630.671.790.662.050.71+10.0+5.2-1.4+3.1-3.1-2.05.1x6.1x4.7x6.1x4.1x5.7x3.95.44.35.72.8x 2.6x4.2x 3.9x0.781.260.681.110.78 0.681.25

55、1.1016.2 15.722.4 19.216.2 15.722.4 19.217.812.95.410.2industrial bank12.242.36*shanghai pudong deve7.481.461.711.852.06+12.3-0.7-0.14.4x4.1x3.6x4.64.92.7x 2.5x0.800.690.80 0.6919.7 18.219.7 18.221.06.5ping an bank13.092.472.572.883.34+8.0+8.6 +16.65.1x4.5x3.9x3.94.43.1x 2.9x0.780.680.86 0.7416.6 16

56、.018.3 17.418.26.7china+5.9+2.7-2.05.8x5.9x5.5x5.45.63.8x 3.6x1.141.011.14 1.0121.4 18.321.4 18.414.19.1bank of china (hong kobank of east asiadah sing finanlhang seng bankwing hang bank23.5528.6529.20119.1082.851.541.682.628.345.121.862.053.259.205.831.881.732.819.495.352.012.012.9310.395.84+10.7+1

57、.3+3.6+6.7+2.2-3.0-11.4-12.8+3.9-7.3-6.3-17.9-29.5+4.7-15.612.6x13.9x9.0 x12.9x14.2x12.5x16.6x10.4x12.5x15.5x11.7x14.3x10.0 x11.5x14.2x5.13.33.74.42.35.13.33.74.42.510.2x10.0 x6.9x13.9x11.4x9.1x10.0 x5.9x12.9x11.3x1.741.170.552.591.291.681.130.532.401.241.741.270.582.781.391.681.230.572.581.3314.48.

58、76.121.19.713.76.95.219.88.214.49.56.622.810.513.77.55.621.38.86.54.78.46.45.020.412.37.430.615.2hong kong+6.9-2.2-5.013.0 x13.2x12.1x4.34.311.3x10.5x1.721.651.801.7315.614.516.415.26.119.8axis bank1,185 102.68104.82122.76156.25+9.3-7.5-7.211.3x9.7x7.6x1.82.15.9x 4.9x1.911.661.911.6618.118.418.118.4

59、1.618.7bank of barodabank of indiafederal bankhdfc bankhousing development ficici bankindusind bankoriental bank of comm719.10273.10479.70633.95749.701,045361.85298.25121.7946.6645.4122.1427.6656.0817.1639.13114.7344.6450.6528.3631.8968.9223.0851.58134.7659.5661.3437.0838.1880.2528.3866.17172.5676.4

60、973.2647.1545.2395.6435.3480.99+5.2+13.0+16.2+29.4+17.5+19.6+28.6+30.0-10.5 -13.2-20.9 -15.5+0.0 +2.9+1.6 +5.5+1.3 +2.7-1.0 +0.2+7.2 +4.6+0.3 +6.06.3x6.1x9.5x22.4x23.5x15.2x15.7x5.8x5.3x4.6x7.8x17.1x19.6x13.0 x12.7x4.5x4.2x3.6x6.5x13.4x16.6x10.9x10.2x3.7x2.83.31.90.91.71.60.83.43.34.42.31.12.01.61.04.43.1x 2.6x2.1x 1.9x