Table of contents
Financial sector outlook
April performance review.............................................................................................................. 4
May investment outlook & top picks ............................................................................................. 6
1) Banks.................................................................................................................................. 7
2) Non-life insurance.............................................................................................................. 13
3) Securities brokers .............................................................................................................. 15
Major sector indicators
Major sector indicators................................................................................................................ 20
Earnings forecasts
Key assumptions & earnings forecasts ...................................................................................... 44
Quarterly earnings forecasts....................................................................................................... 56
Valuations & global peer analysis
Sector valuations & peer analysis .............................................................................................. 62
Stock valuations: P/B & P/E multiples ........................................................................................65
Global peer analysis: Sector indices ..........................................................................................73
Global peer analysis: Financial stocks .......................................................................................76
Appendices
Macro-economic indicators......................................................................................................... 82
Samsung Securities Financial Sector Research Team ............................................................. 85