Daiwa Institute of Research (Hong Kong) Limited

14 January 2009

Contents
Investment summary.........................................................................................................3
Macro environment becoming more challenging .............................................................6
Loan growth holding up well so far..................................................................................8
Asset-quality deterioration manageable..........................................................................15
Additional capital in the bag ...........................................................................................22
Earnings forecasts and valuation ....................................................................................26
Company section
Australia and New Zealand Banking Group (ANZ AU) .........................................30
Commonwealth Bank of Australia (CBA AU)........................................................34
National Australia Bank (NAB AU)........................................................................38
Westpac Banking Corp (WBC AU) .......................................................................42

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[此贴子已经被作者于2009-1-20 12:02:26编辑过]