Table of Contents
Executive summary ........................................................................... 4
What could trigger banks’ re-rating? ............................................... 6
Sector valuation analysis .................................................................. 9
Company Valuation and risks......................................................... 12
Key risk analysis for 2009................................................................ 17
Risk 1: Personal credit risk.............................................................. 18
Risk 2: SME and trade finance........................................................ 22
Risk 3: Avoid Macau exposure ....................................................... 24
Risk 4: NIM direction unclear ......................................................... 26
Risk 5. Other risks to consider........................................................ 30
Appendix – HK banks at a glance................................................... 34
Company Pages ............................................................................... 39
ICBC (Asia)........................................................................................ 40
DSBG ................................................................................................ 64
Wing Hang Bank .............................................................................. 92
DSFH............................................................................................... 118