Table of contents
Financial sector outlook
September performance review...................................................................................................... 4
October investment outlook & top picks ......................................................................................... 6
1) Banking .................................................................................................................................. 7
2) Non-life insurers.................................................................................................................... 12
3) Securities brokers ................................................................................................................. 17
Major sector indicators
Major sector indicators................................................................................................................... 22
Earnings forecasts
Key assumptions & earnings forecasts ........................................................................................ 36
Quarterly earnings forecasts ......................................................................................................... 48
Valuations & global peer analysis
Sector valuations & peer analysis................................................................................................. 54
Stock valuations: P/B & P/E multiples........................................................................................... 57
Global peer analysis: Sector indices............................................................................................. 67
Global peer analysis: Financial stocks.......................................................................................... 70
Appendices
Macro-economic indicators............................................................................................................ 76
Samsung Securities Financial Sector Research Team ............................................................... 78