【出版时间及名称】：2009年11月英国金融行业研究报告
        【作者】：Canaccord Adams证券
        【文件格式】：pdf
        【页数】：44
        【目录或简介】：


Newsround
Risk appetite continues to evolve whether it’s retail or institutional investors’ attitudes
to asset classes, the return of activity to securitisation markets or the greater popularity
of emerging markets or distressed debt. UK retail investors have certainly provided
higher volumes of business during the last six months.
Although UK domestic loan credit quality still has a mixed outlook, we’re closer to the
peak of impairments in certain segments of the market. We think there’s some light at
the end of the tunnel for those companies that have taken a prudent approach to new
lending business over the last couple of years.
With varying levels of news flow before Christmas, we are making some changes to
ratings and adjusting our estimates for Close Brothers upwards.
• We are moving Close Brothers from Hold to BUY following its recent share price fall
and after upgrading our current year forecasts (higher Winterflood revenue
assumptions) and those for the following two years (lower impairment assumptions
in Banking). We are raising our target price from 800p to 820p producing 18%
upside potential from the current share price.
• We are moving Paragon from Hold to BUY on valuation grounds. After a strong run
to mid-October, the shares have dropped back leaving 15% upside to our 166p
target price.
• We are reducing Provident Financial from Buy to HOLD now that it has gone ex its
25.4p interim dividend. Despite the 7% upside to our 990p target price, the lack of
news flow until the full year results in early March 2010 leaves a dearth of
scheduled company-specific catalysts to drive share price performance.
• We reiterate our BUY rating on IG Group and our HOLD rating on International
Personal Finance ahead of their respective trading updates in December.