【出版时间及名称】：2009年11月南非银行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：36
        【目录或简介】：
Table of Contents
Executive summary ............................................................................3
Introduction.........................................................................................5
Unpacking the ROE.....................................................................................................................5
Divisional ROAs...................................................................................8
Retail ROA .................................................................................................................................9
Non-retail ROA ..........................................................................................................................14
Forecast ROAs..........................................................................................................................16
Leverage ............................................................................................17
SA banks well capitalised even under more onerous framework ............................................17
Changes to liquidity and accounting rules are more significant issues....................................19
The problem is too much, not too little, capital ........................................................................20
Calculating normalised ROEs ..........................................................22
Normalised ROAs .....................................................................................................................22
Normalised leverage.................................................................................................................23
2012 forecast – On the way to normalisation...........................................................................23
Impact on valuation..........................................................................26
Our current valuation methodology – 3-year average ROEs ....................................................26
Longer-term valuation methodologies show significant upside...............................................26
Company pages ................................................................................27
FirstRand (Buy, target price 1800cps) ......................................................................................27
Standard Bank (Hold, target price 10000cps) ...........................................................................28
Absa (Hold, target price 12500cps) ..........................................................................................29
Nedbank (Hold, target price 11500cps) ....................................................................................30