【出版时间及名称】：2010年2月亚洲银行业研究报告
        【作者】：BNP百富勤
        【文件格式】：PDF
        【页数】：32
        【目录或简介】：
Contents
1) Private consumption looks set to pick up in North Asia ......................................................................................................... 3
Matured players in Korea, Hong Kong and Taiwan............................................................................................................. 3
Growth in China likely to accelerate ................................................................................................................................... 4
Stock picks: ICBC, BOC HK, Shinhan, Taishin ................................................................................................................... 4
2) China ........................................................................................................................................................................................... 9
An under-penetrated high-growth market........................................................................................................................... 9
Risk taking for higher yields ............................................................................................................................................. 10
Revenue model to evolve over time ................................................................................................................................. 11
ICBC is our preferred credit-card exposure....................................................................................................................... 11
3) Hong Kong................................................................................................................................................................................ 12
Hong Kong credit-card industry trend............................................................................................................................... 12
Market landscape............................................................................................................................................................. 12
Valuation .......................................................................................................................................................................... 12
4) Korea ......................................................................................................................................................................................... 15
The calm after the storm .................................................................................................................................................. 15
We prefer Shinhan and Hana........................................................................................................................................... 15
5) Taiwan ....................................................................................................................................................................................... 17
Boom and bust of Taiwan credit-card market.................................................................................................................... 17
Current stage of credit-card market.................................................................................................................................. 17
Forward looking................................................................................................................................................................ 17
6) P&L, Balance Sheet and Cash Flow ....................................................................................................................................... 20