【出版时间及名称】：2010年4月加拿大银行业研究报告
        【作者】：加拿大帝国商业银行
        【文件格式】：pdf
        【页数】：138
        【目录或简介】：
Table of Contents
Executive Summary................................................................................... 3
Investment Ratings And Price Targets .................................................... 3
Cyclical-structural Question Being Resolved Favorably .............................. 6
Earnings Set To Accelerate In F2011 ...................................................... 7
Balance Sheets Strong; Dividend Growth Delayed.................................... 7
Introduction.............................................................................................. 9
It’s Different This Time ......................................................................... 9
Vast Majority Of Downturn Is Cyclical For The Canadian Banks .................. 9
Gradual Recovery Appears To Have Begun ............................................ 11
Historical Multiples Matter In A Cyclical Recovery ................................... 11
Dividend Outlook Is About The Income Statement…
Not The Balance Sheet................................................................... 11
Valuation – Banks Versus Lifecos............................................................... 12
Banks Exit The Downturn In Better Relative Position .............................. 12
Outlining Our Investment Thesis ............................................................... 15
Outlook For Credit – Positive .................................................................. 15
Provisions Forecast To Decline In F2010 ............................................... 15
Positive Signs On Credit In Q1/F2010................................................... 16
What About Non-Canadian Exposure? Still An Issue ............................... 17
What Are We Forecasting On Credit? .................................................... 20
Outlook For Market-sensitive Revenues – Mixed .......................................... 23
Revenues Forecast To Decline ............................................................. 23
Another Strong Trading Quarter In Q1/F2010........................................ 24
What Are We Forecasting On CMRR? .................................................... 25
Our Trading Estimates Through F2011.................................................. 26
Our Fee-based CMRR Estimates Through F2011..................................... 27
Outlook For Lending NII – Positive............................................................. 29
Waiting For A Catalyst ........................................................................ 29
Good Results In Q1/F2010 .................................................................. 29
What Are We Forecasting On Lending NII? ............................................ 31
Our Lending NII Estimates Through F2011 ............................................ 35
Capital – More Opportunity Than Risk ........................................................ 36
Company Profiles
Bank of Montreal ..................................................................................... 40
Bank of Nova Scotia................................................................................. 52
Canadian Imperial Bank of Commerce........................................................ 63
Canadian Western Bank ........................................................................... 74
Laurentian Bank ...................................................................................... 85
National Bank of Canada .......................................................................... 96
Royal Bank of Canada ............................................................................ 107
Toronto-Dominion Bank.......................................................................... 120