【出版时间及名称】：2010年4月东南亚银行业研究报告
        【作者】：野村证券
        【文件格式】：pdf
        【页数】：90
        【目录或简介】：
Who dares wins
The big deals may be done but there’s plenty of value still left in the ASEAN banking
consolidation story, and we see this coming from the rising rewards of past
acquisitions, carefully targeted potential M&A, and changes in market structure. The
best examples of past deals set to pay off, in our view, are at OCBC (BUY) and
Maybank (BUY). With the acquisition of ING Private Bank, OCBC’s evolution into a
well-integrated financial services conglomerate should enable the bank to have a more
stable and enduring growth profile among peers. We believe Maybank will turn around
BII and, aided by the improving domestic economy, should be able to boost ROE. In
terms of coming M&A, we think the most interesting story may be at DBS (NEUTRAL),
which we believe will have to expand inorganically to meet management revenue
composition targets. But we think this is best played via the most likely targets,
Temasek-owned Danamon (NEUTRAL) and AFG (BUY). We also look at a potentially
game-changing merger between AMMB (BUY), which is already seeing gains from
internal restructuring, and RHBC (not rated). Another angle on the consolidation theme
is in already consolidated Thailand, where we like Bank of Ayudhya (BUY) as a
beneficiary of improved market structure and as a possible acquirer.
 Opportunities in late-stage market evolution
 Reaping the harvest: OCBC and Maybank
 Right place, right time: BDMN and AFG
 Who dares wins: BAY and AMMB