Overview: Poised for growth; we favor IBK, SFG, KEB 2
Taking a more constructive view; earnings to grow 35% in 2011 3
Mean reversion as earnings normalize 9
Sector M&A; ambiguity still lingering, materialization in 2011 14
Rating actions; target price and earnings changes 16
Risks to our thesis and target prices 22
IBK: Healthy earnings and better growth visibility; to Conv Buy 23
KEB: Upgrade to Buy on valuation and stable profitability 26
HFG: To Neutral on less resilient balance sheet; need more visibility 28
SFG: Remove from Conviction List, but still Buy 30
KBFG: Stay Neutral as recovery delayed again 32
Busan Bank: Smooth Sailing, but mild headwinds ahead; Neutral 34
Daegu Bank: Further balance sheet repair required; Neutral 36
WFG: Retain Sell on having risky assets the most among peers 38

高盛的东西99%是欺骗为目的，1%是装饰后的历史。 除了欺骗大众外，一点价值都没有。

高盛永远是坐庄的， 坐庄鼓吹的东西当然是欺骗，还有什么可说的。