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December 12, 2018

Top Longs Based on Momentum

9a5
tickernamecountrysectorPeriodChange
AKBNKAKBANK ATurkeyFinancials39.05
AKBNKAKBANK ATurkeyFinancials39.05
GARANTURKIYE GARANTI BANKASI ATurkeyFinancials33.90
GARANTURKIYE GARANTI BANKASI ATurkeyFinancials33.90
NOAHNOAH HOLDINGS ADR REPRESENTING .5ChinaFinancials32.57
BAJFINANCEBAJAJ FINANCE LTDIndiaFinancials31.40
BBNIBANK NEGARA INDONESIAIndonesiaFinancials31.11
BBNIBANK NEGARA INDONESIAIndonesiaFinancials31.11
SAHOLHACI OMER SABANCI HOLDING ATurkeyFinancials30.83
M&MFINMAHINDRA AND MAHINDRA FINANCIAL SEIndiaFinancials29.26
25

Top Shorts Based on Momentum

9c3
tickernamecountrysectorPeriodChange
8207CHONG SING HOLDINGS FINTECH GROUPChinaFinancials-40.00
GFNORTEOGPO FINANCE BANORTEMexicoFinancials-34.01
GFNORTEOGPO FINANCE BANORTEMexicoFinancials-34.01
FBNHFBN HOLDINGS PLCNigeriaFinancials-33.33
ITUB4ITAU UNIBANCO HOLDING PREF SABrazilFinancials-30.13
ITUB4ITAU UNIBANCO HOLDING PREF SABrazilFinancials-30.13
8473SBI HOLDINGS INCJapanFinancials-23.71
BSMXBBANCO SANTANDER B SAMexicoFinancials-21.15
AIGAMERICAN INTERNATIONAL GROUP INCUnited StatesFinancials-19.64
SIVBSVB FINANCIAL GROUPUnited StatesFinancials-19.38
5b9
MLIndexnameytd1monthFy1PE
M1WO0FN Index MSCIMSCI WORLD/FINANCIALS NR-7.791.2110.7
MSGUFNCL Index MSCIMSCI World Financials USD-9.991.01-
MXEF Index MSCIMSCI EM-12.152.0210.9
FTFINC Index FTSEFTSE ASX FINANCIALS INDX-17.09-2.5910.3

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Cocking CoalCNY/MTCocking Coal1520CNY46.1513.94
Natural Gas (Nymex)USD/MMBtuNatural Gas4.38USD45.0350.52
Oats (CBOT)USd/bu.Oats2.8375USD22.0413.96
Wheat (CBOT)USd/bu.Wheat5.15USD17.05-1.01
Palladium SpotUSD/t oz.Palladium1221.17USD11.9417.48
Cocoa (ICE)USD/MTCocoa2121.00USD9.73-3.37
Corn (CBOT)USd/bu.Corn3.83USD7.1310.93
Orange Juice (ICE)USd/lb.Orange Juice1.439USD5.65-1.84
Cotton #2 (ICE)USd/lb.Cotton0.8016USD3.511.52
Feeder Cattle (CME)USd/lb.Feeder Cattle1.4547999999999999USD-0.01-7.77
Live Cattle (CME)USd/lb.Live Cattle1.2238USD-0.303.73
Canola (ICE)CAD/MTCanola483.80CAD-1.35-0.51
3Mo Tin (LME)USD/MT3Mo Tin19180.00USD-4.221.64
Lean Hogs (CME)USd/lb.Lean Hogs0.6775USD-5.0217.01
Gold SpotUSD/t oz.Gold1236.20USD-5.762.56
Soybean (CBOT)USd/bu.Soybean9.0775USD-6.019.83
Ethanol (CBOT)USD/gal.Ethanol1.26USD-7.350.80
Rough Rice (CBOT)USD/cwtRough Rice10.84USD-7.828.62
Brent Crude (ICE)USD/bbl.Oil60.07USD-9.61-24.63
NickelUSD/MTNickel11015USD-10.08-11.63
SteelUSD/MTSteel470.5USD-10.38-8.82
3Mo Aluminum (LME)USD/MT3Mo Aluminum1969.00USD-13.18-2.81
Platinum SpotUSD/t oz.Platinum791.15USD-15.77-4.04
Silver (Comex)USD/t oz.Silver14.43USD-16.010.49
Copper (Comex)USd/lb.Copper2.7175USD-16.96-0.84
Sugar #11 (ICE)USd/lb.Sugar0.1257USD-17.847.99
Coffee 'C' (ICE)USd/lb.Coffee1.0590000000000002USD< 3fb /td>-18.329.51
3Mo Zinc (LME)USD/MT3Mo Zinc2618.00USD-21.127.56
Rubber (Tokyo)JPY/kgRubber163.00JPY-21.26-3.95
Lumber (CME)USD/1000 board feetLumber321.80USD-28.54-7.32

Country USD Yields Ordered By YTD Yield Change

1f40
countryYieldYieldChange
Bermuda20.6512.00
Jamaica13.136.33
Zambia11.815.59
Argentina10.034.35
Sri Lanka8.813.90
Lebanon11.173.89
Ecuador10.473.72
Tunisia9.453.66
Turkey8.993.60
Gabon9.583.53
Ukraine10.183.38
Ghana8.752.70
Kenya8.362.67
Italy7.622.64
Senegal8.032.51
Cote D'Ivoire (Ivory Coast)8.152.44
India6.872.28
Nigeria8.122.24
China6.872.23
Ethiopia7.872.06
Egypt7.802.02
Pakistan8.152.01
Russian Federation6.381.96
Mongolia7.311.89
Macau6.911.88
Costa Rica7.871.86
Kazakhstan6.541.82
El Salvador8.321.80
Bolivia6.771.79
Switzerland8.821.68
Iraq8.041.65
Mexico6.121.61
South Africa6.511.60
Australia6.261.56
Angola8.511.53
Trinidad and Tobago5.651.49
Romania4.811.47
Singapore5.501.47
Brazil7.201.46
Dominican Republic6.261.43
United Kingdom6.911.43
Oman6.131.39
Serbia4.471.33
Belgium6.731.33
New Zealand6.391.31
Jordan7.481.30
United States6.711.28
Indonesia5.201.27
Hong Kong5.201.27
Morocco5.121.25
Supranational4.811.24
Chile5.561.22
Hungary4.361.20
Uruguay4.831.12
Vietnam4.661.11
Netherlands5.451.11
Colombia5.581.10
Lithuania3.571.10
Croatia (Hrvatska)4.331.07
Finland5.111.07
Thailand4.771.04
Peru5.141.03
Panama5.121.01
Azerbaijan5.771.01
Kuwait4.611.01
Malaysia4.601.00
France7.671.00
Slovak Republic3.460.98
Paraguay6.140.98
Guatemala5.710.98
Ireland6.140.98
Poland3.670.97
Saudi Arabia5.650.94
United Arab Emirates5.190.91
Philippines4.210.87
Canada6.470.83
Qatar4.590.78
Taiwan4.130.68
Sweden4.680.64
Bahrain6.720.62
Korea (South)4.280.57
Israel5.940.53
Germany5.620.48
Luxembourg8.69-0.60
Venezuela0.13-52.37
6c
35

Financials Regional Performance Last Month

aa8
SubindustryEuropeEMUGEMWorld
Diversified Financials: Mortgage Real Estate Investment Trusts (REITs)0.000.000.000.84
Banks: Thrifts & Mortgage Finance0.000.00-7.120.00
Insurance Industry Group-6.49-6.53-3.50-6.73
Insurance: Insurance-6.49-6.53-3.50-6.73
Diversified Financials: Capital Markets-6.21-4.80-2.90-6.96
Diversified Financials Industry Group-6.09-4.68-4.00-6.99
Diversified Financials: Diversified Financial Services-5.72-4.38-4.75-7.19
Financials Sector-6.29-7.06-3.24-7.62
Diversified Financials: Consumer Finance0.000.00-6.03-7.65
Banks Industry Group-6.24-7.80-3.06-8.34
Banks: Banks-6.24-7.80-2.82-8.34
2e

Financials Regional Performance YTD

b0c
SubindustryEuropeEMUGEMWorld
Banks: Thrifts & Mortgage Finance0.000.00-7.590.00
Diversified Financials: Diversified Financial Services-23.53-19.29-19.95-8.29
Diversified Financials: Consumer Finance0.000.00-18.14-11.94
Diversified Financials: Mortgage Real Estate Investment Trusts (REITs)0.000.000.00-13.66
Insurance Industry Group-15.85-14.37-18.68-13.79
Insurance: Insurance-15.85-14.37-18.68-13.79
Diversified Financials Industry Group-28.34-29.79-19.42-14.88
Financials Sector-25.89-27.96-12.71-17.62
Diversified Financials: Capital Markets-29.74-33.20-19.00-17.64
Banks: Banks-30.06-34.51-10.43-20.50
Banks Industry Group-30.06-34.51-10.28-20.51

Financials Performance in Various Countries Last Month

1562
countryPeriodChange
Turkey31.98
Indonesia22.50
Philippines16.48
Argentina16.46
India15.31
Hungary11.09
South Africa10.48
Qatar6.36
Greece5.97
Slovenia4.54
Israel4.38
China3.32
Brazil3.13
Romania2.29
Kuwait1.97
Pakistan1.47
Morocco1.30
Russian Federation-0.34
Kazakhstan-0.44
Singapore-0.62
Bangladesh-0.65
Denmark-1.19
Chile-1.21
Peru-1.35
Australia-1.67
Poland-1.96
Sweden-2.08
Kenya-2.18
Hong Kong-2.23
Czech Republic-2.44
Oman-2.46
Italy-2.58
United Arab Emirates-3.14
Thailand-3.41
Taiwan-4.50
United States-4.65
Austria-4.66
Bahrain-4.92
Sri Lanka-5.00
Canada-6.36
Egypt-6.71
Korea (South)-7.35
Netherlands-7.47
Belgium-7.57
Japan-7.60
Germany-7.62
United Kingdom-7.78
Finland-8.11
Jordan-8.26
Colombia-8.46
Nigeria-8.67
Spain-9.45
Switzerland-9.52
Vietnam-11.02
France-12.02
Norway-13.39
Ireland-16.60
Mexico-25.09
Malaysia-82.40
Portugal

Financials Valuation and Growth in Various Countries (Simple Averages)

1f40
CountryPEFy0PEFy12018Growth
PORTUGAL0.000.00119.56
CHILE11.7511.5064.53
BERMUDA9.0012.6047.06
UAE38.0027.0041.20
GERMANY11.2513.5032.56
SOUTH AFRICA12.2011.5325.35
SWITZERLAND2.331.3325.02
FRANCE13.209.4024.75
UNITED STATES17.3413.4724.45
CYPRUS10.008.0023.00
CHINA10.947.7621.78
THAILAND12.5710.2920.57
AUSTRIA11.0012.0016.84
MALAYSIA12.449.4416.36
SINGAPORE23.0021.0015.88
KAZAKHSTAN0.002.5015.84
NEW ZEALAND20.0017.0015.71
FINLAND0.000.0015.47
EGYPT0.005.5014.36
GEORGIA6.504.0013.63
INDONESIA17.4014.6013.09
TAIWAN10.329.3213.06
SPAIN12.299.8612.85
SOUTH KOREA7.956.6312.32
INDIA15.3312.7312.07
JAPAN10.8110.6910.75
NETHERLANDS8.009.5010.68
CANADA13.1110.678.45
PHILIPPINES20.3312.177.86
NORWAY11.0011.007.54
BRITAIN16.549.927.16
COLOMBIA11.439.436.64
HONG KONG17.0015.136.19
BELGIUM14.3319.005.45
BRAZIL8.259.175.08
ITALY4.4312.434.72
AUSTRALIA13.8214.094.10
RUSSIA5.784.782.18
MEXICO7.808.001.11
DENMARK11.0010.001.04
HUNGARY0.005.500.92
IRELAND0.000.000.00
OMAN0.000.000.00
LEBANON0.000.000.00
POLAND0.000.000.00
QATAR0.000.000.00
NIGERIA0.000.000.00
GUERNSEY0.000.000.00
VI 3a7 ETNAM0.000.000.00
CZECH0.000.000.00
PAKISTAN0.000.000.00
ISRAEL12.008.000.00
TURKEY4.003.44-2.75
SWEDEN9.0016.20-20.42
1496
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    Link to Financials Macro Page

    Financials sector trades at 2018 simple average 1d PE Fy1 of 10.9 x and 2018 4a PE Fy2 of 9.9 x

    Financials sector trades at 2018 simple average 20 EV/EBITDA of 4.2 x and 2018 5a EV/EBITDA of 3.9 x

    In terms of Dividend yield Financials sector trades at 2018 1c Yield of 2.5 % and 2018 51 Dividend Yield of 3.1 %

    On ROE basis Financials sector trades at 2018 1b ROE of 10.0 % and 2018 56 ROE of 10.2 %

    Largest Companies in Financials by Market Capitalisation mn$

    174d
    TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
    JPM USJPMorgan Chase & CoUNITED STATESBanksDiversified Banks386639.0
    1398 HKIndustrial & Commercial Bank of China LtdCHINABanksDiversified Banks334201.0
    BAC USBank of America CorpUNITED STATESBanksDiversified Banks313366.0
    939 HKChina Construction Bank CorpCHINABanksDiversified Banks261919.0
    WFC USWells Fargo & CoUNITED STATESBanksDiversified Banks256854.0
    1288 HKAgricultural Bank of China LtdCHINABanksDiversified Banks198771.0
    HSBA LNHSBC Holdings PLCBRITAINBanksDiversified Banks196705.0
    2318 HKPing An Insurance Group Co of China LtdCHINAInsuranceLife & Health Insurance193767.0
    C USCitigroup IncUNITED STATESBanksDiversified Banks184676.0
    3988 HKBank of China LtdCHINABanksDiversified Banks174688.0
    3968 HKChina Merchants Bank Co LtdCHINABanksDiversified Banks116804.0
    RY CNRoyal Bank of CanadaCANADABanksDiversified Banks111226.0
    1299 HKAIA Group LtdHONG KONGInsuranceLife & Health Insurance108445.0
    SAN SMBanco Santander SASPAINBanksDiversified Banks108401.0
    ALV GRAllianz SEGERMANYInsuranceMulti-line Insurance103504.0
    2628 HKChina Life Insurance Co LtdCHINAInsuranceLife & Health Insurance103486.0
    TD CNToronto-Dominion Bank/TheCANADABanksDiversified Banks103209.0
    GS USGoldman Sachs Group Inc/TheUNITED STATESDiversified FinancialsInvestment Banking & Brokerage102182.0
    CBA AUCommonwealth Bank of AustraliaAUSTRALIABanksDiversified Banks100386.0
    MS USMorgan StanleyUNITED STATESDiversified FinancialsInvestment Banking & Brokerage95527.0

    Number of Companies in Financials by Country by SubIndustry and Market Capitalisation mn$

    197f
    CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
    HONG KONGReal EstateReal Estate Development787124.0
    HONG KONGReal EstateDiversified Real Estate Activi114849.0
    CHINAReal EstateReal Estate Development9140603.0
    TAIWANReal EstateReal Estate Development34819.0
    JAPANReal EstateDiversified Real Estate Activi471339.0
    HONG KONGReal EstateRetail REITs118652.0
    JAPANReal EstateRetail REITs15087.0
    SINGAPOREReal EstateIndustrial REITs10.0
    RUSSIAReal EstateDiversified Real Estate Activi2217.0
    PHILIPPINESReal EstateDiversified Real Estate Activi111311.0
    UNITED STATESReal EstateSpecialized REITs9247589.0
    UNITED STATESReal EstateDiversified REITs312231.0
    UNITED STATESReal EstateResidential REITs470757.0
    BRITAINReal EstateRetail REITs318548.0
    BRAZILReal EstateReal Estate Operating Companie37858.0
    INDONESIAReal EstateReal Estate Development23279.0
    UNITED STATESReal EstateOffice REITs339612.0
    SINGAPOREReal EstateDiversified Real Estate Activi10.0
    SINGAPOREReal EstateRetail REITs10.0
    UNITED STATESReal EstateReal Estate Services10.0

    Top Companies Financials by Dividend Yield

    TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
    AGNC USAGNC Investment CorpUNITED STATESDiversified FinancialsMortgage REITs11.0
    NLY USAnnaly Capital Management IncUNITED STATESDiversified FinancialsMortgage REITs11.0
    POWF INPower Finance Corp LtdINDIADiversified FinancialsSpecialized Finance9.0
    SBERP RMSberbank of Russia PJSCRUSSIABanksDiversified Banks9.0
    3333 HKChina Evergrande GroupCHINAReal EstateReal Estate Development8.0

    Cheapest Companies in Financials on FY1 PE

    6d9
    TickerCompanyCountryIndustrySubIndustryPE_fy1
    HALKB TITurkiye Halk Bankasi ASTURKEYBanksDiversified Banks3.0
    1988 HKChina Minsheng Banking Corp LtdCHINABanksDiversified Banks4.0
    3618 HKChongqing Rural Commercial Bank Co LtdCHINABanksRegional Banks4.0
    SBERP RMSberbank of Russia PJSCRUSSIABanksDiversified Banks4.0
    VAKBN TITurkiye Vakiflar Bankasi TAOTURKEYBanksDiversified Banks4.0


    Earnings Relises and Dividends

    4c4
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