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June 13, 2018
24

Top Longs Based on Momentum

9c3
tickernamecountrysectorPeriodChange
GFHGFH FINANCIAL GROUPBahrainFinancials21.21
3360FAR EAST HORIZON LTDChinaFinancials18.28
TMB.RTMB BANK THB0.95(NVDR)ThailandFinancials14.29
QIBKQATAR ISLAMIC BANK S.A.Q.QatarFinancials12.88
TROWT ROWE PRICE GROUP INCUnited StatesFinancials11.38
1339THE PEOPLES INSURANCE CO (GROUP)ChinaFinancials10.87
ITHMRITHMAAR BANK B.S.C.BahrainFinancials10.00
CMECME GROUP INC CLASS AUnited StatesFinancials8.90
QNBKQATAR NATIONAL BANKQatarFinancials8.78
QNBKQATAR NATIONAL BANKQatarFinancials8.78

Top Shorts Based on Momentum

9bf
tickernamecountrysectorPeriodChange
SUPVGRUPO SUPERVIELLE ADR REPRESENTINGArgentinaFinancials-28.66
BFRBBVA BANCO FRANCES ADR REPTG SAArgentinaFinancials-26.45
TPEIRBANK OF PIRAEUS SAGreeceFinancials-21.29
TPEIRBANK OF PIRAEUS SAGreeceFinancials-21.29
ITSA4ITAUSA INVESTIMENTOS ITAU PREF SABrazilFinancials-20.83
GGALGRUPO FINANCIERO GALICIA ADR REPTGArgentinaFinancials-20.83
ITSA4ITAUSA INVESTIMENTOS ITAU PREF SABrazilFinancials-20.83
UCGUNICREDITItalyFinancials-20.60
ISPINTESA SANPAOLOItalyFinancials-19.79
GLESOCIETE GENERALE SAFranceFinancials-18.56
5ba
MLIndexnameytd1monthFy1PE
M1WO0FN Index MSCIMSCI WORLD/FINANCIALS NR-1.31-0.5611.4
MXEF Index MSCIMSCI EM-1.94-0.4611.0
FTFINC Index FTSEFTSE ASX FINANCIALS INDX-1.99-2.0911.9
MSGUFNCL Index MSCIMSCI World Financials USD-2.60-1.09-

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Lumber (CME)USD/1000 board feetLumber609.10USD35.2712.13
Cocking CoalCNY/MTCocking Coal1360CNY30.7722.52
Cocoa (ICE)USD/MTCocoa2517.00USD30.21-11.25
NickelUSD/MTNickel14870USD21.391.57
Orange Juice (ICE)USd/lb.Orange Juice1.6425USD20.5912.54
Wheat (CBOT)USd/bu.Wheat5.2575USD19.496.53
Cotton #2 (ICE)USd/lb.Cotton0.9057USD16.967.95
Brent Crude (ICE)USD/bbl.Oil76.32USD14.842.65
Lean Hogs (CME)USd/lb.Lean Hogs0.7943000000000001USD11.363.83
Corn (CBOT)USd/bu.Corn3.9625USD10.840.57
Ethanol (CBOT)USD/gal.Ethanol1.50USD10.290.67
Canola (ICE)CAD/MTCanola537.80CAD9.670.94
Soybean (CBOT)USd/bu.Soybean10.21USD5.72-0.99
SteelUSD/MTSteel555USD5.710.00
Oats (CBOT)USd/bu.Oats2.4225USD4.195.21
3Mo Tin (LME)USD/MT3Mo Tin20425.00USD2.00-5.98
3Mo Aluminum (LME)USD/MT3Mo Aluminum2275.00USD0.31-7.86
Feeder Cattle (CME)USd/lb.Feeder Cattle1.4487999999999999USD-0.43-1.32
Gold SpotUSD/t oz.Gold1301.15USD-0.81-1.87
Rough Rice (CBOT)USD/cwtRough Rice11.50USD-2.21-12.68
Platinum SpotUSD/t oz.Platinum907.44USD-3.39-0.45
Silver (Comex)USD/t oz.Silver16.45USD-4.25-1.20
Natural Gas (Nymex)USD/MMBtuNatural Gas2.88USD-4.643.60
Coffee 'C' (ICE)USd/lb.Coffee1.2195USD-5.942.52
3Mo Zinc (LME)USD/MT3Mo Zinc3089.00USD-6.93-4.44
Copper (Comex)USd/lb.Copper3.0435000000000003USD-7.00-3.43
Rubber (Tokyo)JPY/kgRubber191.50JPY-7.491.70
Palladium SpotUSD/t oz.Palladium980.26USD-10.14-0.58
Live Cattle (CME)USd/lb.Live Cattle1.014USD-17.39-3.96
Sugar #11 (ICE)USd/lb.Sugar0.1255USD-17.978.47

Country USD Yields Ordered By YTD Yield Change

1f40
countryYieldYieldChange
Jamaica10.964.00
Ecuador9.472.72
Zambia8.912.69
Lebanon9.292.03
Argentina7.691.93
Bahrain7.991.89
Turkey7.181.82
Tunisia7.541.75
Bermuda10.311.66
Italy5.981.53
Sri Lanka6.371.51
Pakistan7.641.50
Senegal7.021.50
Ethiopia7.141.33
Gabon7.361.31
India5.701.27
Russian Federation5.591.24
Belgium6.611.21
Cote D'Ivoire (Ivory Coast)6.871.16
China5.731.12
Lithuania3.581.11
Nigeria6.961.08
Serbia4.201.07
Dominican Republic5.891.06
Kenya6.751.06
Jordan7.251.06
Croatia (Hrvatska)4.251.05
Bolivia6.011.03
Romania4.361.02
Vietnam4.541.00
Ukraine7.700.98
Hungary4.110.95
Chile5.290.95
Trinidad and Tobago5.550.94
Supranational4.500.93
Ghana6.970.92
New Zealand6.000.92
Mexico5.430.91
Morocco4.860.91
El Salvador7.250.91
Indonesia4.890.91
Oman5.630.90
Macau5.910.88
Poland3.570.87
Peru4.880.86
Egypt6.630.85
Kuwait4.610.85
Brazil6.490.83
Malaysia4.420.82
Philippines4.160.82
Slovak Republic3.290.81
Panama4.920.80
Uruguay4.500.79
Hong Kong4.800.79
Colombia5.290.78
Kazakhstan5.480.77
Mongolia6.190.77
Singapore5.250.76
Taiwan4.200.75
Canada6.700.75
Qatar4.550.74
United Arab Emirates5.020.74
Costa Rica6.740.73
United Kingdom5.720.73
Guatemala5.410.68
South Africa5.540.67
Paraguay5.830.67
Netherlands5.000.65
Azerbaijan5.390.63
Iraq7.010.62
Thailand4.520.61
Australia5.290.59
Korea (South)4.340.58
Ireland5.590.58
Saudi Arabia5.250.55
Finland4.590.55
United States6.080.54
Sweden4.510.47
Israel5.860.44
France6.800.44
Angola7.350.37
Germany5.460.32
Switzerland7.300.16
Luxembourg8.35-1.61
Venezuela0.10-52.59

Financials Regional Performance Last Month

ab6
SubindustryEuropeEMUGEMWorld
Diversified Financials: Capital Markets4.284.79-0.683.61
Diversified Financials Industry Group3.753.73-0.403.01
Banks: Thrifts & Mortgage Finance0.000.000.732.42
Diversified Financials: Consumer Finance0.000.002.882.29
Financials Sector3.364.280.622.28
Banks Industry Group3.695.060.442.17
Banks: Banks3.695.060.422.16
Insurance Industry Group2.523.032.331.70
Insurance: Insurance2.523.032.331.70
Diversified Financials: Diversified Financial Services1.981.13-0.821.69
Diversified Financials: Mortgage Real Estate Investment Trusts (REITs)0.000.000.000.71

Financials Regional Performance YTD

af0
SubindustryEuropeEMUGEMWorld
Diversified Financials: Capital Markets-8.05-16.79-6.071.38
Diversified Financials Industry Group-7.70-13.00-7.59-0.36
Diversified Financials: Consumer Finance0.000.004.48-2.56
Insurance Industry Group-4.31-5.97-7.69-3.16
Insurance: Insurance-4.31-5.97-7.69-3.16
Financials Sector-8.12-10.45-4.35-3.61
Diversified Financials: Diversified Financial Services-6.57-1.33-11.15-3.90
Banks: Banks-10.17-12.32-3.31-5.33
Banks Industry Group-10.17-12.32-3.10-5.34
Banks: Thrifts & Mortgage Finance0.000.000.56-8.83
Diversified Financials: Mortgage Real Estate Investment Trusts (REITs)0.000.000.00-9.65

Financials Performance in Various Countries Last Month

1514
countryPeriodChange
Bahrain9.83
Israel6.62
Qatar3.87
United States2.01
Taiwan1.76
Indonesia1.06
Canada0.87
China0.38
Thailand0.27
United Arab Emirates-0.22
Peru-0.42
Oman-0.57
Denmark-0.86
Chile-1.25
Colombia-1.27
Sweden-1.36
Japan-1.64
Hong Kong-1.69
Kuwait-1.69
United Kingdom-1.94
Australia-2.05
India-2.32
South Africa-2.64
Vietnam-2.73
Czech Republic-3.00
Norway-3.36
Korea (South)-3.66
Switzerland-3.79
Morocco-3.82
Slovenia-3.89
Ireland-3.96
Nigeria-4.17
Russian Federation-4.27
Philippines-4.97
Belgium-5.74
Poland-5.75
Finland-6.39
Pakistan-7.14
Singapore-7.18
Kenya-8.01
Kazakhstan-8.20
Netherlands-9.42
Jordan-10.08
Egypt-10.47
Bangladesh-10.53
Hungary-10.63
Germany-11.13
Spain-12.09
Mexico-12.45
Austria-13.40
Romania-13.72
France-13.73
Greece-13.74
Brazil-14.75
Turkey-15.72
Italy-19.21
Argentina-22.62
Malaysia-92.69
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
140e
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    Emerging Markets Real Estate Oper & Srvcs
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    Emerging Markets REIT
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    Valuation and Growth of Various Sectors in Financials

    35
    354
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  • Banks feel the heat as investors exit eurozone equities
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    49b
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    567
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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$

    1299
    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

    6e6
    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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