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January 5, 2018
24

Top Longs Based on Momentum

9a5
tickernamecountrysectorPeriodChange
ITHMRITHMAAR BANK B.S.C.BahrainFinancials40.00
QATIQATAR INSURANCE CO.QatarFinancials39.26
QATIQATAR INSURANCE CO.QatarFinancials39.26
TPEIRBANK OF PIRAEUS SAGreeceFinancials37.69
TPEIRBANK OF PIRAEUS SAGreeceFinancials37.69
EUROBEUROBANK ERGASIAS SAGreeceFinancials30.77
EUROBEUROBANK ERGASIAS SAGreeceFinancials30.77
BDMNBANK DANAMON INDONESIAIndonesiaFinancials30.77
FSRFIRSTRAND LTDSouth AfricaFinancials30.22
FSRFIRSTRAND LTDSouth AfricaFinancials30.22

Top Shorts Based on Momentum

9c8
tickernamecountrysectorPeriodChange
MOEXMOSCOW EXCHANGERussian FederationFinancials-12.09
006800DAEWOO SECURITIESKorea (South)Financials-12.00
006800DAEWOO SECURITIESKorea (South)Financials-12.00
GENTERA*GENTERA SAB DE CVMexicoFinancials-11.58
GENTERA*GENTERA SAB DE CVMexicoFinancials-11.58
SANMEXBGRUPO FINANCIERO SANTANDER MEXICOMexicoFinancials-11.45
GFINBUROGRUPO FINANCIERO INBURSA SRIES O OMexicoFinancials-10.87
FRCFIRST REPUBLIC BANKUnited StatesFinancials-10.20
GFHGFH FINANCIAL GROUPBahrainFinancials-8.70
GTBGUARANTY TRUST BANK PLCNigeriaFinancials-8.33
5b6
MLIndexnameytd1monthFy1PE
MXEF Index MSCIMSCI EM30.030.9112.2
M1WO0FN Index MSCIMSCI WORLD/FINANCIALS NR20.753.7413.1
FTFINC Index FTSEFTSE ASX FINANCIALS INDX20.124.2012.8
MSGUFNCL Index MSCIMSCI World Financials USD17.993.68-

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Palladium SpotUSD/t oz.Palladium1090.93USD60.207.93
Lumber (CME)USD/1000 board feetLumber450.30USD42.23-1.12
3Mo Aluminum (LME)USD/MT3Mo Aluminum2268.00USD33.968.36
Copper (Comex)USd/lb.Copper3.2725USD30.616.11
3Mo Zinc (LME)USD/MT3Mo Zinc3319.00USD28.844.50
Rough Rice (CBOT)USD/cwtRough Rice11.76USD25.712.80
NickelUSD/MTNickel12250USD22.260.00
Brent Crude (ICE)USD/bbl.Oil66.46USD16.974.20
Gold SpotUSD/t oz.Gold1311.80USD14.322.03
Feeder Cattle (CME)USd/lb.Feeder Cattle1.455USD11.54-7.82
Cotton #2 (ICE)USd/lb.Cotton0.7744USD9.6112.44
Lean Hogs (CME)USd/lb.Lean Hogs0.7132999999999999USD7.8312.90
Silver (Comex)USD/t oz.Silver17.18USD7.450.94
SteelUSD/MTSteel525USD6.060.57
Wheat (CBOT)USd/bu.Wheat4.4USD4.640.00
Platinum SpotUSD/t oz.Platinum939.25USD4.000.28
Live Cattle (CME)USd/lb.Live Cattle1.2275USD3.150.22
Oats (CBOT)USd/bu.Oats2.325USD1.750.00
Corn (CBOT)USd/bu.Corn3.575USD0.000.00
Canola (ICE)CAD/MTCanola490.40CAD-1.29-4.96
Soybean (CBOT)USd/bu.Soybean9.6575USD-4.620.00
3Mo Tin (LME)USD/MT3Mo Tin20025.00USD-5.213.09
Coffee 'C' (ICE)USd/lb.Coffee1.2965USD-5.402.57
Cocoa (ICE)USD/MTCocoa1933.00USD-9.08-11.53
Cocking CoalCNY/MTCocking Coal1040CNY-12.01-22.04
Ethanol (CBOT)USD/gal.Ethanol1.36USD-15.32-5.56
Natural Gas (Nymex)USD/MMBtuNatural Gas3.02USD 3e5 -18.90-5.92
Rubber (Tokyo)JPY/kgRubber207.00JPY-20.993.97
Sugar #11 (ICE)USd/lb.Sugar0.153USD-21.582.82
Orange Juice (ICE)USd/lb.Orange Juice1.3619999999999999USD-31.25-15.32

Country USD Yields Ordered By YTD Yield Chance

1f40
countryYieldYieldChange
Hong Kong65.3452.24
Venezuela52.6428.85
Israel5.281.09
Lebanon7.010.12
Finland2.810.09
Canada7.660.08
United States5.750.07
France6.320.04
Oman4.950.02
Qatar3.59-0.04
Korea (South)3.95-0.06
Bahrain5.71-0.08
China4.10-0.16
Slovak Republic2.44-0.29
Netherlands4.34-0.33
Philippines3.26-0.35
Pakistan5.56-0.35
Japan3.47-0.35
Thailand3.06-0.40
New Zealand5.06-0.41
Jordan5.77-0.48
South Africa4.98-0.49
Kuwait4.06-0.49
Germany3.78-0.56
United Kingdom4.81-0.57
Peru3.62-0.60
Lithuania2.42-0.60
Chile4.53-0.60
United Arab Emirates4.01-0.61
Guatemala4.22-0.67
Russian Federation3.89-0.68
Poland2.70-0.71
Ireland5.64-0.74
Malaysia3.45-0.76
Taiwan3.37-0.77
Morocco3.66-0.78
Trinidad and Tobago4.63-0.79
Hungary3.15-0.86
Panama3.80-0.86
Colombia4.32-0.86
Indonesia3.86-0.88
Romania3.30-0.89
Azerbaijan4.73-0.93
Mexico4.34-0.95
Brazil5.49-0.98
Paraguay5.12-0.98
Turkey5.03-1.03
India4.07-1.04
Tunisia5.84-1.05
Croatia (Hrvatska)3.16-1.07
Costa Rica5.91-1.07
Cote D'Ivoire (Ivory Coast)5.52-1.14
Uruguay3.68-1.17
Vietnam3.54-1.27
Serbia3.14-1.34
Luxembourg9.87-1.40
Dominican Republic4.79-1.51
Kazakhstan4.14-1.58
Gabon6.09-1.65
El Salvador6.24-1.66
Sri Lanka4.80-1.69
Egypt4.76-1.73
Italy4.05-1.73
Senegal3.87-1.84
Jamaica6.76-1.99
Nigeria5.09-2.00
Argentina5.74-2.14
Ukraine6.53-2.17
Kenya5.66-2.18
Ethiopia5.76-2.26
Ghana6.01-2.33
Zambia6.73-2.37
Ecuador6.10-2.52
Iraq6.53-2.72
Mongolia5.36-2.96
Angola6.95-3.17

Financials Regional Performance Last Month

abc
SubindustryEuropeEMUGEMWorld
Banks Industry Group0.300.361.520.48
Banks: Banks0.300.361.600.48
Banks: Thrifts & Mortgage Finance0.000.000.110.38
Financials Sector0.200.381.500.12
Diversified Financials: Consumer Finance0.000.00-0.980.04
Diversified Financials: Capital Markets0.320.421.88-0.07
Diversified Financials Industry Group0.170.370.68-0.13
Diversified Financials: Diversified Financial Services-0.370.20-0.14-0.31
Insurance Industry Group0.020.412.05-0.45
Insurance: Insurance0.020.412.05-0.45
Diversified Financials: Mortgage Real Estate Investment Trusts (REITs)0.000.000.00-1.63

Financials Regional Performance YTD

aec
SubindustryEuropeEMUGEMWorld
Diversified Financials: Capital Markets27.4623.0114.8425.33
Diversified Financials Industry Group26.4027.5919.6823.00
Diversified Financials: Diversified Financial Services32.3139.3720.0620.74
Financials Sector23.0526.7031.1119.87
Banks: Banks23.3027.6928.9619.58
Banks Industry Group23.3027.6929.9519.49
Insurance Industry Group20.7224.4747.0817.39
Insurance: Insurance20.7224.4747.0817.39
Diversified Financials: Consumer Finance0.000.0052.4016.56
Diversified Financials: Mortgage Real Estate Investment Trusts (REITs)0.000.000.0014.51
Banks: Thrifts & Mortgage Finance0.000.0050.44-17.85

Financials Performance in Various Countries Last Month

1540
countryPeriodChange
Greece26.05
Turkey19.99
South Africa18.21
Argentina14.80
Qatar14.17
Indonesia12.32
Chile11.04
Bahrain9.95
Malaysia9.94
Ireland9.23
Hungary9.18
Philippines6.73
Poland6.34
Japan5.44
Czech Republic4.39
Finland4.11
Switzerland3.47
Colombia3.16
Jordan2.85
Taiwan2.84
Australia2.80
Israel2.61
United Kingdom2.43
Canada2.37
Belgium2.24
Denmark2.19
Netherlands1.83
Pakistan1.82
Korea (South)1.71
Kuwait1.69
Singapore1.56
Vietnam1.53
United States1.48
Romania1.21
Slovenia1.01
Norway0.98
India0.79
Egypt0.75
Thailand0.52
Kazakhstan0.52
Sweden0.29
France0.17
Germany0.14
Austria0.12
Hong Kong-0.20
Oman-0.21
United Arab Emirates-0.86
Brazil-1.00
China-1.20
Italy-1.39
Spain-1.64
Bangladesh-1.64
Nigeria-1.67
Russian Federation-2.64
Peru-2.89
Kenya-3.63
Morocco-4.10
Mexico-9.99
Bermuda-11.08
Portugal

Financials Valuation and Growth in Various Countries (Simple Averages)

170a
CountryPEFy0PEFy12017Growth
BERMUDA16.7113.2889.92
AUSTRALIA13.9214.3523.41
MEXICO16.9514.6523.28
INDONESIA12.5914.5122.89
SOUTH AFRICA12.1712.1722.78
SPAIN14.6013.0322.17
INDIA10.7412.1921.67
SOUTH KOREA10.338.6820.58
BRAZIL6.2312.3519.54
NETHERLANDS5.829.4317.02
TAIWAN10.1611.2015.47
HUNGARY0.0011.9514.79
CHILE11.5714.9613.82
MALAYSIA13.9014.5610.51
CANADA13.0712.0510.50
THAILAND8.8212.4310.16
KAZAKHSTAN0.006.1810.13
DENMARK14.6211.629.91
HONG KONG15.5817.039.76
UNITED STATES14.0215.469.54
ITALY16.0211.779.39
CHINA8.3710.178.87
RUSSIA8.549.257.66
BELGIUM13.0315.715.86
FRANCE11.2010.794.66
GERMANY11.2616.022.87
COLOMBIA8.8512.112.79
SWITZERLAND11.9714.562.15
PHILIPPINES16.9117.531.63
BRITAIN13.0714.140.30
TURKEY6.996.18-0.08
JAPAN9.8210.17-0.54
SWEDEN12.9814.22-7.19
NORWAY7.3112.63-7.75
AUSTRIA12.7412.66-12.82
145b
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    35
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    Link to Financials Macro Page

    Financials sector trades at 2017 simple average 1d PE Fy1 of 13.5 x and 2018 4b PE Fy2 of 12.4 x

    Financials sector trades at 2017 simple average 20 EV/EBITDA of 5.5 x and 2018 5a EV/EBITDA of 5.2 x

    In terms of Dividend yield Financials sector trades at 2017 1c Yield of 3.2 % and 2018 51 Dividend Yield of 3.5 %

    On ROE basis Financials sector trades at 2017 1b ROE of 10.4 % and 2018 56 ROE of 11.3 %

    Largest Companies in Financials by Market Capitalisation mn$

    1725
    TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
    JPM USJPMorgan Chase & CoUNITED STATESBanksDiversified Banks319838.7
    1398 HKIndustrial & Commercial Bank of China LtdCHINABanksDiversified Banks309056.2
    WFC USWells Fargo & CoUNITED STATESBanksDiversified Banks255990.6
    BAC USBank of America CorpUNITED STATESBanksDiversified Banks252686.4
    939 HKChina Construction Bank CorpCHINABanksDiversified Banks217057.1
    HSBA LNHSBC Holdings PLCBRITAINBanksDiversified Banks194401.0
    C USCitigroup IncUNITED STATESBanksDiversified Banks187422.2
    1288 HKAgricultural Bank of China LtdCHINABanksDiversified Banks186142.3
    3988 HKBank of China LtdCHINABanksDiversified Banks177947.5
    2318 HKPing An Insurance Group Co of China LtdCHINAInsuranceLife & Health Insurance150704.0
    2628 HKChina Life Insurance Co LtdCHINAInsuranceLife & Health Insurance111543.3
    RY CNRoyal Bank of CanadaCANADABanksDiversified Banks110251.6
    SAN SMBanco Santander SASPAINBanksDiversified Banks106974.8
    CBA AUCommonwealth Bank of AustraliaAUSTRALIABanksDiversified Banks106555.5
    TD CNToronto-Dominion Bank/TheCANADABanksDiversified Banks101534.6
    3968 HKChina Merchants Bank Co LtdCHINABanksDiversified Banks99451.0
    BNP FPBNP Paribas SAFRANCEBanksDiversified Banks98957.0
    ALV GRAllianz SEGERMANYInsuranceMulti-line Insurance98862.1
    1299 HKAIA Group LtdHONG KONGInsuranceLife & Health Insurance91972.1
    GS USGoldman Sachs Group Inc/TheUNITED STATESDiversified FinancialsInvestment Banking & Brokerage90954.9

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

    1294
    CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
    HONG KONGReal EstateReal Estate Development778252.1
    HONG KONGReal EstateDiversified Real Estate Activi114255.1
    CHINAReal EstateReal Estate Development9117005.9
    TAIWANReal EstateReal Estate Development34289.4
    HONG KONGReal EstateRetail REITs118260.8
    JAPANReal EstateDiversified Real Estate Activi245360.7
    SINGAPOREReal EstateIndustrial REITs10.0
    PHILIPPINESReal EstateDiversified Real Estate Activi112610.2
    UNITED STATESReal EstateSpecialized REITs7241523.6
    UNITED STATESReal EstateResidential REITs478274.8
    BRITAINReal EstateRetail REITs18177.9
    BRAZILReal EstateReal Estate Operating Companie310253.3
    INDONESIAReal EstateReal Estate Development23880.6
    UNITED STATESReal EstateOffice REITs342288.0
    SINGAPOREReal EstateDiversified Real Estate Activi10.0
    SINGAPOREReal EstateRetail REITs10.0
    UNITED STATESReal EstateReal Estate Services112608.4
    UNITED STATESReal EstateIndustrial REITs244739.0
    AUSTRALIAReal EstateOffice REITs17702.6
    TURKEYReal EstateResidential REITs13199.3

    Top Companies Financials by Dividend Yield

    6ee
    TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
    NLY USAnnaly Capital Management IncUNITED STATESDiversified FinancialsMortgage REITs9.7
    LSRG LILSR Group PJSCRUSSIAReal EstateReal Estate Development9.6
    RDF SJRedefine Properties LtdSOUTH AFRICAReal EstateDiversified REITs8.6
    5522 TTFarglory Land Development Co LtdTAIWANReal EstateReal Estate Development8.5
    MMI SJMMI Holdings Ltd/South AfricaSOUTH AFRICAInsuranceLife & Health Insurance8.5

    Cheapest Companies in Financials on FY1 PE

    6d8
    TickerCompanyCountryIndustrySubIndustryPE_fy1
    HALKB TITurkiye Halk Bankasi ASTURKEYBanksDiversified Banks4.5
    3618 HKChongqing Rural Commercial Bank Co LtdCHINABanksRegional Banks4.6
    1988 HKChina Minsheng Banking Corp LtdCHINABanksDiversified Banks5.0
    998 HKChina CITIC Bank Corp LtdCHINABanksDiversified Banks5.1
    VAKBN TITurkiye Vakiflar Bankasi TAOTURKEYBanksDiversified Banks5.1


    Earnings Relises and Dividends

    4c4
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