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April 3, 2018

Top Longs Based on Momentum

9ec
tickernamecountrysectorPeriodChange
EBLEQUITY BANK LTD.KenyaFinancials17.78
COMICOMMERCIAL INTERNATIONAL BANK (EGYEgyptFinancials15.56
COMICOMMERCIAL INTERNATIONAL BANK (EGYEgyptFinancials15.56
LSELONDON STOCK EXCHANGE GROUP PLCUnited KingdomFinancials9.54
TLVBANCA TRANSILVAN SARomaniaFinancials9.38
KCBKKENYA COMER BANKKenyaFinancials8.51
M&MFINMAHINDRA AND MAHINDRA FINANCIAL SEIndiaFinancials8.40
BRDBRD - GROUPE SG SARomaniaFinancials7.97
SRTRANSFINSHRIRAM TRANSPORT FINANCE LTDIndiaFinancials7.55
GGALGRUPO FINANCIERO GALICIA ADR REPTGArgentinaFinancials7.45

Top Shorts Based on Momentum

99a
tickernamecountrysectorPeriodChange
AFLAFLAC INCUnited StatesFinancials-49.99
TPEIRBANK OF PIRAEUS SAGreeceFinancials-26.68
TPEIRBANK OF PIRAEUS SAGreeceFinancials-26.68
UBAUNITED BANK FOR AFRICA PLCNigeriaFinancials-25.00
ACCESSACCESS BANK OF NIGERIANigeriaFinancials-25.00
1336NEW CHINA LIFE INSURANCE COMPANY LChinaFinancials-18.96
DHBKDOHA BANK Q.S.C.QatarFinancials-18.21
PFCPOWER FINANCE CORPORATION LTDIndiaFinancials-16.56
ISLAMIBANKISLAMI BANK LTDBangladeshFinancials-15.38
BATBRAITSouth AfricaFinancials-13.84
5b9
MLIndexnameytd1monthFy1PE
MXEF Index MSCIMSCI EM2.39-0.8411.4
FTFINC Index FTSEFTSE ASX FINANCIALS INDX-2.24-1.2311.5
M1WO0FN Index MSCIMSCI WORLD/FINANCIALS NR-2.40-4.5011.1
MSGUFNCL Index MSCIMSCI World Financials USD-2.79-4.64-

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Cocking CoalCNY/MTCocking Coal1500CNY44.233.45
Cocoa (ICE)USD/MTCocoa2558.00USD32.3331.45
SteelUSD/MTSteel588USD12.004.26
NickelUSD/MTNickel13350USD8.98-3.82
Ethanol (CBOT)USD/gal.Ethanol1.47USD8.095.76
Lumber (CME)USD/1000 board feetLumber484.80USD7.661.47
Lean Hogs (CME)USd/lb.Lean Hogs0.7547USD5.802.78
Cotton #2 (ICE)USd/lb.Cotton0.8186USD5.713.96
Soybean (CBOT)USd/bu.Soybean10.2025USD5.643.00
Canola (ICE)CAD/MTCanola517.70CAD5.574.25
Rough Rice (CBOT)USD/cwtRough Rice12.31USD4.68-0.81
Brent Crude (ICE)USD/bbl.Oil69.42USD4.450.65
Corn (CBOT)USd/bu.Corn3.7225USD4.133.55
3Mo Tin (LME)USD/MT3Mo Tin20850.00USD4.12-4.90
Gold SpotUSD/t oz.Gold1347.33USD2.710.93
Wheat (CBOT)USd/bu.Wheat4.5025USD2.33-0.44
Platinum SpotUSD/t oz.Platinum957.63USD1.96-3.77
Orange Juice (ICE)USd/lb.Orange Juice1.3575USD-0.33-11.04
Oats (CBOT)USd/bu.Oats2.2725USD-2.26-15.52
Silver (Comex)USD/t oz.Silver16.62USD-3.26-2.69
3Mo Zinc (LME)USD/MT3Mo Zinc3203.00USD-3.50-9.77
Feeder Cattle (CME)USd/lb.Feeder Cattle1.3853USD-4.79-5.76
Copper (Comex)USd/lb.Copper3.0115USD-7.98-4.96
3Mo Aluminum (LME)USD/MT3Mo Aluminum2075.00USD-8.51-6.74
Coffee 'C' (ICE)USd/lb.Coffee1.1795USD-9.02-5.60
Palladium SpotUSD/t oz.Palladium983.08USD-9.89-9.07
Live Cattle (CME)USd/lb.Live Cattle1.084USD-11.69< 3d7 /td>-13.28
Natural Gas (Nymex)USD/MMBtuNatural Gas2.59USD-14.24-19.31
Rubber (Tokyo)JPY/kgRubber174.60JPY-15.65-10.69
Sugar #11 (ICE)USd/lb.Sugar0.1264USD-17.39-7.53

Country USD Yields Ordered By YTD Yield Chance

d6

Financials Regional Performance Last Month

ac3
SubindustryEuropeEMUGEMWorld
Diversified Financials: Mortgage Real Estate Investment Trusts (REITs)0.000.000.00-0.82
Insurance Industry Group0.150.090.21-0.83
Insurance: Insurance0.150.090.21-0.83
Banks Industry Group0.110.09-0.20-0.92
Banks: Banks0.110.09-0.25-0.92
Financials Sector0.130.09-0.11-1.10
Diversified Financials: Diversified Financial Services0.070.09-0.04-1.59
Diversified Financials: Capital Markets0.210.09-0.11-1.67
Diversified Financials Industry Group0.170.090.08-1.73
Banks: Thrifts & Mortgage Finance0.000.000.68-1.92
Diversified Financials: Consumer Finance0.000.001.86-2.47

Financials Regional Performance YTD

ae3
SubindustryEuropeEMUGEMWorld
Diversified Financials: Capital Markets-4.03-9.083.23-1.55
Banks: Thrifts & Mortgage Finance0.000.004.13-1.84
Insurance Industry Group0.86-0.14-4.48-2.62
Insurance: Insurance0.86-0.14-4.48-2.62
Diversified Financials: Diversified Financial Services-2.304.29-1.41-2.67
Diversified Financials Industry Group-3.63-5.790.56-2.73
Financials Sector-1.99-0.673.46-3.53
Banks Industry Group-2.91-0.085.65-4.29
Banks: Banks-2.91-0.085.73-4.30
Diversified Financials: Consumer Finance0.000.00-2.63-8.90
Diversified Financials: Mortgage Real Estate Investment Trusts (REITs)0.000.000.00-10.84

Financials Performance in Various Countries Last Month

1503
countryPeriodChange
Egypt15.56
Kenya10.61
Romania8.67
Peru4.42
Hungary3.45
Argentina3.03
Czech Republic2.53
Israel2.09
Colombia1.10
Taiwan0.94
United Kingdom0.65
Jordan0.37
Finland0.32
Norway0.05
Italy0.01
Netherlands-0.19
Switzerland-0.24
Chile-0.26
Brazil-0.51
Vietnam-0.59
Canada-0.79
Qatar-0.86
Pakistan-0.90
Belgium-1.00
Slovenia-1.05
Austria-1.67
Singapore-1.72
Kuwait-1.99
Spain-2.10
India-2.24
Germany-2.57
Mexico-2.59
Japan-2.71
United States-2.72
Korea (South)-2.73
Morocco-2.80
South Africa-3.10
Kazakhstan-3.16
China-3.66
Indonesia-3.73
Denmark-4.50
Poland-4.50
Bahrain-4.58
United Arab Emirates-4.81
Russian Federation-4.93
Australia-5.78
Bangladesh-5.79
Sweden-5.90
Hong Kong-6.07
Thailand-6.36
France-6.52
Ireland-7.51
Philippines-8.24
Oman-8.87
Turkey-9.64
Greece-12.21
Nigeria-13.76
Malaysia-88.12
Portugal

Financials Valuation and Growth in Various Countries (Simple Averages)

1f40
CountryPEFy0PEFy12018Growth
PORTUGAL0.000.00100.13
CYPRUS10.2411.4383.57
NEW ZEALAND20.3616.6766.34
NETHERLANDS8.549.6448.87
RUSSIA6.687.1738.69
HONG KONG14.4314.3632.40
SOUTH KOREA0.917.2929.34
TAIWAN11.0310.0025.69
SPAIN12.8210.5123.15
INDONESIA16.7316.5622.83
FINLAND0.000.0021.00
SOUTH AFRICA12.5213.7120.37
HUNGARY0.005.9420.09
DENMARK11.0011.1618.79
BRAZIL10.1912.1318.26
CHILE11.8812.0516.98
CHINA11.0910.2716.36
KAZAKHSTAN0.003.4815.20
SINGAPORE23.1522.2214.30
INDIA14.7013.3212.58
MALAYSIA12.5010.2712.51
AUSTRALIA15.6513.6812.33
UNITED STATES17.3414.1411.65
MEXICO8.008.5811.19
BELGIUM5.1821.078.70
CANADA14.0511.477.20
BRITAIN16.229.114.06
THAILAND13.1511.573.49
PHILIPPINES18.0916.102.56
JAPAN11.2911.660.75
ITALY5.5010.290.67
IRELAND0.000.000.00
OMAN0.000.000.00
LEBANON0.001.490.00
POLAND0.000.000.00
QATAR0.000.000.00
NIGERIA0.000.000.00
GUERNSEY0.000.000.00
VIETNAM0.000.000.00
CZECH0.000.000.00
PAKISTAN0.000.000.00
ISRAEL11.5711.540.00
TURKEY3.874.40-1.60
GEORGIA6.534.52-1.63
COLOMBIA9.8712.06-2.35
SWEDEN9.6014.50-2.35
UAE38.6226.75-2.36
GERMANY10.7315.50-2.37
3b7 AUSTRIA9.5013.45-2.93
NORWAY11.8511.75-4.09
FRANCE11.4114.86-4.83
SWITZERLAND2.171.35-15.54
EGYPT0.004.97-16.57
BERMUDA7.7510.36-17.98
155e
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    Valuation and Growth of Various Sectors in Financials

    35
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    4ca
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    Link to Financials Macro Page

    Financials sector trades at 2018 simple average 1d PE Fy1 of 11.7 x and 2018 4b PE Fy2 of 10.9 x

    Financials sector trades at 2018 simple average 20 EV/EBITDA of 4.6 x and 2018 5a EV/EBITDA of 4.4 x

    In terms of Dividend yield Financials sector trades at 2018 1c Yield of 2.7 % and 2018 51 Dividend Yield of 3.3 %

    On ROE basis Financials sector trades at 2018 1b ROE of 10.5 % and 2018 56 ROE of 10.8 %

    Largest Companies in Financials by Market Capitalisation mn$

    173b
    TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
    JPM USJPMorgan Chase & CoUNITED STATESBanksDiversified Banks397908.1
    1398 HKIndustrial & Commercial Bank of China LtdCHINABanksDiversified Banks370048.8
    BAC USBank of America CorpUNITED STATESBanksDiversified Banks328885.1
    WFC USWells Fargo & CoUNITED STATESBanksDiversified Banks295209.5
    939 HKChina Construction Bank CorpCHINABanksDiversified Banks273479.5
    HSBA LNHSBC Holdings PLCBRITAINBanksDiversified Banks212733.9
    1288 HKAgricultural Bank of China LtdCHINABanksDiversified Banks210057.8
    C USCitigroup IncUNITED STATESBanksDiversified Banks203112.2
    2318 HKPing An Insurance Group Co of China LtdCHINAInsuranceLife & Health Insurance200365.7
    3988 HKBank of China LtdCHINABanksDiversified Banks189279.2
    3968 HKChina Merchants Bank Co LtdCHINABanksDiversified Banks122229.7
    RY CNRoyal Bank of CanadaCANADABanksDiversified Banks116000.5
    SAN SMBanco Santander SASPAINBanksDiversified Banks112033.8
    SBER LISberbank of Russia PJSCRUSSIABanksDiversified Banks108258.5
    2628 HKChina Life Insurance Co LtdCHINAInsuranceLife & Health Insurance108148.2
    TD CNToronto-Dominion Bank/TheCANADABanksDiversified Banks106248.5
    GS USGoldman Sachs Group Inc/TheUNITED STATESDiversified FinancialsInvestment Banking & Brokerage104854.3
    ALV GRAllianz SEGERMANYInsuranceMulti-line Insurance104041.9
    8306 JPMitsubishi UFJ Financial Group IncJAPANBanksDiversified Banks103500.3
    CBA AUCommonwealth Bank of AustraliaAUSTRALIABanksDiversified Banks103057.5

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

    129d
    CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
    HONG KONGReal EstateReal Estate Development789963.7
    HONG KONGReal EstateDiversified Real Estate Activi115003.2
    CHINAReal EstateReal Estate Development9126106.0
    TAIWANReal EstateReal Estate Development34450.6
    JAPANReal EstateDiversified Real Estate Activi472350.5
    HONG KONGReal EstateRetail REITs117996.6
    JAPANReal EstateRetail REITs15116.7
    SINGAPOREReal EstateIndustrial REITs10.0
    RUSSIAReal EstateDiversified Real Estate Activi2219.5
    PHILIPPINESReal EstateDiversified Real Estate Activi112821.7
    UNITED STATESReal EstateSpecialized REITs9246591.9
    UNITED STATESReal EstateDiversified REITs312753.2
    UNITED STATESReal EstateResidential REITs468219.0
    BRITAINReal EstateRetail REITs317994.9
    BRAZILReal EstateReal Estate Operating Companie38649.3
    INDONESIAReal EstateReal Estate Development23460.2
    UNITED STATESReal EstateOffice REITs340972.0
    SINGAPOREReal EstateDiversified Real Estate Activi10.0
    SINGAPOREReal EstateRetail REITs10.0
    UNITED STATESReal EstateReal Estate Services115343.6

    Top Companies Financials by Dividend Yield

    6ce
    TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
    410 HKSOHO China LtdCHINAReal EstateReal Estate Development14.2
    AGNC USAGNC Investment CorpUNITED STATESDiversified FinancialsMortgage REITs11.3
    NLY USAnnaly Capital Management IncUNITED STATESDiversified FinancialsMortgage REITs11.2
    RDF SJRedefine Properties LtdSOUTH AFRICAReal EstateDiversified REITs8.4
    BLBD LIBLOM Bank SALLEBANONBanksDiversified Banks8.3

    Cheapest Companies in Financials on FY1 PE

    6d3
    TickerCompanyCountryIndustrySubIndustryPE_fy1
    HALKB TITurkiye Halk Bankasi ASTURKEYBanksDiversified Banks3.3
    BLBD LIBLOM Bank SALLEBANONBanksDiversified Banks4.5
    9945 TTRuentex Development Co LtdTAIWANReal EstateReal Estate Development4.5
    1988 HKChina Minsheng Banking Corp LtdCHINABanksDiversified Banks5.0
    VAKBN TITurkiye Vakiflar Bankasi TAOTURKEYBanksDiversified Banks5.2


    Earnings Relises and Dividends

    4c4
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