DOCSLIB.ORG

Asia Strategy Structural Shift in Hong Kong/China Sectors

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Asia Strategy Structural Shift in Hong Kong/China Sectors [Hong Kong/China] Asia Strategy Structural shift in Hong Kong/China sectors Mirae Asset Securities (HK) Ltd. Mirae Asset Daewoo Co., Ltd. Joe Liew [email protected] Assisted by Jay (Jaeil) Lee [email protected] COVID-19 to affect economies Economic recovery to take longer than initially expected and markets for the rest of 2020 Despite some success in bringing the first wave of COVID-19 under control, we worry that countries around the world remain vulnerable to new waves of infections. To be sure, the first wave has yielded valuable lessons that should help to mitigate the economic impact of subsequent waves. Nevertheless, the recovery is likely to be more drawn out than many initially imagined. Even cities that enforced strict social distancing measures at the start of the crisis, including Beijing, Seoul, Melbourne, and Hong Kong, have begun to see new outbreaks in recent weeks. Structural shift: Inclusion of tech More Internet stocks likely to be included in HSI during upcoming review names to help HSI performance With regard to the pandemic’s impact on investing, the structural changes unfolding in consumption and work patterns have focused investor attention/fund inflows on the work- from-home theme (internet stocks being the most obvious example), and we expect this to continue. A key data point will be 2Q results to be released next month. Back-to-work stocks (e.g., the travel industry) will take longer to return to pre-pandemic levels. Note that even if a vaccine is found by year-end, it will take some time to roll it out on a large scale. The HSI's next review in mid-August is likely to result in the inclusion of more Chinese internet stocks—most notably the tech giants Alibaba, Meituan, and Xiaomi. We expect the index to perform better in 2H20, driven by such stocks. In our view, the Chinese internet story is particularly compelling because it encompasses all facets of the new stay-at-home reality: everything from e-commerce and food delivery to gaming and video conferencing. Against this backdrop, companies that lack a coherent cloud computing strategy will need to develop one, and small businesses will need to open online storefronts. We recommend Global X China Cloud Computing ETF (2826 HK) for those seeking a proxy on this theme. Key risk Deteriorating China-US relations may affect bilateral trade, future investments, and corporate earnings The US passed the Hong Kong Autonomy Act, which provides for sanctions against individuals/entities deemed responsible for China’s recent actions in Hong Kong, as well as the financial institutions where they bank. Meanwhile, the US forced the closure of the Chinese consulate in Houston, and China retaliated in kind by ordering the closure of the US consulate in Chengdu. The worsening relations between the world’s two largest economies could negatively affect long-term earnings projections and market sentiment. HSI and CSI 300: 12-month performance 30,000 HSI (HK$, L) CSI 300 (CNY, R) 5,000 28,000 4,500 26,000 4,000 24,000 3,500 22,000 20,000 3,000 Jul-19 Oct-19 Jan-20 Apr-20 Source: Bloomberg Analysts who prepared this report are registered as research analysts in Hong Kong or Korea but not in any other jurisdiction, including the US. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. July 27, 2020 Asia Strategy 1. HSI and CSI 300 likely to appreciate gradually over the rest of the year The review of HSI component stocks in mid-August will likely lead to the inclusion of more tech stocks. We think this will have an important role in driving further upside for the index. We expect Chinese stocks to gradually appreciate as the economy continues to recover from the impact of COVID-19. From the standpoint of policy makers, we think a gradual rise in stock prices is preferable to a sharp increase. Thus, rather than a repeat of the rally seen over the past month, we think a trajectory mirroring the steady return to economic growth is more likely. Chinese policy makers’ latest actions/statements indicate their concern about the danger of market overheating. Compared to the US, Japan, and Europe, China has been more restrained in terms of easing/interest rate cuts, thus providing less fuel to the fire of liquidity-driven rallies. Figure 1. 1Y government bond yields: China vs. the US Figure 2. 3Y government bond yields: China vs. the US 5 1Y China gov't bond yield (%) 1Y US gov't bond yield (%) 5 3Y China gov't bond yield (%) 3Y US gov't bond yield (%) 4 4 3 3 2 2 1 1 0 0 Jul-10 Jul-12 Jul-14 Jul-16 Jul-18 Jul-10 Jul-12 Jul-14 Jul-16 Jul-18 Source: Bloomberg Source: Bloomberg As economic recovery projections continue to be pushed further into the future, the idea that corporate earnings will fully recover in 2021 deserves skepticism. We believe a V-shaped global economic recovery is highly unlikely. Figure 3. HSI: Consensus earnings growth Figure 4. CSI 300: Consensus earnings growth 30 HSI EPS growth estimates (%) 20 CSI 300 EPS growth estimates (%) 16.9 24.9 25 15 20 18.1 10.1 10 7.8 7.4 15 10 5 5.7 4.9 0.0 5 0 0 -5 -5 -10 -10 -15 -14.0 -15 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Source: Bloomberg Source: Bloomberg Mirae Asset Daewoo Research 2 July 27, 2020 Asia Strategy 2. Certain sectors likely to outperform on the back of structural growth We believe the pandemic has accelerated the structural shift in value away from the old economy and into the new one. In the coming years, this new story should manifest as structural changes in the valuations of growth and value stocks. This is already beginning to play out: investors are increasingly willing to pay a premium for growth stocks in preference to stocks that will merely return to the pre-pandemic status quo. Certain large-cap sectors will continue to face headwinds. Banks will likely be weighed down by provisions for non-performing loans for some time, while companies linked to travel (e.g., airlines) are unlikely to fully recover in 2021, in our view. The worst performers in the HSI YTD are real estate, energy, and banks. Healthcare is playing a crucial role, and stocks in this space will continue to garner attention. For e-commerce (i.e., internet plays), structural growth should continue. The HSI is due for a review in mid-August. We believe tech stocks exemplifying the new economy—most notably Alibaba, Meituan, and Xiaomi—are likely to be included. We also believe Hong Kong will continue to see new listings in the internet and healthcare/biotech sectors, which should support investor sentiment and liquidity. Table 1. Performance of HSI constituents Ticker Name YTD (%) as of Jul. 23 Ticker Name YTD (%) as of Jul. 23 HSI Hong Kong Hang Seng Index -8.9 1398 HK ICBC-H -16.1 388 HK Hong Kong Exchanges & Clearing 44.5 2007 HK Country Garden Holdings -16.5 700 HK Tencent Holdings 43.9 83 HK Sino Land -16.9 1177 HK Sino Biopharmaceutical 43.8 11 HK Hang Seng Bank -18.1 669 HK Techtronic Industries 33.2 151 HK Want Want China Holdings -18.4 1044 HK Hengan International Group 24.1 688 HK China Overseas Land & Investment -18.5 101 HK Hang Lung Properties 13.0 2313 HK Shenzhou International Group -19.3 2319 HK China Mengniu Dairy 11.7 16 HK Sun Hung Kai Properties -20.4 175 HK Geely Automobile Holdings 4.8 1113 HK CK Asset Holdings Ltd. -20.7 1093 HK CSPC Pharmaceutical Group 4.1 12 HK Henderson Land Development -21.0 2382 HK Sunny Optical 0.9 3 HK Hong Kong & China Gas -21.4 939 HK China Construction Bank-H -5.7 386 HK China Petroleum & Chemical-H -21.6 2318 HK Ping An Insurance-H -6.0 2018 HK AAC Technologies Holdings -22.1 288 HK WH Group -6.8 6 HK Power Assets Holdings -22.5 1088 HK China Shenhua Energy-H -8.4 1928 HK Sands China Ltd. -25.0 27 HK Galaxy Entertainment Group -9.2 267 HK CITIC -25.6 2628 HK China Life Insurance-H -10.4 823 HK Link REIT -26.3 2 HK CLP Holdings -10.4 857 HK PetroChina-H -27.0 1299 HK AIA Group -10.9 1038 HK CK Infrastructure Holdings -27.2 1109 HK China Resources Land -10.9 883 HK CNOOC -29.2 17 HK New World Development -11.5 1 HK CK Hutchison Holdings -29.5 3988 HK Bank of China-H -12.4 1997 HK Wharf Real Estate Investment -33.2 2388 HK BOC Hong Kong Holdings -13.6 762 HK China Unicom Hong Kong -36.7 66 HK MTR Corp. -14.1 5 HK HSBC Holdings -39.9 3328 HK Bank of Communications-H -15.4 19 HK Swire Pacific -43.9 941 HK China Mobile -16.0 Source: Bloomberg Mirae Asset Daewoo Research 3 July 27, 2020 Asia Strategy 3. S&P 500 to be well-bid; key risk is deteriorating US-China relations Despite mounting COVID-19 cases in the US and the potential reinstatement of lockdown measures, still-abundant liquidity should keep markets well-bid. We do not necessarily expect the S&P 500 to rally, but would be very surprised at a significant decline from current levels.
Load more

Recommended publications
  • Opportunities Amid Crisis
    Banks Opportunities amid crisis 1Q20 preview: Lower NIMs, healthier-than-expected loan growth, and stable credit costs For 1Q20, we expect banks under our coverage—Shinhan Financial Group (SFG), KB Industry Report Financial Group (KBFG), Hana Financial Group (HFG), Industrial Bank of Korea (IBK), April 22, 2020 BNK Financial Group (BNKFG), DGB Financial Group (DGBFG), and JB Financial Group (JBFG)—to post combined net profit attributable to controlling interests of W3tr (-7.5% YoY), in line with the recently lowered consensus. Whil e we see net profit declining YoY on high base effects (due to provision reversals a year ago), we still think banks Mirae Asset Daewoo Co., Ltd. performed decently amid growing concerns over the economy. We estimate bank net [Banks/Credit Cards ] interest margins (NIMs) fell 4-5bps QoQ, but we believe loa n growth was healthier than expected, as large banks’ won-denominated loans likely expanded 2.5% QoQ on Heather Kang average. We estimate credit costs increased 17% YoY, while the ratio of credit costs to +822 -3774 -1903 total credit was likely stable at 38bps (vs. 35bps in 1Q19, when reversals of provisions [email protected] were included). 2020 forecast: Net profit to decline 7%; ROE of 7.4% Concerns are growing over the potential impact of COVID-19 on banks (asset quality and credit costs) and the broader economy, as it is still unknown how long the outbreak will last and what its impact will be. Unlike previous financial crises that were triggered by large conglomerates or banks, we think the potential upcoming crisis is very likely to start from micro businesses, small merchants, and SMEs, before spreading gradually to larger enterprises.
    [Show full text]
  • MIRAE ASSET DAEWOO INTEGRATED REPORT About This Report
    2020 2020 MIRAE ASSET DAEWOO INTEGRATED REPORT REPORT DAEWOO INTEGRATED 2020 MIRAE ASSET MIRAE ASSET DAEWOO INTEGRATED REPORT GLOBAL INVESTMENT PARTNER INVESTMENT GLOBAL About This Report The 2020 Mirae Asset Daewoo Integrated Report was created with an aim of reviewing our sustainability management activities and our achievements, and thus providing stakeholders with information in a transparent manner. Reporting Status This report is the ninth sustainability report since we published a sustainability report for the first time in the industry in 2006 and is the fourth after the merger with Mirae Asset Securities in December 2016. In addition, this report has been developed as an Integrated Report which consolidates an annual report and a sustainability report since 2018. Reporting Method and Period This report is compiled in accordance with the Core option of the Global Reporting Initiative (GRI) Standards, a global standard for sustainability reports, and the framework of the International Integrated Reporting Council (IIRC). It is also aligned to the 10 principles of the UN Global Compact, which the company has been upholding since 2006. The reporting period of this report is from January 1st 2019 to December 31st 2019, and some topics disclose three-year data from 2017 for trend comparison. Both financial information and non- financial information are reported according to the company’s fiscal years following our disclosure policy, and information that does not fit such criteria has footnotes added. This report also includes information on major activities executed in the first half of 2020. Reporting Scope The scope of information in this report encompasses the company headquarters, client center, domestic branch network, overseas subsidiaries and representative offices, and other areas where Mirae Asset Daewoo performs business activities.
    [Show full text]
  • Mirae Asset Daewoo Annual Report
    Mirae Asset Daewoo Annual Report Depletive Anurag sometimes case-harden any wakers frown frighteningly. Is Rolf unsliced or Calvinism after lecherous Frederico sup so aesthetically? Motherless Kennedy restyling secantly or fornicates domestically when Udell is knottiest. Abcp purchase or is our head of data is probable that is outside sources outside director of entities and mirae asset daewoo annual report man choi serves under the financial Banking services commission may lead to kb insurance subsidiaries, under it is not available to oversupply of our overall needs, or as a lease. We base or omissions, has found anywhere, as issued shares at all customer base bonuses, inov as revenue per document may direct or both private sources. Kiểm tra và địa chỉ nhằm mục đích của mirae asset daewoo annual report, đã xảy ra không? Further korean financial services provided by each business and segments in derivatives within three size and annual report users is the group and entities with us and repurchase agreements we took into the alternative minimum spending. Insurance risk is classified by insurance price risk and policy reserve risk. Lee davidson is very excited to. Mirae hotels vinlandsagamangaonline. Furthermore, we, an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Chúng tôi phù hợp quá hạn của mirae. We also provide us. Hts được quản lý duy nhất và đầu tư bằng cách dễ dà ng hơn, mirae annual investors may not set.
    [Show full text]
  • Global Asset Management M&A Insight 2016
    Global Asset Management M&A Insight Winchester Capital 2016 I. BANNER YEAR FOR USA ASSET Chart I: US Asset Management Announced Acquisitions MANAGEMENT M&A TRANSACTIONS Volume and Value 2011-2015 2015 has been a banner year for asset management merger 160 30 and acquisition activity in the USA market. Total announced deal value in 2015 was a record $24.2 billion, an increase of $21.4 billion or 767% since 2011. The number of 150 22.5 announced transactions (149) is at its highest level in the last four years. This trend is expected to continue through 2016, 140 15 as current year-to-date announced transactions are forecasted to produce similar results. 2015 was also a record year for completed USD Billions No. of Transactions No. transaction value ($21.8 billion). Based on year-to-date transactions, 130 7.5 the total volume and value of completed transactions has softened, however, there are nearly 50 transactions totaling $11.5 billion that 120 2011 2012 2013 2014 2015 0 are pending completion which could markedly impact these year- to-date figures. The US market trend of continued growth is also Number of Transactions Transaction Value reflected in the global market. Source: Standard & Poor’s II. GLOBAL ASSET MANAGEMENT M&A MARKET Chart II: US Asset Management Completed Acquisitions Volume and Value 2011-2015 Over the past five years there have been over 3,000 acqui- sitions of asset management companies of varying size. 160 22 Of this amount, 10% have been made by publicly traded asset managers with market capitalizations greater than $1 billion.
    [Show full text]
  • **Hana Annual-Main 1-52
    HANA FINANCIAL GROUP ANNUAL REPORT 2005 HANA FINANCIAL GROUP ANNUAL REPORT 2005 18th Fl., DI&S Bldg. 27-3 Yeouido-dong, Yeongdeungpo-gu, Seoul 150-705 TEL : (82-2) 2002-1110 Home Page : http://www.hanafn.com NEW START TO BE A 1LEADING FINANCIAL GROUP Contents 05 Financial Highlights 09 Shareholders Information 12 Letter to Shareholders 16 Corporate Timeline 20 Establishment of Hana Financial Group Inc. 22 Hana Financial Group at a Glance 24 Vision & Mission 26 Synergy 28 Business Portfolio | Commercial Banking | Private Banking | Brokerage | Asset Management | Investment Banking | Insurance | Credit Card 40 Commitment to Community 43 Recognition 44 Corporate Governance 45 Board of Directors 48 Leadership 50 Corporate Information 51 Financial Section 2 Financial Highlights 1. Business Volume 2. Earnings INNOVATION 3. Profitability 4 5 4. Asset Quality 5. Capital Adequacy ACHIEVEMENT 6 7 7 Shareholders Information Major Shareholders as of December 31, 2005 Name No. of Shares % Name No. of Shares % Goldman Sachs 19,077,762 9.34 NTC-GOVSPORE 3,341,326 1.64 TEMASEK 18,500,000 9.06 Dongbu Insurance Co., Ltd. 3,225,200 1.58 Templeton 16,607,231 8.13 Mirae Asset Securities Co., Ltd. 3,166,068 1.55 Allianz 9,894,000 4.84 CAPITALWORLDGROWTHAND 3,125,000 1.53 National Pension Fund 6,959,100 3.41 SSB-ARTISAN 2,864,480 1.40 POSCO 6,515,450 3.19 MSIL-SRINV(L)LTD 2,689,117 1.32 Korea Investment & Securities Co. 6,372,475 3.12 BONY-MATHEWS 2,341,231 1.15 MSIL-TOSCA 5,269,110 2.58 Korea Life Insurance Co., Ltd.
    [Show full text]
  • Numerical.Pdf
    DTC PARTICPANT REPORT (Numerical Sort ) Month Ending - July 31, 2021 NUMBER PARTICIPANT ACCOUNT NAME 0 SERIES 0005 GOLDMAN SACHS & CO. LLC 0010 BROWN BROTHERS HARRIMAN & CO. 0013 SANFORD C. BERNSTEIN & CO., LLC 0015 MORGAN STANLEY SMITH BARNEY LLC 0017 INTERACTIVE BROKERS LLC 0019 JEFFERIES LLC 0031 NATIXIS SECURITIES AMERICAS LLC 0032 DEUTSCHE BANK SECURITIES INC.- STOCK LOAN 0033 COMMERZ MARKETS LLC/FIXED INC. REPO & COMM. PAPER 0045 BMO CAPITAL MARKETS CORP. 0046 PHILLIP CAPITAL INC./STOCK LOAN 0050 MORGAN STANLEY & CO. LLC 0052 AXOS CLEARING LLC 0057 EDWARD D. JONES & CO. 0062 VANGUARD MARKETING CORPORATION 0063 VIRTU AMERICAS LLC/VIRTU FINANCIAL BD LLC 0065 ZIONS DIRECT, INC. 0067 INSTINET, LLC 0075 LPL FINANCIAL LLC 0076 MUFG SECURITIES AMERICAS INC. 0083 TRADEBOT SYSTEMS, INC. 0096 SCOTIA CAPITAL (USA) INC. 0099 VIRTU AMERICAS LLC/VIRTU ITG LLC 100 SERIES 0100 COWEN AND COMPANY LLC 0101 MORGAN STANLEY & CO LLC/SL CONDUIT 0103 WEDBUSH SECURITIES INC. 0109 BROWN BROTHERS HARRIMAN & CO./ETF 0114 MACQUARIE CAPITAL (USA) INC. 0124 INGALLS & SNYDER, LLC 0126 COMMERZ MARKETS LLC 0135 CREDIT SUISSE SECURITIES (USA) LLC/INVESTMENT ACCOUNT 0136 INTESA SANPAOLO IMI SECURITIES CORP. 0141 WELLS FARGO CLEARING SERVICES, LLC 0148 ICAP CORPORATES LLC 0158 APEX CLEARING CORPORATION 0161 BOFA SECURITIES, INC. 0163 NASDAQ BX, INC. 0164 CHARLES SCHWAB & CO., INC. 0166 ARCOLA SECURITIES, INC. 0180 NOMURA SECURITIES INTERNATIONAL, INC. 0181 GUGGENHEIM SECURITIES, LLC 0187 J.P. MORGAN SECURITIES LLC 0188 TD AMERITRADE CLEARING, INC. 0189 STATE STREET GLOBAL MARKETS, LLC 0197 CANTOR FITZGERALD & CO. / CANTOR CLEARING SERVICES 200 SERIES 0202 FHN FINANCIAL SECURITIES CORP. 0221 UBS FINANCIAL SERVICES INC.
    [Show full text]
  • Introduction Investing in Cluster Munitions: What’S at Stake? 23
    i Utrecht, April 2010. IKV Pax Christi and Netwerk Vlaanderen have strived to achieve the highest level of accuracy in our reporting. However, at this point, there is still a marked lack of official information available in the public domain about the use, production, transfer, and stockpiling of cluster munitions, as well as about investments in companies that produce cluster munitions. The information in this report therefore reflects official information available in the public domain known to IKV Pax Christi and Netwerk Vlaanderen. We welcome comments, clarifications, and corrections from governments, companies, financial institutions and others, in the spirit of dialogue, and in the common search for accurate and reliable information on an important subject. If you believe you have found an inaccuracy in our report or if you can provide additional information, please contact us. Authors: Roos Boer (IKV Pax Christi, the Netherlands) Esther Vandenbroucke (Netwerk Vlaanderen, Belgium) Research by: Jan Willem Van Gelder, Profundo (the Netherlands) Christophe Scheire, Netwerk Vlaanderen (Belgium) Esther Vandenbroucke, Netwerk Vlaanderen (Belgium) With thanks to: Werner Anderson, Kimberly Brown, Laura Cheeseman, Anna Ek, Soraj Ghulam Habib, Paul Hannon, Katherine Harrison, Mark Hiznay, Nancy Ingram, Atle Karlsen, Ole Kirkegald, Thomas Küchenmeister, Marjon Meijer, Per Nergaard, Suzanne Oosterwijk, Peter Ras, Frank Slijper, Miriam Struyk, Paul Vermeulen, Luc Weyn, Khaled Yahmout and all financial institutions’ representatives who provided answers to our questions about their policy. Editor: Ms. C. Romanik A publication by: IKV Pax Christi, the Netherlands and Netwerk Vlaanderen, Belgium Responsible Publisher: Kristien Vermeersch, Netwerk Vlaanderen vzw, Vooruitgangstraat 333 b9, 1030 Brussels, Belgium Lay out: Hilje Oosterbaan Martinius Cover photograph: Germany, 15 October 2008.
    [Show full text]
  • Mirae Asset Global Discovery Fund Société D’Investissement À Capital Variable
    Mirae Asset Global Discovery Fund Société d’Investissement à Capital Variable Annual Report and Audited Financial Statements for the Year Ended 31 March 2021 R.C.S Luxembourg B138.578 No subscription may be accepted on the basis of this report. Subscriptions are accepted only on the basis of the current prospectus and key investor information documents accompanied by the latest annual report and the latest semi-annual report if available. Mirae Asset Global Discovery Fund Société d’Investissement à Capital Variable Annual Report and Audited Financial Statements for the year ended 31 March 2021 Table of Content General Information ...........................................................................................................................3 Principal Investment Manager’s Report ............................................................................................... 5 Independent Auditor’s Report .............................................................................................................. 7 Financial Statements ......................................................................................................................... 10 Statement of Net Assets Statement of Operations and Changes in Net Assets Statistical Information Notes to the Financial Statements ................................................................................................... 31 Schedule of Investments ..................................................................................................................
    [Show full text]
  • Minutes of State Teachers Retirement Board Meetings
    MINUTES OF STATE TEACHERS RETIREMENT BOARD MEETINGS August 19, 2021 August 19, 2021 August 19, 2021 The State Teachers Retirement Board met at the STRS Ohio offices in Columbus, Ohio, on Thursday, August 19, 2021, at approximately 9:45 a.m. The Chair, Rita Walters, called the meeting to order. The following members were in attendance: Carol Correthers, Claudia Herrington, Scott Hunt representing the Superintendent of Public Instruction, Arthur Lard, Yoel Mayerfeld, Robert McFee, Dale Price, Jeffrey Rhodes, Wade Steen and Ms. Walters. APPROVAL OF MINUTES Ms. Walters moved, seconded by Ms. Correthers to approve the minutes of the June 2021 Retirement Board meeting. Upon roll call the vote was as follows: Ms. Walters, yes; Ms. Correthers, yes; Ms. Herrington, abstain; Dr. Hunt, yes; Mr. Lard, yes; Mr. Mayerfeld, yes; Mr. McFee, yes; Mr. Price, yes; Mr. Rhodes, yes; Mr. Steen, yes. The motion carried. STRS OHIO RESPONSE TO BFS REPORT The chair recognized executive director Bill Neville for the STRS Ohio Response to Benchmark Financial Services (BFS) Report. Mr. Neville began by reviewing the background for the detailed analysis of the BFS Report he, staff and the consultants would be providing. The consultants were: Brady O’Connell, senior vice president – Callan LLC, Mike Joeken, senior vice president – Callan, LLC, Jay Klopfer, executive vice president – Callan LLC, Steve Nesbitt, chief executive officer – Cliffwater LLC, Michael Reid, vice president and client relationship manager – CEM, Karen Foley, partner – ACA Performance Services and Karyn Vincent – senior head, global industry standards and GIPS standards executive director – CFA Institute. Mr. Neville stated that the BFS Report which was released June 7, 2021, was not a forensic investigation or forensic audit.
    [Show full text]
  • Holdings Low Duration.Pdf
    Muzinich Low Duration Fund - Holdings as of August 31, 2021 (Unaudited) % of Net Identifier Security Assets BDCVW50 ABN AMRO Bank NV 1.2 BD5MX24 Cooperatieve Rabobank UA 1.1 BYXCM04 CaixaBank SA 1.0 BDF1B50 UniCredit SPA 1.0 74316J615 Muzinich High Income Floating Rate Fund 1.0 BDFSBS4 Intesa Sanpaolo SPA 1.0 BFMY1F6 Virgin Money UK PLC 1.0 LX165539 Assystem New T/L B TL 1.0 BZ7MJC8 Volksbank Wien AG 1.0 BF0LKS5 Barclays PLC 1.0 BDFLJQ7 ING Groep NV 0.9 B7FBK84 Heathrow Funding Ltd 0.9 BLN9VJ6 Garfunkelux Holdco 3 SA 0.9 BJLCBJ3 Vena Energy Capital Pte Ltd 0.9 BGRZGW3 Hoist Finance AB 0.9 BDFD7P8 NE Property BV 0.9 BD8NPM8 AA Bond Co Ltd 0.9 BHTBSG4 UniCredit SpA 0.8 BWVFXN1 Whitbread Group PLC 0.8 251525AM3 Deutsche Bank AG 0.8 B4XBPV3 Petroleos Mexicanos 0.8 LX167538 L1R HB Finance (Holland & Barrett) T/L TL 0.8 37045XCW4 General Motors Financial Co Inc 0.8 BMHKQN1 ams AG 0.8 780097BM2 Natwest Group PLC 0.7 72650RBJ0 Plains All American Pipeline LP / PAA Finance Corp 0.7 BJVP2S8 Danske Bank A/S 0.7 LX165624 Fugue Finance T/L (Nord Anglia) TL 0.7 BLM1P80 TalkTalk Telecom Group PLC 0.6 P16259AH9 BBVA Bancomer SA 0.6 BYVSL85 ING Groep NV 0.6 BMJ6SQ4 UBS AG 0.6 LX171110 Silk Bidco T/L B (Hurtigruten) TL 0.6 961214EM1 Westpac Banking Corp 0.6 BKLVKS9 Vivion Investments SARL 0.6 BDZ4K85 Arqiva Broadcast Finance PLC 0.6 70014LAC4 Park Aerospace Holdings Ltd 0.6 BKRRMG3 AIB Group PLC 0.6 BK21SX9 DEMIRE Deutsche Mittelstand Real Estate AG 0.6 BMFHRD1 PPF Telecom Group BV 0.6 BCW3H43 Credit Suisse AG 0.6 654744AA9 Nissan Motor Co Ltd 0.6 N1384FAB1
    [Show full text]
  • Central Bank of Brazil - Bacen Financial System Organization and Control of Farm Credit - Diorf Financial System Organization Department - Deorf
    Central Bank of Brazil - Bacen Financial System Organization and Control of Farm Credit - Diorf Financial System Organization Department - Deorf Foreign groups in the NFS Position: 02.29.2012 Institution Origin BC BI BM CH FILIAL SAM SCFI SCI SCM SCTVM SDTVM TOTAL 1 DAIMLER AG Germany 1 1 2 2 DEUTSCHE BANK AKTIENGESELLSCHA Germany 1 1 2 3 WESTLB AG Germany 1 1 4 Banco de La Nación Argentina Argentina 1 1 5 Banco de La Província de Buenos Aires Argentina 1 1 6 IBM AMERICAS HOLDING LIMITED Bermuda 1 1 7 RBC DOMINION SECURITIES INC Canada 1 1 8 THE BANK OF NOVA SCOTIA Canada 1 1 9 BGC GLOBAL HOLDINGS, L.P. Cayman 1 1 10 BANK OF CHINA LIMITED China 1 1 11 INTERBOLSA S.A. Colombia 1 1 12 KOREA EXCHANGE BANK South Corea 1 1 13 THE KOREA DEVELOPMENT BANK South Corea 1 1 14 BANCO BILBAO VIZCAYA ARGENTARI Spain 1 1 15 BMW ESPANA FINANCE SL Spain 1 1 16 BMW ESPENA FINANCE SL Spain 1 1 17 MAPFRE AMERICA S/A Spain 1 1 18 ACCION GATEWAY FUND. LLC. United States 1 1 19 ALLY FINANCIAL INC United States 1 1 20 BRASCAN BRASIL FINANC.HOLDING United States 1 1 2 21 BRASCAN BRASIL FINANC.HOLDING United States 1 1 22 CAPITA CORPORATION United States 1 1 23 CARGILL FINANCIAL SERV.CORP. United States 1 1 24 CATERPILLAR FINANC. SERV. CORP United States 1 1 25 CITIBANK OVERSEAS INV CORP United States 1 1 26 CITIBANK OVERSEAS INVEST. CORP United States 1 1 1 1 1 5 27 CITIGROUP G M BRASIL HOLDING United States 1 1 28 CSILATINA FINANCIAL, INC.
    [Show full text]
  • Shinhan Financial Group Buy (055550 KS ) (Maintain)
    [Korea] Banks April 26, 2021 Shinhan Financial Group Buy (055550 KS ) (Maintain) Strong growth in non -bank and non -interest income, TP: W49,000 ▲▲▲ plus rebound in bank NIM Upside: 31.7% Mirae Asset Securities Co., Ltd. Heather Kang [email protected] 1Q21 review: Record quarterly Net profit attributable to owners of the parent of W1.19tr (+28% YoY) earnings Shinhan Financial Group’s (SFG) 1Q21 net profit came in 11-14% above consensus estimates (which had been continuously revised upward) and 6% above our expectation. Net profit from non-bank operations grew 84% YoY to W620bn (a record high), contributing 48% of group net profit. Group non-interest income increased 40% YoY. The quarter included a one-off charge of W62.6bn due to the Financial Dispute Settlement Committee’s ruling on compensation for those who invested in Lime Asset Management’s credit- insured fund. New NPL formation remained benign, and credit cost ratio fell to 21bps (-14bps YoY, -18bps QoQ). Strong across the board Recurring profit expands on the back of diversified income base SFG’s subsidiaries displayed visibly stronger fundamentals, with 1Q21 net profit growing more than 20% in most cases. Securities profit recovered, and the credit card and capital subsidiarie s posted robust growth. Earnings improved across all matrix business lines, including Group & Global Investment Banking (GIB) and Global Markets & Securities (GMS). The bank subsidiary saw net interest margin (NIM) gain 5bps and loans grow 2.5% QoQ, expanding the income base. The NIM improvement was largely attributable to lower funding costs resulting from deposit repricing and deposit portfolio improvements (+17% QoQ for low-cost demand deposits vs.
    [Show full text]