North America Equity Research
16June 2017
Global Banks Research
Highlights
Week Ending June 16, 2017
Global Equity Research Product
and Marketing
Nicholas Rosato Jr.
(1-212) 622-2302
nicholas.rosato@jpmorgan
J.P. Morgan Securities LLC
Alex Rushing
(44-20) 7134-3381
Alex.Rushing@jpmorgan
J.P. Morgan Securities plc
Scott Christensen
(66-2) 684-2677
scott.christensen@jpmorgan
JPMorgan Securities (Thailand) Limited
See page 44 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the
firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in
making their investment decision.
jpmorganmarkets
This report provides a summary of the research produced by J.P. Morgan
Global Bank Equity Research. Key highlights from the past week are
below.
look
valuation not compelling
FOMC Raises Rates; Yield Curve Continues to Flatten; Mortgage Rates
Reverse 4 Week Trend
Growth -Establishing YE18 US$210 PT
than Offset Higher G&A --Solid Debut Results
cutting estimates on weaker FICC: Prefer GS & MS over DBK
value indicates 34% further upside
STL-AF Deal Clears Another Hurdle; Four Deals Last Week; YTD Deal
Count Mostly Inline with Last Year
Ever in Terms of Volumes
Wk; C&I Loans Slowed Further YoY; Deposits Up Sharply
Interest Could Easily Rise on Minor Exit Theories, Because BoJ’s JGB
Holdings Have Risen
Banks, Global Investment Banks, and Specialty & Consumer Finance
Completed 16 Jun 2017 06:10 AM EDT
Disseminated 16 Jun 2017 06:41 AM EDTNorth America Equity Research
16 June 2017Global Banks Research Highlights
100% at Couple; Wells Fargo Pass/Fail, ImplicationsNorth America Equity Research
16 June 2017Global Banks Research Highlights
Global BanksEquity Research Team
North America
Steven Alexopoulos, CFA
(1-212) 622-6041
steven.alexopoulos@jpmorgan
Vivek Juneja
(1-212) 622-6465
vivek.juneja@jpmorgan
Jason M Oetting
(1-212) 622-1497
jason.m.oetting@jpmorgan
Benjamin M Lurio
(1-212) 622-5787
benjamin.m.lurio@jpmorgan
Latin America
Catalina Araya, CFA
(1-212) 622-6601
catalina.araya@jpmorgan
Domingos Falavina
(55-11) 4950-3474
domingos.falavina@jpmorgan
Yuri R Fernandes
(55-11) 4950-3711
yuri.r.fernandes@jpmorgan
Europe
Kian Abouhossein
(44-20) 7134-4575
kian.abouhossein@jpmorgan
Paul Formanko
(44-20) 7134-4718
paul.formanko@jpmorgan
Raul Sinha
(44-20) 7742-2190
raul.sinha@jpmorgan
Delphine Lee
(33-1) 40 15 49 28
delphine.x.lee@jpmorgan
Anna Marshall
(44-20) 7742-2762
anna.v.marshall@jpmorgan
Daniel Do-Thoi, CFA
(44-20) 7742-5377
daniel.do-thoi@jpmorgan
Vivek Gautam, CFA
(44-20) 7742 3244
vivek.gautam@jpmorgan
Sofie Peterzens
(44-20) 7134-4716
sofie.c.peterzens@jpmorgan
South Africa
John S. Storey
(27-11) 507-0783
john.s.storey@jpmorgan
Asia Pacific
Natsumu Tsujino
(81-3) 6736-8618
natsumu.tsujino@jpmorgan
YK Kim
(82-2) 758-5733
yk.kim@jpmorgan
Anne Jirajariyavech, CFA
(66-2) 684-2684
anne.x.jirajariyavech@jpmorgan
Harsh Wardhan Modi
(65) 6882-2450
harsh.w.modi@jpmorgan
Jemmy S Huang
(886-2) 2725-9870
jemmy.s.huang@jpmorgan
Katherine Lei
(852) 2800-8552
katherine.lei@jpmorgan
Seshadri K Sen, CFA
(91-22) 6157-3575
seshadri.k.sen@jpmorgan
Scott Manning
(61-2) 9003-8643
scott.r.manning@jpmorgan
Rie Nishihara
(81-3) 6736-8629
rie.nishihara@jpmorgan
Russia
Alex Kantarovich, CFA
(7-495) 967-3172
alex.kantarovich@jpmorgan
Middle East North Africa
Naresh Bilandani
(971) 4428-1763
naresh.n.bilandani@jpmorganNorth America Equity Research
16 June 2017Global Banks Research Highlights
US Banks
Figure 1: Top 10 and bottom 10 weekly price performance
Source: J.P.Morgan
Figure 2: Price target & 52 week high and low analysis
Source: J.P.Morgan
4.7%4.7%
4.2%4.2%
3.6%3.6%
3.3%3.1%
2.9%2.9%
1.5%1.4%1.3%1.3%
1.2%1.2%0.9%
0.8%
-0.3%
-0.7%-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
FITBCMAAFNTRSMBFIZIONSTTCFGWBSBKSTICMSFCBBXSBXSVLYNYCBFHNSBNY
US - Banks
22%20%17%16%16%15%
13%13%12%12%11%11%10%10%9%8%8%7%7%6%6%6%6%6%6%5%5%5%5%
5%4%4%3%3%2%1%1%-2%-3%-3%
-7%
-32%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
CMP To 52 week-highCMP To 52 week-lowCMP To PTNorth America Equity Research
16 June 2017Global Banks Research Highlights
Figure 3: Loans/deposit vs. Loans/total assets analysis -First year of estimate
Source: J.P.Morgan
Figure 4: Deposit growth vs. Loan growth analysis -First year of estimate
Source: J.P.Morgan
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
Loans/depositLoans/total assets
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Deposit growthLoan Growth
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