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AsiaPacificEquityResearch19September2005APFinancialServicesDailyAsiaPacific-FinancialServicesSunilGarg(852)[e-mail](61-2)[e-mail]62foranalystcertificationandimportantdisclosures,includinginvestmentbankingrelationships.JPMorgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Figure1:IndexPerformance100150200250300Sep-03Mar-04Sep-04Mar-05Sep-05MSCIAsia-Pacificex-JSource:Datastream.HighlightsAsiaPacific:FinancialServicesAsianFinancialsWeeklySunilGarg,(852)2800-8518,[e-mail]:BanksAbsoluteupsidelimited-whatdobankstockpricesimply?SunilGarg,(852)2800-8518,[e-mail]:MacquarieBank(Overweight)MBLAdverseRulingonHistoricMISTaxDeductibilityBrianJohnson,(61-2)92201605,[e-mail]:BanksIndianFinancialServices:OnBankStreet-Vol18SachinSheth,(91-22)56393004,[e-mail]2AsiaPacificEquityResearch19September2005SunilGarg(852)[e-mail]eAbsolutePerf(Lc)RelativetoLocalMarketRelativetoMSCIAsiaPacific1m3m6m1m3m6m1m3m6mS&PFinancials-0.30.20.9-0.9-1.1-2.4-0.3-5.6-4.0FTSEBank-1.71.73.0-2.8-4.7-5.5-2.0-5.1-8.3Australia1.62.55.60.4-3.8-0.81.4-4.1-3.1HongKong(ExHSBC&SCB)-3.11.80.2-0.1-6.1-7.5-3.0-4.0-4.2HSBC-2.31.5-0.10.7-6.3-7.8-2.2-4.2-4.5StandardCharteredHK-1.916.518.51.17.59.4-1.89.913.3China3.716.021.06.97.111.73.911.817.8India5.522.417.3-2.30.8-5.64.614.510.8Indonesia-6.6-7.7-14.9-1.6-1.7-8.4-8.1-16.9-24.9Malaysia1.94.2-2.02.41.5-4.61.8-1.2-6.1Philippines-3.00.3-3.71.25.05.9-3.5-6.8-11.8Singapore-0.58.87.2-0.53.90.8-1.92.2-1.7SouthKorea11.431.030.36.011.910.210.421.921.3Taiwan-9.9-9.2-16.8-6.8-5.4-16.2-12.2-18.2-25.2Thailand7.02.84.00.8-0.33.87.4-3.2-7.1Source:Datastream.AllpricesandvaluationsinthisreportareasofclosingofSeptember16,2005InsuranceSectorsPerformanceAbsolutePerf(Lc)RelativetoLocalMarketRelativetoMSCIAsiaPacific1m3m6m1m3m6m1m3m6mS&P500LifeInsurance(US$)3.06.916.82.35.413.03.00.611.1S&P500Multi-lineinsurance(US$)-0.89.4-0.3-1.57.9-3.6-0.83.0-5.2S&P500Property/CasualtyInsurance(US$)-1.2-1.24.3-1.9-2.50.9-1.2-7.0-0.8FTSEInsurance(£)1.08.211.5-0.21.42.20.61.0-0.8S&PEuroInsurance(US$)-2.65.7-5.3-3.3-1.3-6.9-2.6-0.5-9.9Source:Datastream.AllpricesandvaluationsinthisreportareasofclosingofSeptember16,20053AsiaPacificEquityResearch19September2005SunilGarg(852)[e-mail]1:JPMorganAsia-PacificBanks:ValuationsummaryPriceEPSP/EBPSP/BVROEDPSDivYieldRatingBloomberg16-SeptMktcapFY05EFY06EFY05EFY06EFY05EFY06EFY05EFY06EFY05EFY06EFY05EFY06EFY05EFY06ECode(LC)US$mn(Lc)(Lc)(Lc)(Lc)(%)(%)(x)(x)(x)(x)(Lc)(Lc)(%)(%)AustraliaANZBanking(A$)ANZAU23.2532,5701.601.8814.512.48.89.62.62.418.620.41.101.184.75.1NCommonwealth(A$)CBAAU37.8937,2393.033.2512.511.616.617.82.32.119.718.91.982.145.25.6OWNat'lAust.Bank(A$)NABAU31.9838,4242.172.4014.713.318.019.01.81.712.112.61.661.665.25.2UWStGeorgeBank(A$)SGBAU27.8611,1231.591.9917.514.07.78.43.63.320.524.71.351.484.95.3NWestpac(A$)WBCAU20.7529,7411.461.7114.212.16.77.03.13.021.424.91.011.094.95.2OWWeightedaverage149,09714.412.72.62.35.05.3HongKongBankofChina-HK(HK$)2388HK15.3520,9161.091.0714.114.46.87.12.32.216.415.30.770.745.04.8OWBankofEastAsia(HK$)23HK22.504,3601.641.7313.713.015.115.51.51.511.111.41.101.214.95.4NCITICInternationalFinancial(HK$)183HK3.001,2360.310.269.711.42.82.91.11.012.710.30.150.164.95.3OWDahSingBankingGroup(HK$)2356HK14.151,6771.051.1113.512.78.59.11.71.612.712.60.520.553.73.9UWDahSingFinanceHoldings(HK$)440HK52.501,6823.854.3413.612.135.437.61.51.411.211.91.772.043.43.9UWHangSeng(HK$)11HK104.4025,7246.166.3416.916.523.524.34.54.326.826.65.305.505.15.3NHKEx(HK$)388HK24.353,3321.031.0923.622.33.94.06.36.126.727.80.920.983.84.0OWICBCAsia(HK$)349HK9.801,3240.880.9411.110.58.38.51.21.210.811.20.550.585.65.9NInternationalBankofAsia(HK$)636HK2.804230.170.1816.015.33.23.30.90.95.55.70.120.124.44.4UWJCG(HK$)626HK7.656980.640.7312.010.53.23.52.42.220.221.70.450.515.86.7OWLiuChongHingBank(HK$)1111HK11.956700.931.0512.811.414.514.90.80.86.57.10.650.745.56.2NWingHang(HK$)302HK56.202,1294.564.5312.312.427.429.62.11.917.415.92.282.274.14.0NWingLungBank(HK$)96HK62.301,8644.925.1412.712.143.345.41.41.411.711.62.813.034.54.9NWeightedaverage66,03615.614.72.42.34.54.84AsiaPacificEquityResearch19September2005SunilGarg(852)[e-mail]1:JPMorganAsia-PacificBanks:Valuationsummary(cont’d)PriceEPSP/EBPSP/BVROEDPSDivYieldRatingBloomberg16-SeptMktcapFY05EFY06EFY05EFY06EFY05EFY06EFY05EFY06EFY05EFY06EFY05EFY06EFY05EFY06ECode(LC)US$mn(Lc)(Lc)(Lc)(Lc)(%)(%)(x)(x)(x)(x)(Lc)(Lc)(%)(%)IndiaBankofBaroda(Rs)BOBIN264.701,77038436.96.22252571.21.018.117.70.000.000.00.0OWCanaraBank(Rs)CBKIN241.802,26135346.97.11731961.41.221.818.68.259.353.43.9NHDFC(Rs)HDFC