Yang zi Jiang: Barclays Maintain O/w with TP $2.20. Note that investors have overly focused on the potential downside in a worse-case scenario involving widespread defaults and spiralling asset value declines in China.
Potential catalysts for YZJ are 1) increased disclosure on the absolute size of collateral relative to loan value; and 2) potential unwinding in 2H11 of these investments (equal to 36% of market cap), due to increased bank regulator scrutiny.
No comments:
Post a Comment