For those who do consider earnings yields as a corollary to the risk priced into bond yields, then China’s big four are compensating investors for something: each is trading at an earnings yield of at least 16 per cent, or more than double their rates three years ago. China is not booming now as it was then but the slowdown is not terrible, either – especially when compared with the conditions facing developed-world banks. JPMorgan, BNP Paribasand Singapore’s DBSoffer earnings yields of 13, 13 and 10 per cent respectively.
有些人认为每股收益与股价比率就相当于债券收益率加上风险补偿。对他们而言,中国的四大银行肯定正在为某种风险向投资者提供补偿:每家银行的每股收益与股价比率都不低于16%,比三年前高出不止一倍。眼下中国经济已不像三年前那样增长迅猛,但也未经历剧烈下滑,尤其是与发达国家的银行业相比。比如,摩根大通(JPMorgan)、法国巴黎银行(BNP Paribas)以及新加坡星展银行(DBS)的每股收益与股价比率分别为13%、13%以及10%。
Shares of the big four have rallied from their summer lows but their sheer size means that the 2 per cent still lost from their combined market capitalisation this year amounts to $18bn – enough, say, to buy a decent-sized Scandinavian bank such as SEB. Short of such a shopping trip, extremely unlikely, business seems poised to continue as usual in China – the banks will get on with it, regulators will continue slowly to tweak the rules and investors will find reasons not to get excited.
【Lex专栏:一切照旧的中资银行】相关文章:
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