注册 登录  
 加关注
   显示下一条  |  关闭
温馨提示!由于新浪微博认证机制调整,您的新浪微博帐号绑定已过期,请重新绑定!立即重新绑定新浪微博》  |  关闭

雷国新-美国留学资深、外籍专家

成功留学、留学成功是我们AA留学每一位同仁的使命。

 
 
 

日志

 
 
关于我

雷国新— 外籍专家 AA留学美国首席顾问 美国国际教育家协会会员 美国研究生入学专业协会会员 教育背景 蒙特利尔大学计算机学士、经济学学士 蒙特里尔高等商学院 金融硕士 工作经历 法国阿尔斯通通用电气公司 法国德格雷蒙(Degrement) 德国KOCH公司 美国通用电气公司 华尔街8年投行从事金融投资业务 AA留学美国首席顾问

网易考拉推荐

JP Morgan:高盛是一台投行“机器”,有无BLANKFEIN都一样  

2011-06-01 00:33:40|  分类: Finance |  标签: |举报 |字号 订阅

  下载LOFTER 我的照片书  |
  • May 31, 2011, 12:11 PM ET
  • Goldman Sachs is an I-Banking “Machine”, With or Without Blankfein, Says JP Morgan

    By Avi Salzman

    JP Morgan analyst Kian Abouhossein upgraded Goldman Sachs (GS) to Buy from Hold today as the stock appears oversold on inflated concerns about regulatory and legal pressure. The bank has lots of potential to add leverage and boost its return on equity, which has dropped significantly following the financial crisis, Abouhossein writes. Goldman is operating with “significant excess capital,” with “$32 billion (44% of market cap) of capital re-leveraging potential.”

    The market is operating on fear with regard to Goldman, he argues, and investors may be missing a big buying opportunity because they are too concerned about the possibility that Goldman will face more legal sanctions.

    “Goldman Sachs has lost $12 billion or 15% in market cap since the Senator Carl Levin-led Permanent Subcommittee on Investigations released its report on the financial crisis. The stock had lost $12 billion in market cap post the SEC charge of fraud in structuring and marketing of CDO in April 2010, till a settlement for $550 million was reached with the SEC in July 2010. We believe the market is again over- reacting to the negative newsflow. In our view, the price weakness is a buying opportunity.”

    Abouhossein also implies that Goldman can persevere even in the event that top executives like CEO Lloyd Blankfein have to be sacrificed.

    “We are not particularly concerned about the negative implications of any management change at the firm which might happen as a fallout of the ongoing litigations as we believe the partnership model gives Goldman enough of a talent pool to find a suitable replacement for any such management changes. In a nutshell, global Tier I investment banks such as Goldman are ‘machines’ with a unique Partnership model that does not rely on individuals.”

    Abouhossein’s “new global investment banking pecking order” is: UBS (UBS), Goldman, Credit Suisse (CS), Morgan Stanley (MS), BNP Paribas (BNPQY), Societe Generale (SCGLY), Deutsche Bank (DB), Barclays (BCS).

      评论这张
     
    阅读(272)| 评论(0)
    推荐 转载

    历史上的今天

    评论

    <#--最新日志,群博日志--> <#--推荐日志--> <#--引用记录--> <#--博主推荐--> <#--随机阅读--> <#--首页推荐--> <#--历史上的今天--> <#--被推荐日志--> <#--上一篇,下一篇--> <#-- 热度 --> <#-- 网易新闻广告 --> <#--右边模块结构--> <#--评论模块结构--> <#--引用模块结构--> <#--博主发起的投票-->
     
     
     
     
     
     
     
     
     
     
     
     
     
     

    页脚

    网易公司版权所有 ©1997-2018