Morgan Stanley จะไหวไหมเนี่ย

[chatchai]

คืนนี้ลดกระหน่ำอีกแล้ว

[สวนหย่อม]

Morgan Stanley Shares Drop More Than 40%
http://www.cnbc.com/id/26756469

[mprandy]

จาก 5 ท่าจะเหลือแค่หนึ่ง (หรือสุดท้าย.. ไม่เหลือเลยหรือเปล่า)

ดูตลาดเมกานี่ก็แปลกนะ สอยร่วงกันทีละตัวจริง ๆ

Countrywide -> AMBAC/MBIA -> หมี -> Fannie/Freddie -> Lehman -> Merrill Lynch -> AIG

ต่อไปคงเป็นคิว WaMu กับ Morgan Stanley (ได้ข่าวว่าจะขายให้จีน ถ้าเปลี่ยนชื่อให้ดูจีน ๆ หน่อยน่าจะดีไม่น้อย... Let's say ไท่จู่ investment ก็ไม่เลว :lovl:)

[SSL]

บทวิเคราะห์หุ้น Morgan Stanley  ของ  UBS ครับ เอามาให้ดูกัน

A Little Relief
􀂄 MS Reported EPS of $1.32 vs. Our/Street Estimates of $0.85/$0.78 Despite $1.6 bn in write-downs and a $288 mm auction rate securities charge,
total revenues increased a healthy 24% seq (or 19% ex the $745 mm gain on MSCI and $1.45 bn in FAS 159 benefits). MS generated strong trading
results (equity trading +27% sequentially, commodities +164%), healthy investment banking (+18%), and solid wealth management ($13.7 billion in net
new money), though asset mgmt remains a work in progress.
􀂄 Leverage Ratios, Liquidity, and Tier 1 Are Positives MS improved its liquidity profile ($81 bn at the parent, up from $74 bn in 2Q), reduced leverage
(gross 23.5x, adjusted 12.9x), and closed the quarter with a very healthy 12.7% Tier 1 ratio (GS ended 3Q with an 11.6% Tier 1). These metrics should
give investors some comfort around Morgans stability.
􀂄 MS Continued to Pare Down Risk Exposures MS continued to reduce bad asset exposure in 3Q, with gross residential mortgage exposure
declining 12% to $10.9 bn, gross commercial real estate exposure also declining 12% to $19.5 bn, and leveraged loan exposure declining 27% to $9.3
bn. Morgans risk assets/tangible common equity ratio decreased to 1.4x compared to 1.0x at GS, 3.1x at MER, and 4.0x at LEH.
􀂄 Valuation: Maintain Neutral Rating Although MS executed well in a tough 3Q and we think the underlying franchise is sound, some pretty stiff macro
headwinds (especially slowing global GDP growth) will weigh on earnings & the valuation. Our PT is based on 1.0x our fwd book est.
􀂄 Notes:
Source: The content presented above reflects a front page summary of UBS Research content, UBS estimates based on a share price of US$28.70 on 16 Sep 2008 18:57 EDT