Morgan Stanley จะไหวไหมเนี่ย
โพสต์แล้ว: พุธ ก.ย. 17, 2008 10:49 pm
คืนนี้ลดกระหน่ำอีกแล้ว
Morgan Stanley Shares Drop More Than 40%
http://www.cnbc.com/id/26756469
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Morgan Stanley จะไหวไหมเนี่ย
หน้า 1 จากทั้งหมด 1
Morgan Stanley จะไหวไหมเนี่ย
โพสต์แล้ว: พุธ ก.ย. 17, 2008 11:12 pm
Morgan Stanley จะไหวไหมเนี่ย
โพสต์แล้ว: พฤหัสฯ. ก.ย. 18, 2008 7:21 am
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:)
(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:)
Morgan Stanley จะไหวไหมเนี่ย
โพสต์แล้ว: พฤหัสฯ. ก.ย. 18, 2008 7:30 pm
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
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