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Credit Suisse Group
CS.NISIN: US2254011081SEDOL: 2159762 |
Rating: HOLD |
Target Price: 25.38 USD |
Investment Horizon: 6 to 24 months |
2Q 09 News Alert
Credit Suisse Group's (Credit Suisse) 2Q 09 performance beat market expectations, driven by higher trading income and an income tax benefit. Given the significant decline in net interest income, higher provision for credit losses and expectations of likely further writedowns in light of the deepening global recession, we remain concerned about the company's performance, and although the better-thanexpected performance reported in 1H 09 is encouraging…
Company News Alert
The Credit Suisse Group (Credit Suisse) common stock has appreciated significantly since our previous update report, reflecting positive investor reaction to a stronger-than-expected earnings result during 1Q 09, as well as a company statement that, contrary to rumors, it will not quit its offshore business. Therefore, even though the target price derived in our last update report does not support a HOLD, and although we continue to anticipate further writedowns…
1Q 09 News Alert
Credit Suisse Group’s (Credit Suisse) 1Q 09 bottom-line came in well above our and consensus expectations, due to robust growth in trading revenues. Going forward, however, although the bank has cut its subprime exposure, it is likely to face further writedowns, especially in light of the deepening global recession. Meanwhile, the company’s rumoured plans to quit its offshore business amid pressure…
4Q 08 & FY 2008 Update Report
The onset of the global economic downturn has adversely impacted Swiss exports, and the country officially entered a recession in 4Q 08. According to the Secretariat for Economic Affairs (SECO), the Swiss economy will contract by 2.2% in 2009, with growth of 0.1% in 2010 (although the risks are to the downside). Meanwhile, the SNB forecasts a fall of 2.5%-3.0% in 2009 GDP. According to an IMF staff note to a recent G20…
4Q 08 & FY 2008 News Alert
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Credit Suisse Group (Credit Suisse) reported healthy growth in Net Interest Income (NII) in 4Q 08. However, net income declined due to trading losses and writedowns in the investment banking business, as well as losses in money market funds. Although the company’s risk exposure has declined in 4Q 08, we remain concerned about the impact of the global recession and…
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