巴西银行业研究报告.pdfVIP

29 November 2010 Americas/Brazil Equity Research Regional Banks Brazilian banks Research Analysts SECTOR REVIEW Marcelo Telles, CFA 55 11 3841 6338 marcelo.telles@ Our views on monetary tightening cycle and Victor Schabbel 55 11 3841 6337 competition victor.schabbel@ ■ Positive outlook still in place: In this report, we address two recurring themes that seem to be on top of investors’ minds and have caused an increase in the risk perception towards the sector in recent weeks: impact from monetary tightening cycle and risk of irrational competition. We see weakness among large cap banks as a buying opportunity, as i) banks’ earnings should benefit from higher rates in the medium term in light of