Selected research publications by Paul Sheehan:
Asian Financials: Ideas from the Vault (May 2004). 340 page Asia +Japan research piece with market summaries and regional themes.
European Banks in Latin America: El Dorado or "Hell Dorado" (October 2003). 80 page regional piece written with European banks team on exposure of HSBC, ABN-Amro, BBVA, and Banco Santander to Latin America.
JP Morgan - Bank One: Impact on Asia and HSBC (Jan 2004). 20 page analysis of US banking consolidation and its implications for HSBC's franchise, including summary details of potential targets.
Financials: Our Time Has Come (Dec 2003).
Asian Banks: Double-Dipping (Oct 2001).
Asian Banks: Where's the Loan Growth? (Jan 2001).
Notes from the Asian Bank Tour (Apr 2001).
The End of Capital as We Know It (Jan 2001).
HSBC: 2H03 Results (Mar 2004, 7p)
Standard Chartered: Will the Hunter Become the Hunted? (Feb 2004, 8p)
Standard Chartered: Believe and Prosper (Feb 2004, 20p)
HSBC: Bermuda Longs (Oct 2003, 12p)
HSBC Goes Sub-Prime - Is This a Household Accident? (Jun 2003, 36p)
Clash of the Titans: HSBC and STAN vie for Asian growth (Apr 2003, 24p)
HSBC: ¿Como se dice “Shareholder value?” (Oct 2002, 24p)
Taiwan Banks: The Seven Fat Years (Oct 2003). 116p Initiation report on the banking sector and six companies.
Industrial Bank of Korea: Fine and Getting Better (Nov 2003). 52 page report written for lead managed GDR issue.
Dah Sing Financial: Looking Out For #1 (Mar 2004, 8p)
Hong Kong Banks: The Slippery Slope (Jan 2004, 19p).
Taiwan Banks: Loan growth zooms ahead (Feb 2004, 8p).
Bank of China (Hong Kong): 2H03 Results Review (Mar 2004, 12p)
Guoco: An Offer You Can Refuse (Mar 2004, 7p)
Bank of East Asia: 2H03 Results Review (Mar 2004, 16p)
Hang Seng Bank: Reaching The Limit (Mar 2004, 14p)
Bank Thai: Lean and Clean. 52 page IPO report.
Singapore Banks: What Now? (Aug 2001, 40p)
BCA: Steal This Bank (May 2000). 56 page IPO report.
Indonesian Banks: Accidental Stars (Sept 2001, 48p)
Indonesian Banks Revived: IBRA Reboots the System (Feb 2000, 56p)
Thai Way or the Highway: Running on Fumes in Thailand (Jun 2000, 36p)
Raising the Thai-Tanic (Oct 2001, 68p)
BBL Hits the Rocks: Should Investors Abandon Ship? (Nov 2000, 16p)
Due to our long-time leading coverage of Aeon Credit (Japan-listed parent), a major buy-side client asks us for custom work on Hong Kong subsidiary Aeon Credit Asia (initiated with a BUY at HK$2.38, peaks at HK$6.20)...which leads us to initiate coverage of Thai unit Aeon Thana Sinsap as the first foreign broker to do so (initiated with a BUY at Bt113, peaks at Bt230).
A disclaimer: These reports are posted as examples of my work. Anyone looking at them should bear in mind that a) many--perhaps all--are out of date and hence not to be relied upon; and b) some of them weren't good calls to begin with. Naturally, the firms at which these reports were written may have other opinions on their shares at the current time.