2025-06-11-Jefferies-每日加拿大人（2025年6月12日）_13页_314kb

报告摘要

Equity Research Summary: Canada Financials

Economic Highlights:
- Building permits in April saw a 6.6% decline to $11.7 billion, with residential permits declining in their fourth consecutive month due to multi-family housing cuts, while non-residential permits increased slightly.
- Layoffs in the steel sector were reported, with ArcelorMittal closing a Hamilton mill and laying off 153 workers.
- U.S. ambassador Pete Hoekstra indicated potential breakthroughs in trade talks at the G7 summit, but further rate cuts from the Bank of Canada are cautioned due to inflation risks from tariffs.
- Proposed GST rebates for first-time homebuyers could provide an average $27,000 relief to over 71,000 buyers, potentially costing the government $1.9 billion.
Financial Sector Updates:
- National Bank's $5 billion acquisition of Canadian Western Bank involved complex regulatory approvals and was led by EVP Dominic Paradis.
- Key players like the "Big Six" banks (BMO, BNS, CM, NA, TD, RY) are held but with select Buys for MFC and SLF. Regional banks like EQB and LB have Buys.
- Valuation targets and ratings (Buy/Hold/Underperform) are provided, with a focus on total return expectations based on price and fundamental analysis.
Investment Risks and Considerations:
- Analysts stress risks from tariffs, inflation, and economic slowdown, with notes on rate policies and fiscal responses.
- Disclaimers highlight conflicts of interest, disclosures, and the non-guaranteed nature of investment outcomes.