We believe that in 3Q recurring earnings improved at domestic banks, notablyamong large players. Robust loan growth and NIM-led gains in interest incomebode well for both earnings and valuations in 2018.    Regulatory risk is the biggest deterrent to investing in banks. Household debtmeasures (to be released later this month) should boost sentiment by removinguncertainties assuming they do not dent banks’ fundamentals.    After regulatory risks ease, interest rate movements and year-end dividendsshould be key to keep bank stocks rallying. We advise focusing on top financialgroups with deep capital.

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