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| 文件名: 20120228 Huaneng Power Intl 902.pdf | |
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HSBC Global Research - Asia Industrials
Language: English Date: 27 Feb 2012 Page: 72 Investment summary 3 Likely to outperform in 1H12 3 Valuation 6 Themes for 2012 9 1. Capex (new order) growth 9 2. China’s monetary easing 11 3. Franchise value and structural growth 12 4. Self-help and earnings resilience 13 Growth outlook back on track 15 Oil price fits growth story 15 Resumption in regional growth to outweigh Eurozone woes 17 China easing to speed up 18 Top-line growth to outweigh margin woes 20 Raw material price likely to hit the bottom and stabilise 20 Crude steel price stabilising 21 Plunge in steel price unlikely due to capacity cuts 22 Decline in raw material price to offset margin contraction 23 Korean E&C 24 Samsung Engineering (028050 KS) 26 Daelim (000210 KS) 29 Asia Shipbuilding 32 Samsung Heavy (010140 KS) 35 O&M: Rig demand firm 38 SMM (SMM SP) 41 Keppel (KEP SP) 44 China Industrials 47 Zhuzhou CSR Times Electric (3898 HK) 50 China Communications Construction (1800 HK) 53 Hyosung Corp (004800 KS) 56 Indian Capital Goods 59 L&T (LT IN) 62 Disclosure appendix 68 Disclaimer 71 HSBC Global Research - China Power Language: English Date: 28 Feb 2012 Page: 32 HSBC Global Research - Huaneng Power Intl 902 HSBC Global Research - China Resources Power 836 |
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