GS 高盛-中国每日报告 08.10

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<P><FONT face=黑体 size=6><STRONG>GS 高盛-中国每日报告 08.10  </STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>China-Daily-Insights  08.10   12页</STRONG></FONT></P>
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2007-8-10 20:42:00 上传

GS 高盛-中国每日报告 08.10
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<P>Today’s focus<BR>China Merchants Bank (H) (3968.HK): Stellar 1H07 results as expected; earning/PT raised; retain Buy<BR>China Communication Services (0552.HK): Reinstate with Neutral rating, awaiting more clarity on 3G<BR>Sinopec Shanghai Petrochemical (H) (0338.HK): Tax rate adjusted to 33% from 15% as largely expected; ests. Cut<BR>Suntech Power (STP): 2Q earnings beat expectation, but margin pressure in sight<BR>Wuhan Iron and Steel (600005.SS): Interim helped by improving product mix, maintain Neutral rating<BR>China Shipping Container (2866.HK): Bonus shares to compensate for A-share IPO plan<BR>Netease (NTES): 2Q07 results preview: risk to Westward Journey 2<BR>Beijing Capital Land (2868.HK): First-take: Proposing A-share listing to fuel fast growth<BR>Headline news<BR>Income disparity getting worse: Report (China Daily)<BR>HSBC approved to be 1st foreign lender to set up village bank in China (Xinhua)<BR>Output of China's major coking firms rises 21 pct in first half (People’s Daily)<BR>Shanghai Party chief optimistic about post-Expo economy (People’s Daily)<BR>China Merchants Bank (H) (3968.HK): Stellar 1H07 results as expected; earning/PT raised; retain Buy, Ning Ma<BR>• What's changed: CMB (3968.HK, HK$29.05, Buy) reported 1H07 NPAT of Rmb6.12 bn, up a stellar 120% yoy and 52% hoh(after its results preannouncement of up at least 100% yoy on July 10), 11% above our estimates of Rmb5.5 bn, and accounting for 57% of FY07 consensus estimates of Rmb10.8 bn. NIMs, fee income and asset quality are better than expected, offsetting modestly higher expense growth: 1) NIM rises by 46bp yoy and 13bp hoh mainly due to proactive A&L management including reducing bill discount loans, and the shift of time deposits to demand deposits amid the strong A-share markets; 2) robust 137% yoy and 92% hoh fee income growth on wealth management and banking cards; and 3) rapidly falling NPL ratios to 1.66% vs 2.1% in 2006 while</P>

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