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Contents
China
Frank GongAC
(852) 2800 7006
frank.fx.gong@jpmorgan.com
J.P. Morgan Securities (Asia Pacific) Limited
See page 38 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision. Customers of J.P. Morgan in the United States can receive independent, third-party research on the company or companies
covered in this report, at no cost to them, where such research is available. Customers can access this independent research at
www.morganmarkets.com or can call 1-800-477-0406 toll free to request a copy of this research.
Recommendation/Forecast Changes
Bank of Communications Co (Neutral), Samuel Chen
3Q08 results: Operating trends in line with peers; we cut FY09/10 estimates on
lower NIM and fees
China Railway Group Limited (Neutral), Edmond Lee, CFA
3Q08 net income dragged down by FX loss; net debt position also a negative
surprise
Huadian Power International - H (Underweight), Edmond Lee, CFA
3Q08 net loss worse than expected again; UW maintained also on >400% net
gearing
Parkson Retail Group Ltd (Underweight), Vineet Sharma, CFA
Better options elsewhere
Sinopec Corp - H (Neutral), Frank Li
Upgrade to Neutral
Results and Company Views
China Cosco Holdings, Ltd. (Overweight), Johnson Man Leung
Maybe the last good quarter - ALERT
China Unicom (Underweight), Jimmy Cheong
Below-par 3Q08 result highlights challenges ahead
J.P. Morgan Daily Valuations
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