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【作者】：JP摩根
【文件格式】：PDF
【页数】：38
【目录或简介】：
Investment Summary ...............................................................3
Strong recovery in earnings growth more driven by margin........................................4
Key focus are monetary policy, capital and asset quality ............................................5
Earnings do matter: Rely more on bottom-up strategy ................................................6
2010 Key issues........................................................................7
Tightening: positive on earnings but initially negative on sentiment...........................7
Capital raising may not be negative.............................................................................9
Asset quality trend may be stable ..............................................................................13
Operating outlook...................................................................16
PPOP metrics .............................................................................................................16
Asset quality outlook .................................................................................................20
Earnings sensitivities .................................................................................................22
Fair Valuation..........................................................................23
Stock Summary ......................................................................24
Bank of China (Overweight)......................................................................................24
BoComm-H (Overweight) .........................................................................................24
ICBC (Overweight)....................................................................................................24
China Construction Bank-H (Overweight) ................................................................24
Shanghai Pudong Development Bank (Overweight) .................................................24
China Citic-H (Overweight) ......................................................................................24
Shenzhen Development Bank (Overweight)..............................................................25
China Minsheng Bank (Neutral) ................................................................................25
Huaxia (Underweight) ...............................................................................................25
ICBC: Summary of financials ................................................26
Bank of China: Summary of financials .................................27
China Construction Bank: Summary of financials ..............28
Bank of Communications: Summary of financials ..............29
China Citic Bank: Summary of financials.............................30
China Minsheng Banking Corporation: Summary of
financials.................................................................................31
Shanghai Pudong Development Bank: Summary of
financials.................................................................................32
Shenzhen Development Bank: Summary of financials .......33
Huaxia Bank: Summary of financials....................................34
China Banks 2010 outlook.pdf
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