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citi——亚洲银行业投资策略 英文版
Asian Banks Strategist-Where Is the Money, Honey?
5 April 2011
26 pages
citi——中国消费品报告 英文版
China Consumer Discretionary
-Strong 2011 Guidance on More Attractive Valuations
6 April 2011
36 pages
citi——全球铁矿石报告 英文版
Global Iron Ore Book-Strike while the iron is (still) hot?
6 April 2011
96 pages
其它资料：
2011-2012年中国特钢行业投资分析及市场预测深度研究报告
https://bbs.pinggu.org/thread-1006095-1-1.html
目录回复可见
citi——亚洲银行业投资策略
Contents
Where Is the Money, Honey? 3
Credit Growth Exceeds Growth in Deposits 3
Inflation Continues to Haunt 5
Central Banks Ramping Up Measures to Contain Inflation 5
Illiquidity Drivers in Asia 10
And Winners and Losers Are… 10
Stock Performance, Valuations and Forecasts 13
Appendix A-1 21
citi——全球铁矿石报告
Contents
Global Iron Ore Outlook 5
Executive Summary 5
Ranking the iron ore producers 7
Iron ore-a darling of the super-cycle 7
Prices at all time highs 8
Outlook to 2014 9
China Steel Demand Scenarios 11
Beyond 2014-A Scenario Approach 12
Peak margins? Downside potential to mid-cycle 13
From price focus to cost focus 15
Medium term supply growth-the fastest growing commodity 17
Supply side Scenarios 20
West Africa Iron Ore-Huge Challenges 22
Long Term Supply-Demand Balance 25
Cost of new iron ore projects 26
Margin pressure looms 29
Price always trumps volume 29
There is still value in the space 30
Valuation and Operational Comparatives 31
Cheap growth desirable 31
Long reserve lives 32
Reserve life vs EV/tonne-the inverse relationship 33
5 year P/E vs Reserve life 35
Further valuation metrics 36
Financial Comparatives 38
Expansion project details 41
Carajas Serra Sul (Brazil)-Vale 41
Solomon (Australia) 41
RGP5 (Australia) 42
Cape Lambert exapnsion (Australia) 42
Casa de Pedra (Brazil)-CSN 43
MMX Sudeste (Brazil) 44
Chichester (Australia) 44
RGP6 (Australia) 45
Carajas+40 (Brazil) 46
West Pilbara Project (Australia) 46
Jack Hills (Australia) 47
Minas Rio (Brazil) 49
Apolo (Brazil)-Vale 50
Kalia Phase I (Guinea) 51
Marillana (Australia) 52
Mineracao Usiminas (Brazil) 53
Atlas iron-North Pilbara DSO project (Australia) 54
Tonkolili (Sierra Leone) 55
Kolomela mine (South Africa) 56
Khumani Expansion 16mtpa (South Africa) 57
African Rainbow Minerals (ARIJ.J) 58
Anglo American PLC (AAL.L) 59
Atlas Iron Ltd (AGO.AX) 60
BHP Billiton PLC (BLT.L) 61
Cliffs Natural Resources Inc. (CLF) 62
Companhia Siderurgica Nacional (CSNA3.SA) 63
Eurasian Natural Resources Corporation PLC (ENRC)(ENRC.L) 64
Fortescue Metals Group Ltd (FMG.AX) 65
Gindalbie Metals Ltd (GBG.AX) 66
Grange Resources Limited (GRR.AX) 67
Kumba Iron Ore Ltd (KIOJ.J) 68
Mount Gibson Iron (MGX.AX) 69
Murchison Metals Ltd (MMX.AX) 70
Rio Tinto PLC (RIO.L) 71
Vale (VALE) 72
Exxaro Resources Limited (EXXJ.J) 73
African Rainbow Minerals 74
Company description 74
Investment strategy 74
Valuation 74
Risks 74
Anglo American PLC 75
Company description 75
Investment strategy 75
Valuation 75
Risks 75
Atlas Iron Ltd 76
Company description 76
Investment strategy 76
Valuation 76
Risks 76
BHP Billiton PLC 77
Company description 77
Investment strategy 77
Valuation 77
Risks 77
Cliffs Natural Resources Inc. 78
Company description 78
Investment strategy 78
Valuation 78
Risks 79
Companhia Siderurgica Nacional 79
Company description 79
Investment strategy 79
Valuation 79
Risks 80
Eurasian Natural Resources Corporation PLC (ENRC) 80
Company description 80
Investment strategy 80
Valuation 80
Risks 81
Fortescue Metals Group Ltd 81
Company description 81
Investment strategy 81
Valuation 81
Risks 82
Gindalbie Metals Ltd 82
Company description 82
Investment strategy 82
Valuation 82
Risks 82
Grange Resources Limited 83
Company description 83
Investment strategy 83
Valuation 83
Risks 83
Kumba Iron Ore Ltd 84
Company description 84
Investment strategy 84
Valuation 84
Risks 84
Mount Gibson Iron 84
Company description 84
Investment strategy 85
Valuation 85
Risks 85
Murchison Metals Ltd 85
Company description 85
Investment strategy 85
Valuation 86
Risks 86
Rio Tinto PLC 86
Company description 86
Investment strategy 86
Valuation 86
Risks 86
Vale 87
Company description 87
Investment strategy 87
Valuation 87
Risks 87
Exxaro Resources Limited 88
Company description 88
Investment strategy 88
Valuation 88
Risks 88
Appendix A-1 92
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