BOCI 中银国际：中国工商银行（ICBC）深度报告 　

BOCI　　06.12.08 ICBC

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Industrial and Commercial Bank of China (ICBC) is a proxy to the overall rapid growth of the mainland banking sector. It is also benefiting from the change in its business model with more focus on retail and fee income. While rising market rate and tax reform give ICBC the potential to improve its profitability, further restructuring and reform of its business operations suggest that more efficiency gains are possible going forward. However, margin pressure and declining market share weaken its growth potential. We initiate coverage on the stock with a Marketperform rating．．．．．．．．．．．．．．

　　　　　　　　　　　　　　　　Table of Contents
INVESTMENT SUMMARY .........................................................3
VALUATION ......................................................................5
VALUATION COMPARISON TABLE ............................................ 13
BENEFITING FROM STRONG ECONOMIC GROWTH IN CHINA .............. 14
GAINING FROM RAPID GROWTH IN RETAIL BANKING .....................20
POSSIBLE TO BECOME MORE PROFITABLE ...................................28
INVESTMENT RISKS ............................................................37
APPENDIX I. BACKGROUND OF ICBC .......................................45
APPENDIX II. RESTRUCTURING AND RECAPITALISATION ...................48
APPENDIX III. THE BIG FOUR ............................................... 51
APPENDIX IV. INCIDENTS AND SCANDALS .................................55
APPENDIX V. MAJOR SUBSIDIARIES .........................................56
APPENDIX VI. FINANCIAL SUMMARY ........................................57
LISTED COMPANIES IN THIS REPORT ........................................70

[此贴子已经被作者于2007-1-5 16:18:40编辑过]