HSBC 汇丰：东亚银行　

01.18 １１页

􀀗 China growth remains front and centre with subsidiary bank likely operational by 2Q07.
􀀗 Our earnings forecasts are among the highest for 2006e and 2007e and we believe these have been reflected in the current price.
􀀗 Share price has risen c96% over the past year. Based on market price performance, we downgrade BEA to Underweight and maintain our end-2007 target price