MS： China Banks

01.17 　　　26P　　英文　　.pdf

Revising price targets on macro drivers: We believe that there are likely to be four macro drivers for the sector, which on balance are neutral to positive. We are leaving our ratings broadly unchanged for the Chinese banks, while fine-tuning our estimates and revising up our price targets. We raise our 2008 earnings forecasts by an average of 19% on the back of tax change.