MS：China Merchants Bank

MS 摩根斯坦利：中国 招商银行 01.17 9页 英文

Equal-weight: Merchants A shares have rallied strongly since November 2006, and the A share discount to H share has almost closed. As a result, we see limited upside even to our revised price target for the A shares. We are maintaining an Equal-weight-V rating on the Merchants H shares.