HSBC 汇丰：中国银行股深度研究　

HSBC:China Banks 5 February 2007

02.05　　 50页 英文原版

􀀗 Upgrade Chinese banks in our coverage universe based on our more optimistic outlook on growth and improving fundamentals.
􀀗 FY2006 earnings announcements expected in March could be a catalyst with banks having “headlined” double-digit profit growth Our top picks are CMB and CCB with 22% and 17% price upside, respectively

Contents

Investment summary 2
Sector Outlook 2007 4
Margins expand… 5
Loan growth remains strong… 6
Asset quality unlikely to threaten earnings… 7
Fees…becoming a new treasure? 8
More to come… 9
Higher forecasts 11
Earnings…up, up, up 11
Upgrade earnings on fee income and tax rate 12
Price-to-book valuation 13
Regional comparisons 13
Valuation 13
A share multiples 14
Higher target prices 14
Ratings 14
Company Profiles 17
China Merchants Bank 19
China Construction Bank 25
Bank of China 30
Industrial and Commercial Bank of China 35
Bank of Communications 40
Disclosure appendix 44
Disclaimer 49

[此贴子已经被作者于2007-2-12 7:41:27编辑过]