中银国际：The Raw and the Cooked

9 March 2007 (Friday) 26页 英文

The Cooked
Bank of Communications – Marketperform􀂩........................... 2
(3328.HK/HK$7.82; TP: HK$8.35􀂩) YUAN Lin, CFA
Rating Change — Bank of Communications’ 2006 net profit was 4% below
consensus. In our opinion, even if the results spark a share price correction, we
believe its possible A-share placement in 2Q07 may serve as a catalyst to drive
up its valuation. We upgrade our rating on Bocom to Marketperform.
ASM Pacific Technology – Underperform􀂪............................... 3
(0522.HK/HK$47.90; TP: HK$48.00􀂩) Winnie TANG, CFA
Rating Change — After posting a record profit in 2006, we expect earnings
momentum of ASMPT to slow down in 2007. We think the upside from the
current share price level is limited. We downgrade our call on the stock to
Underperform and set our new target price at HK$48.00.
Phoenix Satellite TV – Marketperform...................................... 5
(8002.HK/HK1.35; TP: HK$1.47􀂩) Allan NG
Earnings Change — Phoenix Satellite has announced that its attributable profit
for 2006 grew 17% YoY to HK$212m, about 16% higher than our forecast and
market consensus. We have raised our earnings forecasts for Phoenix by 15%
to HK$215m for 2007 and 11% to HK$247m for 2008. We have also raised our
target price to HK$1.47.
Zijin Mining – Outperform....................................................... 7
(2899.HK/HK$4.93; TP: HK$5.98􀂪) Belle CHAN
Earnings Change — We have trimmed our earnings forecasts for Zijin Mining
by 5.1% for 2007 and 6.1% for 2007 on lower gold price assumptions and
higher sales volume.
The Raw
Hong Kong Exchanges & Clearing – Marketperform................10
(0388.HK/HK$76.80; TP: HK$72.00􀂩) K.W. WONG, CFA
Results Comment — Hong Kong Exchanges & Clearing Ltd. (HKEx) reported
2006 net profit to shareholders rose 88.0% to HK$2.52 bn from HK$1.34 bn in
the prior year.
Hongkong Electric – Underperform ........................................13
(0006.HK/HK$40.30; TP: HK$ HK$36.00) Viola YIP, CFA
Results Comment — Hongkong Electric (HKE) has reported that its net profit
for 2006 came in down 20% YoY at HK$68.4bn (EPS HK$3.21), in line with our
forecast and market consensus.
Solomon Systech – Underperform...........................................14
(2878.HK/HK$1.40; TP: HK$1.50􀂪) Winnie TANG, CFA
Company Update — Although unit shipment looks to bottom out in 3Q06 and
Solomon Systech has taken a few steps to rectify its business development
strategy, we remain cautious of revenue growth in 2007.
Metals & Mining Weekly ......................................................15
Belle CHAN/LE Yukun
Sector Update — According to the data from the National Bureau of Statistics,
steel industry investment fell 2.5% to Rmb224.65bn in 2006 after five years of
annual growth of over 20%.
PetroChina said to be planning to issue 5bn A shares............16
(0857.HK/HK$8.90, OP) Lawrence LAW, CFA
Snippet — PetroChina plans to issue 5bn A shares at Rmb6 each to raise
Rmb30bn, the Hong Kong Economic Times has reported, citing China Oil News