中银国际-中信金融-业绩评论-

03.16 2页 英文

Rebounding. CITIC International Financial Holdings (CIFH) has
reported that its 2006 net profit attributable to shareholders rose 2.1%
YoY to HK$1.126bn from HK$1.103bn. While the net profit growth
was meagre, we are encouraged that the 2H06 pre-provision operating
profit (PPOP) actually grew 43.5% HoH, indicating that CIFH’s core
operations had started to rebound from the trough in 1H06. In 2007,
we expect CIFH’s earnings to benefit from the income from 15%-held
associate China CITIC Bank. We reiterate our Outperform rating on
the CIFH due to its exposure to the fast-growing China banking sector
and stick to our price target of HK$7.80