摩根斯坦利：中国交通 银行

MS ：Bank of Communications－Upgrade to Equal-weight on Recent Pullback

14页 英文 March 9, 2007

Upgrade to Equal-weight; PT to HK$8.27: After its recent pullback, BoComm is trading at less expensive levels on 2008E P/B of 2.6x and 2008E P/E of 16.7x. BoComm’s 2006 net profit was 4% lower than our expectation, but key metrics were broadly in line.Earnings sweet spot: Bocomm reported NIM expansion (11 bps YoY), strong loan growth (20% YoY in 2006) with improving mix, strong fee growth (of 36% YoY), and improving efficiency (cost income ratio down 3.6 ppts in 2006). Positive tax benefit will kick in in 2008. Asset quality trend mixed, neutral on balance: BoComm reported a higher coverage ratio (14 ppts YoY YoY), a 10% reduction in overdue loans (90D+) QoQ, and stricter impaired loan recognition in 4Q06. Impaired loans were higher QoQ, due in part to a more conservative approach

[此贴子已经被vbbill于2007-3-18 9:25:52编辑过]