中银国际-The Raw and the Cooked

30 March 2007(Friday) ３１页 英文

The Cooked
Shanghai Petrochemical — Outperform􀂩(H)/Underperform(A)....2
(0338.HK/HK$4.12; TP: HK$5.15􀂩) Lawrence LAU, CFA
(600688.SS/Rmb8.83; TP: Rmb7.21􀂩)
Rating Change — We have revised up our earnings forecasts for Shanghai
Petrochemical by 26% for 2007E and 36% for 2008E. We have also upgraded
our call on its H shares to Outperform from Marketperform.
Johnson Electric — Underperform 􀂪 .........................................5
(0179.HK/HK$5.30; TP: HK$4.40􀂪) Winnie TANG, CFA
Rating Change — We have cut our earnings forecasts for Johnson Electric by
24% its fiscal year to 31 March 2007 (FY07E) and 22% for FY08E. We have also
downgraded our rating on the stock to Underperform and lowered our
target price to HK$4.40.
Beijing Gehua CATV — Underperform .......................................6
(600037.SS/Rmb30.87; TP: Rmb21.40􀂩) Allan NG
Earnings Change — Gehua has reported that its attributable profit for 2006
grew 60% YoY to Rmb433m. We have raised our earnings forecasts for Gehua
by 19% to Rmb420m for 2007E and 11% to Rmb515m for 2008E.
Kingboard Chemicals — Underperform.....................................8
(0148.HK/HK$34.60; TP: HK$37.00􀂩) Winnie TANG, CFA
Earnings Change —We have upgraded our earnings estimates for Kingboard
by 7% for 2007E and 3% for 2008E, due to the better-than-expected margin
improvement in 2006. We also raised our target price to HK$37.00.
The Raw
CNOOC Ltd — Underperform...................................................10
(0883.HK/HK$6.83; TP: HK$6.11􀂪) Lawrence LAU, CFA
Results Comment — CNOOC’s net profit growth of 22% YoY in 2006 was in
line with our expectations. While we have not changed our forecasts much,
the company’s shares look expensive after past few days of movements.
China Unicom — Outperform (H/A).........................................12
(0762.HK/HK$11.32; TP: HK$13.00􀂩) Allan NG
(600050.SS/Rmb5.69; TP: Rmb6.60􀂩)
Results Comment — Unicom has reported that its recurrent net income for
2006 grew 24.3% YoY to Rmb6.13bn, 1.7% above our estimate and exceeding
market forecasts.
Dongfeng Automobile — Underperform..................................15
(600006.SS/Rmb6.38; TP: Rmb4.77􀂩) Eric HU, CFA
Results Comment — Dongfeng Automobile (DA) has reported that its net
profit for 2006 grew 10% YoY to Rmb434m.
China COSCO Holdings — NR ..................................................16
(1919.HK/HK$7.24) Jimmy LAM, CFA
Results Comment — China COSCO Holdings has reported that its net profit
for 2006 fell 63.6% YoY to Rmb2.03bn.
Sichuan Expressway — NR.......................................................18
(0107.HK/HK$1.80) Patrick LI
Results Comment — Sichuan Expressway has reported that its net profit for
2006 grew 18% YoY to Rmb292.9m on a revenue increase of 6.6% YoY.
Yantai Changyu Wine — Outperform.......................................19
(000869.SZ/Rmb56.80; TP: Rmb67.30􀂩) CHEN Lei
(200869.SZ/HK$37.60; TP: HK$56.10􀂩)
Company Update — We have revised up our earnings forecast for Changyu
by 2% for 2007E and 3% for each of 2008E and 2009E. We have also raised our
target prices for the A and B shares to Rmb67.30 and HK$56.10, respectively.
Snippets
Institutional investor places 61.9m Li & Fung shares ...................21
Lingbao Gold acquires mining company.......................................21
PetroChina gas discovery said to be biggest since 1949..............21