GS 高盛：中国每日报告 04.04

China-Daily-Insights 11页

Today’s focus
Tencent Holdings (0700.HK): Reconciling the discipline of investing and the discipline of returns
China Netcom (0906.HK): Broadband optimism and capex cuts offset local phone declines
Clear Media (0100.HK): Beijing LED screens to boost earnings by ~10% in 08 and ~5% in 09
Huaneng Power International (H) (0902.HK): 2006 net income 9% above our estimate
Beijing Enterprises Holdings (0392.HK): No major surprises in 2006 result; Beijing Gas guidance reiterated
Xingda International (1899.HK): In-line 06 results; growth to accelerate in 07; Conviction Buy
Industrial and Commercial Bank of China (H) (1398.HK): In-line results; well executed, unique, growth strategy; maintain Buy