GS 高盛-中国每日报告 08.14

China-Daily-Insights 08.14 12页

Today’s focus
Asia Economics Data Flash: China CPI data: Strong acceleration in July
Asia Economics Data Flash: China July data: Notable acceleration in money supply growth
Phoenix Satellite Television (8002.HK): 2Q07 results: better quarter on China Mobile payment, cost control
Xinyi Glass (0868.HK): 1H 2007 earnings up 114% yoy, in line with our bullish estimates
Tencent Holdings (0700.HK): 2Q07 results preview: forecast more advertising, less games
China: Telecom Services: 2Q07E preview: upside potential for CM, downside risks for CU
China: Metals & Mining: Interim likely upside surprise for sub-sectors coming out of trough
COSCO Pacific (1199.HK): Upgrading to Neutral from Sell; risk/reward more favorable
People's Food Holdings (PPFH.SI): Tight supply and higher price of hogs hurt 2Q07 earnings
Headline news
Overhaul of overseas State-owned assets to end in August (China Daily)
China Will Sell 30 Billion Yuan of Central Bank Bills (Bloomberg)
China Ends Limit on Company Foreign Currency Holdings (Bloomberg)
Rising house prices show no sign of stopping in China (Xinhua)
FDI growth slows in July to US$5bn (Shanghai Daily)
Asia Economics Data Flash: China CPI data: Strong acceleration in July, Hong Liang
• July year-on-year (yoy) CPI inflation accelerated strongly to 5.6%, from 4.4% in June. Sequential growth also picked up notably to 8.6% qoq sa. ann. from 5.2% qoq.
• PPI inflation remained largely flat at 2.4% on a yoy basis, mainly due to high base effects. Meanwhile, sequential momentum continued