GS 高盛-中国每日报告 08.20

China-Daily-Insights 08.20 15页

Today’s focus
China: Portfolio Strategy: Keep faith in China fundamentals
Maanshan Iron & Steel (H) (0323.HK): Interim below due to start up cost, domestic exposure "sweet spot"
Clear Media (0100.HK): New borrowing likely to refinance convertible bonds
Bright Dairy (600597.SS): Sales growth still low; 1H07 profit up 8% yoy on exceptional income
Yanjing Brewery (000729.SZ): 1H07 earnings up 25% yoy on better volume and higher margins
Yantai Changyu Pioneer Wine (B) (200869.SZ): Strong growth again; 1H07 earnings up 37% yoy
Yanzhou Coal Mining (H) (1171.HK): Interim below expectations - likely a one off; maintain Buy
China Shenhua Energy (1088.HK): Interims in line, stay positive
Anhui Conch Cement (H) (0914.HK): Interim results in line; valuation still a concern
Jiangsu Expressway (H) (0177.HK): Strong results come as no surprise, maintain Neutral
China Overseas Land (0688.HK): TP upgrade to reflect faster and higher NAV accretion; Buy
Industrial Bank (601166.SS): Solid 1H07 as expected, upside from lower-than-expected LLPs
Beijing Capital Land (2868.HK): One-off disposal gain to boost earnings; upgrade forecasts and TP
Headline news
Expert blames high fiscal, corporate revenues for over investment (Xinhua)
China should consider QFII quota rise to $50 Bln, Official says (Bloomberg)
No let-up in foreign money in real estate (China Daily)
China to become second largest exporter this year (China Daily)
China has little influence on international pork trade: commerce official (People’s Daily)