GS 高盛：每日中国报告 08.24

China Daily Insights 08.24 13页

Today’s focus
China Unicom (0762.HK): Improving slightly, but momentum still eclipsed by China Mobile
PetroChina (0857.HK): Inline 1H results; upside risk from exploration & asset injections
Asia Pacific: Transportation: Shipping: Resilient dry bulk demand
Huadian Power International (H) (1071.HK): Weak 1H07 results below expectation; 16% decline in utilization
Gome Electrical Appliances Holding (0493.HK): Strong results show continued improvement in operations
Bank of China (H) (3988.HK): Solid 1H operation but FX uncertainty to subprime overhang
CITIC Int'l Financial (0183.HK) Buy: Misunderstood, mispriced and outdelivering on three fronts; to Buy
Industrial and Commercial Bank of China (H) (1398.HK): 1H07 results: rapid earning growth/ROA expansion; Buy
Headline news
Small-fry mainland investors ruled out (Shanghai Daily)
Gold demand rises in a special year (Shanghai Daily)
China Ministry: China will soon be 3rd largest US export market (Dow Jones)
Housing loans discouraged to curb raging property prices (China Daily)
China's power demand grows 15% in 1st seven months (China Daily)
China Unicom (0762.HK): Improving slightly, but momentum still eclipsed by China Mobile, Helen Zhu
• News: China Unicom (CU, 0762.HK, HK$13.40, Neutral) reported 1H07 profit of Rmb 3.77bn (excluding convertible bond losses), in line with our estimate of Rmb 3.67bn and consensus. Most line items and KPIs were in line with our forecasts. Positives included: 1) 1H07 S&M expenses down 8% yoy (although this was partly due to CDMA subsidy amortization booking being Rmb200m lower than actual cash spend); 2) stable depreciation for the past three interims; 3) slightly narrowing net interconnection losses