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China State Shipbuilding                                                                               abc 
   Machinery
   27 June 2008

Contents

Investment summary                                          4

Initiate coverage                                           4
Valuation and risks                                         6

Progressive acquisitions                                    9

Business overview                                           9
Business strategy                                          11
Shareholding structure                                     14
Share price performance                                    14

Earnings forecasts                                         15

Earnings forecasts                                         15

Segment outlook                                            18

Shipbuilding                                               18
Vessel engines                                             19
Ship repairing                                             20

Valuation                                                  22

The MACC model                                             22
Catalysts                                                  24

Risks                                                      25

Financials                                                 28

Disclosure appendix                                        31

Disclaimer                                                 34

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[此贴子已经被作者于2008-7-22 13:12:42编辑过]