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Contents
China
Frank GongAC
(852) 2800 7006
frank.fx.gong@jpmorgan.com
J.P. Morgan Securities (Asia Pacific) Limited
See page 38 for analyst certification and important disclosures, including non-US analyst disclosures.
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Recommendation/Forecast Changes
Bank of Communications Co (Neutral), Samuel Chen
3Q08 results: Operating trends in line with peers; we cut FY09/10 estimates on
lower NIM and fees
China Railway Group Limited (Neutral), Edmond Lee, CFA
3Q08 net income dragged down by FX loss; net debt position also a negative
surprise
Huadian Power International - H (Underweight), Edmond Lee, CFA
3Q08 net loss worse than expected again; UW maintained also on >400% net
gearing
Parkson Retail Group Ltd (Underweight), Vineet Sharma, CFA
Better options elsewhere
Sinopec Corp - H (Neutral), Frank Li
Upgrade to Neutral
Results and Company Views
China Cosco Holdings, Ltd. (Overweight), Johnson Man Leung
Maybe the last good quarter - ALERT
China Unicom (Underweight), Jimmy Cheong
Below-par 3Q08 result highlights challenges ahead
J.P. Morgan Daily Valuations