Contents
Investment summary.........................................................................................................3
Potential significant slowdown in loan growth in 2010....................................................7
Uncertainty about a NIM rebound in 2010 .....................................................................12
Potential improvement in operating efficiency...............................................................16
Asset quality is a key swing factor .................................................................................23
Valuation and recommendation ......................................................................................32
Company section
Bank of China (3988 HK)........................................................................................36
Bank of Communications (3328 HK)......................................................................40
China Construction Bank (939 HK) ........................................................................44
China CITIC Bank (998 HK) ..................................................................................48
China Merchants Bank (3968 HK) ..........................................................................52
Industrial and Commercial Bank of China (1398 HK)............................................56