| BUY |
Closing
Price |
Target |
Sell |
Closing
Price |
| Sinopec (386): 2006 net profit was above market expectations
by about 10%. We have revised upward our profit forecasts for
2007. |
$7.15 |
($8.50) |
China Mobile (941): Its 1Q ARPU fell to only RMB85, down
8.6%. |
$72.60 |
| CNOOC (883): 2006 results were above market expectations.
Will benefit from rising oil prices this year. |
$6.99 |
($7.80) |
Hutchison (13): 2006 profits were lifted by asset sales
only. Switch to Cheung Kong. |
$78.95 |
| Zijin Mining (2899): Gold prices are expected to stay firm
in 2007. |
$4.58 |
($4.66) |
New World (17): 06/07 1H results were well below market
expectations, with net profit falling 35%. |
$20.10 |
| HSB (11): 2006 results are in line with market expectations.
|
$110.90 |
($117.00) |
PICC (2328): Forecast PER at 24 times, should be below 20
times. |
$4.82 |
| PetroChina (857): FY06 net profit was in line with market
expectation. PE ratios are too low. |
$10.12 |
($10.40) |
ICBC (1398): P/B and PE ratios are on the high side. |
$4.32 |
| Cheung Kong (1): 2006 net profit rose 29%, above market expectation.
|
$109.00 |
($110.00) |
Merchants Bank (3968): Extremely overbought, both P/B and
PE ratios are too high. |
$19.84 |
| HSBC (5): 2006 results are in line with market expectations.
|
$146.70 |
($153.00) |
|
|
High 21,000
Low 20,400
47.29
8.77
