1. business and industrial

Morning Express
05 November 2014
Focus of the Day
Indices
Consumer Staples Sector
Summer Breeze「夏天小语」: Reaffirm SELL on Want Want (151 HK) on
market share loss risk
Summer WANG
summer.wang@bocomgroup.com
MP
UP
OP
Yihaodian is marketing Anchor-branded UHT milk for children during 1-9 Nov. To our
knowledge, this should be the first imported milk particularly for children (under a
mainstream foreign dairy company/brand) sold at Yihaodian, the nation’s #1 e-commerce
platform mainly for consumer staples. We highlight three selling points for Anchor’s
children-oriented milk to the Chinese parents and grandparents: (1) 100% imported from
New Zealand; (2) health benefits - using fresh milk (rather than milk powder) and fruit
juice (instead of white sugar); and (3) “buy one pack, get one free” promotion by
Yihaodian (though the promotion ads disappeared on 4 Nov quickly). In our opinion,
Anchor could expand the production and increase penetration of its kids’ milk across
China if this SKU receives positive feedback from the Chinese shoppers (which is highly
possible). Coupled with a handful of other children milk launched by the domestic players,
we believe bigger threats could be facing Want Want (151 HK) ahead. In light of the rising
market share loss risk, we lower the target P/E to 20.8x (20% discount to Tingyi’s 26.0x,
vs previously 10% discount). By rolling over to 2015E EPS (from 2014/15E EPS), we reach
our new TP at HK$9.40 (from former HK$9.80). Reaffirm SELL on Want Want. Our
preferred name in the dairy sector is Shengmu Organic Milk (1432 HK, BUY, TP HK$4.20)
with notable re-rating potential.
Brilliance China (1114.HK)
Neutral
More affirmative on the 2014 high-growth outlook
Wei YAO
Last Closing: HK$13.54
wei.yao@bocomgroup.com
Upside: +30.0%
LT
BUY
BUY
SELL
Stock
Target Price: HK$17.60→
1. BMW GY released its 3Q results, of which 3Q investment gains reached 0.17 bn
euro, equivalent to RMB1.389 bn, up 37% YoY. According to the corresponding
relationship between the investment gains of BMW GY and that of Brilliance China,
by our conservative estimate, 3Q investment gains of Brilliance China reached
approximately RMB1.432 bn, accounting for approximately 79% of our estimated
profit for 2H. The release of 3Q results will further strengthen the estimated
Download our reports from Bloomberg: BOCM〈enter〉
Close
HSI
23,846
H Shares
10,728
SH A
2,545
SH B
264
SZ A
1,414
SZ B
970
DJIA
17,384
S&P 500
2,012
Nasdaq
4,624
FTSE
6,454
CAC
4,130
DAX
9,166
Source: Bloomberg
1d %
-0.29
0.63
0.03
-0.42
-0.55
-1.47
0.10
-0.28
-0.33
-0.52
-1.52
-0.92
Ytd %
2.31
-0.82
14.93
3.90
28.14
11.72
4.87
8.86
10.70
-4.37
-3.86
-4.04
Close
82.82
1,169.31
16.05
6,720.00
113.47
1.60
1.26
3m %
-21.43
-9.27
-18.84
-5.01
-9.58
-5.21
-6.15
Ytd %
-25.25
-3.01
-17.56
-8.70
-7.19
-3.33
-8.65
bps change
HIBOR
0.37
US 10 yield
2.33
Source: Bloomberg
3m
0.00
-0.15
6m
0.00
-0.27
Indicators
Brent
Gold
Silver
Copper
JPY
GBP
EURO
HSI Technical
HSI
50 d MA
200 d MA
14 d RSI
Short Sell (HK$m)
Source: Bloomberg
BOCOM Int'l Corporate Access
11 Nov
Kingsoft (3888.HK)
23,846
23,960
23,180
56
7,060
Morning Express
05 November 2014
completion rate for the whole year. 2. The profit margin of BMW Brilliance is set to
exceed full-year guidance. 3. 3. BMW 3-series and X1 are drivers of growth for 2014.
4. The company will enter the stage of product introduction after 2016. 5. We
maintain Buy. BMW’s 3Q results further affirmed the feasibility of our full-year
assumptions. We still uphold our earnings estimates of the company, and anticipate
2014/15/16 EPS to be RMB1.06 /RMB 1.16 /RMB 1.42. The stock is trading at 14/15
PE of 10.1/9.2x, which is at the lower level of its historic valuation range. We
maintain Buy rating and keep our TP of HK$17.6. Catalysts come from 1) the
strong-than-expected monthly sales; 2) the swap of valuation base number by year
end; and 3) better-than-expected annual results. The risks involved are attributable
to the risk of economic downturn and lower-than-expected sales due to
anti-monopoly.
Hang Seng Index (1 year)
26,000
25,000
24,000
23,000
22,000
21,000
Source: Company data, Bloomberg
HS China Enterprise Index (1 year)
13,000
12,000
11,000
10,000
9,000
8,000
Sohu (SOHU.US)
Neutral
Sogou and mobile games as near-term drivers; lift
TP on improving Sogou performance
Yuan MA
Last Closing: US$50.3
BUY
SELL
yuan.ma@bocomgroup.com
Upside: 17.3%
LT
BUY
Source: Company data, Bloomberg
Shanghai A-shares (1 year)
Stock
2,600
Target Price: US$59.0↑
2,400
Sohu 3Q14 bottom line beat consensus. Revenue was US$430mn, 2% lower than
consensus but in line with our estimate. Sohu Video’s ad revenue grew by 40% YoY even
though there were no popular TV shows during the quarter, in line with management
guidance. Attributable to the strong licensed drama library and self-produced programs,
Sohu video’s traffic in 3Q doubled from the level in the beginning of 2014. 60% of the
total traffic was from mobile. The acquisition of 56.com will continue to contribute more
contents in the future. Sogou’s revenue grew by 88% YoY and 16% QoQ. Sogou's mobile
search traffic grew rapidly at 20% QoQ, though mobile search volume was still less than
PC volume. Mobile revenue accounted for about 15% of its total revenue. We continue to
be positive on Sogou as it is one of the only two companies that have search business on
both PC and mobile. In addition, Wechat search differentiates itself from its competitors.
Game revenue fell in 3Q, and is expected to grow by US$5-15mn driven by mobile games
and newly launched MMO games. The resignation of Wang Tao won’t affect much of the
company strategy and we believe Carol Yu, CFO of Sohu, who has been nominated as
co-CEO, will have better control of the margin level of Changyou in the future. Lift TP to
US$59 and maintain Neutral.
HSBC (5.HK)
Neutral
Expense growth led to lower-than-expected earnings
Shanshan LI
Last Closing: HK$78.25
lishanshan@bocomgroup.com
Upside: +11.65%
Target Price: HK$87.37→
Download our reports from Bloomberg: BOCM〈enter〉
LT
BUY
BUY
SELL
Stock
2,200
2,000
1,800
Source: Company data, Bloomberg
Shenzhen A-shares (1 year)
1,500
1,400
1,300
1,200
1,100
1,000
900
800
Source: Company data, Bloomberg
Morning Express
05 November 2014
9M14 net profit attributable to the shareholders of the parent company dropped
2.3% YoY, lower than the consensus of 4.8%, mainly due to the higher-than-expected
operating expenses. The interest-earning assets of its major businesses declined QoQ.
9M14 cost efficiency ratio was 62.5%, up 2.9 ppts YoY, mainly due to lower revenue
and higher expenses. The booked benchmark operating expenses rose 4.9% YoY, the
first positive growth since 1Q13. 3Q14 NIM stabilized QoQ. Industrial, commercial
and financial businesses showed better performance. The YoY decline in pre-tax
profit mainly came from other businesses in Asia. We trim our FY14/15E earnings
estimates by 3.1%/11.1%. Maintain Neutral.
Energy Sector
Bocom Energy Weekly
Fei WU
fei.wu@bocomgroup.com
MP
UP
OP
This week, crude oil continued its slide to reach a four-year low. In China, a few oil
services companies reported their Q3 operating data, in addition to the regular reporting
from big oils and petrochemical companies.
Cheung Kong (1.HK)
Neutral
HK$15.7bn-ticket to aircraft leasing
Alfred Lau
Last Closing: HK$135.50
BUY
SELL
alfred.lau@bocomgroup.com
Upside: +7.2%
LT
BUY
Stock
Target Price: HK$145.2
What new?
Cheung Kong announced the acquisition of 60 aircrafts (45 aircrafts + 15 aircrafts @ 60%
stake) for US$2.02bn (or HK$15.7bn). All aircrafts are Boeing 737 or above class, or
mostly Airbus A320 or above. The average age of the aircrafts is about 1.8-4.1 years,
and they are currently leased to various airlines for 6-9 years in the remaining terms. The
company views this segment as a long-term steady income stream for the group.
Comment:
The acquisition marks CK's further diversification and entry into the aircraft leasing
business. Despite no profit forecast in the announcement, we estimate this aircraft
leasing business could yield a gross recurring income of 5%+ or close to HK$800m per
year. And we believe the company can finance the acquisition by internal resource, given
its HK$33bn cash on hand and only 4.1% net gearing as of June 2014. We estimate net
gearing will only increase to 8.4% following the acquisition, which is still low in our view.
While we agree the aircraft acquisition is value-enhancing, this also suggests that CK,
again, sees HK/China property not attractive enough as compared with the overseas
infrastructure/utility business, which is also an advantage to the company, as it has a
worldwide acquisition platform, tapping different cycles / entry points of various business
globally. Therefore, we believe the company may not need to rush for property
development and may see fewer catalysts in the near term. And we believe investors can
also opt for Hutchison (13 HK, NR) if they are interested in overseas investment, as well
as betting on Europe's recovery. We maintain Neutral on Cheung Kong, and a target price
of HK$145.2, based on a 40% ex-Hutch NAV discount
Download our reports from Bloomberg: BOCM〈enter〉
Morning Express
Target company Aircrafts
GECAS
BOCA
JSA
MCAP and JVA
11 Airbus A320-200; 8 Boeing 737-800; 2 Boeing 737-900ER
3 Airbus A320-200; 1 Airbus A330-300; 1 Boeing 737-700 aircraft; 3 Boeing 737-800; 1 Boeing 737-900ER; 1 Boeing 777-300ER aircraft.
1 Airbus A319-100; 7 Airbus A320-200; 1 Airbus A321-200; 3 Boeing 737-800; 2 Boeing 737-900ER
8 Airbus A320-200; 5 Boeing 737-800; 1 Boeing 787-8; 1 Boeing 777-300ER
Total
Source: Company
Download our reports from Bloomberg: BOCM〈enter〉
05 November 2014
Average age Average remaining lease term Consideration Consideration
(years)
3.1
4.1
2.6
1.8
(years)
6.5
6.3
8.1
9.0
(US$m)
816
492
584
132
(HK$bn)
6.3
3.8
4.5
1.0
2,024
15.7
05 Nov 2014
「夏天小语
夏天小语」: 0005
Summer Breeze「 夏天小语
夏天小 语 」
Consumer Staples Sector
UP
MP
Reaffirm SELL on Want Want (151 HK) on market share loss risk
Yihaodian is marketing Anchor-branded UHT milk for children during 1-9 Nov. To our
knowledge, this should be the first imported milk particularly for children (under a
mainstream foreign dairy company/brand) sold at Yihaodian, the nation’s #1 e-commerce
platform mainly for consumer staples. We highlight three selling points for Anchor’s
children-oriented milk to Chinese parents and grandparents: (1) 100% imported from New
Zealand; (2) health benefits - using fresh milk (rather than milk powder) and juice (instead
of white sugar); and (3) “buy one pack, get one free” promotion by Yihaodian (though the
promotion ads disappeared on 4 Nov quickly). In our opinion, Anchor could expand the
production and increase penetration of its kids’ milk across China if this SKU receives
positive feedback from the Chinese shoppers (which is highly possible). Coupled with a
handful of other children milk launched by the domestic players, we believe bigger threats
could be facing Want Want (151 HK) ahead. In light of the rising market share loss risk, we
lower the target P/E to 20.8x (20% discount to Tingyi’s 26.0x, vs previously 10% discount).
By rolling over to 2015E EPS (from 2014/15E EPS), we reach our new TP at HK$9.40 (from
HK$9.80). Reaffirm SELL on Want Want. Our preferred name in the dairy sector is
Shengmu Organic Milk (1432 HK, BUY, TP HK$4.20) with notable re-rating potential.
OP
Summer Wang
Summer.wang@bocomgroup.com
Tel: +852 2977 9221
Presently, Want Want is the only mainstream children milk brand which is made of
milk powder. Other key players including Shengmu, Mengniu, Yili and Bright Dairy all
use fresh milk to manufacture their UHT milk for children, while Shengmu and Mengniu
even offer organic children’s milk. It is inevitable that Want Want would face tougher
days ahead given the increasing availability of children milk with fresher raw material,
in our view. Despite that Want Want may start to offer fresh milk-based dairy
products (evidenced by its purchase of raw milk from Shengmu), it takes time.
We currently forecast 1.5%/6.1% YoY growth of Want Want’s dairy revenue in
2H14E/2015E. The company’s dairy segment, led by Hot-kid milk, contributes almost
60% of Want Want’s operating profit. Our 2014-16E earnings forecasts are 6%-9%
below street consensus. We believe market share gain with reduced product
concentration risk would be the top thing to watch rather than margin progression on
lower milk powder cost (largely factored in) in Want Want’s case in the next few years.
Upside risk to our call includes its faster launch of new fresh milk-based dairy products.
Figure 1: Prices of children-oriented UHT milk by brand
Company
BBG code
Product name
Chinese name
Shengmu
1432 HK
Shengmu organic children white milk
Mengniu
2319 HK Future Star organic children white milk
Fonterra
FCG NZ
Anchor children white milk
MD Group
NA
Balibar children white milk
Mengniu
2319 HK
Future Star children white milk
Yili
600887 CH
QQ Star children white milk
Bright Dairy
600597 CH
Brigth Dudu children white milk
Sanyuan
600429 CH
Sanyuan children white milk
Want Want
151 HK
Hot-kid milk
Overall average price
Organic
Non-organic
圣牧全程有机儿童奶
蒙牛未来星儿童成长有机牛奶
安佳新西兰进口儿童牛奶
芭乐芭全脂儿童成长纯牛奶
蒙牛未来星儿童成长牛奶
伊利QQ星儿童成长牛奶
光明嘟嘟儿童高品质牛奶
三元妙乐星儿童牛奶
旺仔牛奶
Source: BOCOM Int’l price check on Yihaodian on 4 Nov, 2014
Download our reports from Bloomberg: BOCM [enter]
Key raw material Retail price
Unit price
Vs Overall Specification
(RMB/box) (RMB/190ml) average price
Organic fresh milk
62.8
5.2
9% 190ml x 12
Organic fresh milk
57.0
5.7
18% 190ml x 10
Fresh milk
168.0
6.2
29% 190ml x 27
Fresh milk
85.0
8.1
68% 200ml x 10
Fresh milk
42.9
3.6
-26% 190ml x 12
Fresh milk
54.0
3.6
-25% 190ml x 15
48.0
4.0
-17% 190ml x 12
Fresh milk
41.8
3.3
-31% 200ml x 12
Fresh milk
56.9
3.6
-25% 250ml x 12
Milk powder
4.8
5.5
14%
4.6
-4%
Shelf life
(months)
6
6
10
12
6
6
6
6
9
05 November 2014
Last Closing: US$50.3
Upside: 17.3%
Target Price: US$59.0↑
Internet Sector
Sohu (SOHU.US)
UP
MP
Sogou and mobile games as near-term drivers; lift TP on improving
Sogou performance
OP
Financial Highlights
Y/E 31 Dec
2012
Revenue (US$m)
1,067
YoY growth
25%
Net profit (US$m)
177
YoY growth
-23%
EPS (US$)
2.55
DPS (US$)
Dividend yield
PE
19.8
Source: Company, BOCOM Int’l estimates
2013
1,400
31%
167
-6%
1.84
27.3
2014E
1,662
19%
-184
-210%
-3.54
-14.2
2015E
2,114
27%
-158
-14%
-2.85
-17.7
2016E
2,473
17%
8
-105%
0.70
71.5
Stock
Attributable to Sohu’s strong library of
licensed drama and self produced programs,
its video traffic in 3Q doubled from the
beginning of 2014, 60% of the total traffic
was attributable to mobile. The acquisition of
56.com will continue to offer more diversified
contents in the future.
We continue to be positive on Sogou as it is
one of the only two companies that have
search business for both PC and mobile. In
addition, Wechat search has differentiated
itself from its competitors.
Management expects 3.3%-10% QoQ growth
in revenue in 4Q14, given the good
performance of Fantasy Frontier ol and
TLBB. We think the resignation of Mr. Wang
Tao will not change the company’s key
strategy in both PC and mobile fields. With
the nomination of Carol Yu, CFO of Sohu, as
co-CEO, we believe the company will better
control the margin level of Changyou in the
future.
Maintain Neutral and lift TP to US$59.
Video ads to drive further ad revenue growth. 1) Branded ad revenue grew by 19% YoY and 12%
QoQ, respectively to US$149mn in 3Q14. 2) Auto, FMCG and real estate ad contributed 20% of total
branded ad revenue. 3) Sohu Video’s ad revenue grew by 40% YoY, even when there were no
popular TV shows during the quarter. The growth was in line with management guidance.
Attributable to strong licensed drama library and self produced programs, Sohu video’s traffic in 3Q
doubled from the beginning of 2014. 60% of the total traffic was attributable to mobile. The
acquisition of 56.com will continue to offer more diversified contents in the future, i.e. UGC (user
generated content/PGC (professional generated content)), which will also help increase Sohu video
penetration in the future. A subscription fee model in the forms of either monthly payment or
pay–to-watch model is to be rolled out soon.
Game revenue fell in 3Q. We expect growth of US$5-15mn driven by mobile games and newly
launched MMO games; the resignation of Wang Tao won’t affect much of the company’s strategy.
Game revenue decreased by 2% QoQ and 7% YoY to US$150mn, lower than the management
guidance of US$158-163mn. The decrease was mainly due to the reduced revenue from TLBB given
the new strategy of TLBB featuring an easier play mode, the lower user spending in the short run
and the decrease of web games Wartune and DDTank. Average MAU (MMO/web games/mobile
games) during the quarter increased from 24mn to 29mn sequentially, mainly due to growing active
accounts of TLBB after the release of new expansion packs and the launch of new game – Fantasy
Frontier ol (幻想神域). MAU of the Changyou 17173 platform channel grew to 275mn, up 9% QoQ
and 178% YoY, attributable to the company’s continuous focus on its mobile expansion strategy.
Among the users, there were 84mn MAU of mobile apps, and users of 17173 website doubled from
last year as video contents increased. Besides TLBB, newly launched game Fantasy Frontier ol
received very positive feedback during the quarter, with 100k PCU in the 1st week of launch. Web
games have entered into the maturity phase. The company would focus more on the operation of
the web game platform and has seen positive result with about US$2mn in revenue increase. On the
mobile front, the mobile version of TLBB 3D was launched on 29 Oct and the DAU passed 1mn on
the first day of launch. By year-end, another new game Echo of Souls (灵魂回响), together with
some new mobile games, ie, Qin Shi Ming Yue (秦时明月) are scheduled to be launched.
Management expects 3.3%-10% QoQ growth in revenue in 4Q14, given the good performance of
Fantasy Frontier ol and TLBB. We think that the resignation of Mr. Wang Tao will not change the
company’s key strategy in both PC and mobile fields. Carol Yu, CFO of Sohu, was nominated as
Co-CEO, who will have better control of the margin level of Changyou in future.
Lift TP to US$59; maintain Neutral. The company will maintain Changyou’s strategy of investing in
in the Internet field and also expanding into the mobile game business. Adding that spending on
videos and Sogou will continue, we maintain our rating but lift TP to US$59, on
better-than-expected Sogou performance. In addition, we think that the appointment of Carol Yu
may improve Changyou’s margin and the new management team may change the company’s future
investment strategy.
Download our reports from Bloomberg: BOCM〈enter〉
BUY
SELL
3Q14 bottom line beat consensus: Non-GAAP fully diluted EPS attributable to Sohu was US$-0.61,
better than consensus of US$-0.825 and our estimate of US$-0.85. Revenue was US$430mn, up 8%
QoQ and 17% YoY, 2% lower than consensus but in line with our estimate. Net loss before
non-controlling interest was US$32mn and non-GAAP net loss attributable to Sohu was US$22mn,
better than the management guidance of a net loss of US$29-33mn.
Sogou was profitable for two consecutive quarters, driven by strong revenue growth. Sogou’s
revenue grew by 88% YoY and 16% QoQ. Sogou's mobile search traffic grew rapidly with a 20% QoQ
growth, though the mobile search volume was still less than that of PC. Mobile revenue accounted
for about 15% of the total revenue. Sogou has 50-60k clients and spending per customer of
USD1,500, up 18% QoQ. Mobile RPM (revenue per thousand searches) was 40% of that of PC.
Sogou’s PC RPM was 60% higher than its competitors, but mobile RPM was 50% lower than its peers.
Mobile CPC is close to the PC side. We continue to be positive on Sogou as it is one of the only two
companies that have search business for both PC and mobile. In addition, Wechat search
differentiates itself from its competitors.
LT
BUY
Neutral
Stock data
52w High
52w Low
Market cap (US$m)
Issued shares (m)
Avg daily vol (m)
1-mth change（%）
YTD change（%）
50d MA
200d MA
14-day RSI
Source: Company data, Bloomberg
87.68
42.03
1,935
38
1.16
3.16
-31.03
50.61
59.94
61.82
1 Year performance chart
sohu us Equity
AHXH Index
MXCN Index
40%
20%
0%
N/13
J/14
A/14
J/14
-20%
-40%
Source: Company data, Bloomberg
Ma Yuan (Martina), Ph.D
Yuan.ma@bocomgroup.com
Tel: (8610) 8800 9788 - 8039
Gu Xinyu (Connie), CPA
conniegu@bocomgroup.com
Tel: (8610) 8800 9788 - 8045
S/14
05 November 2014
Energy Weekly
Energy Sector
Bocom Energy Weekly
MP
UP
OP
Sector news around the block
Sinopec Yizheng Chem (1033 HK) loss Rmb2bn in first three quarter. Yizheng’s Q3
recorded a net loss Rmb 262m to bring the first three quarters of loss to Rmb2bn
from a net loss of Rmb0.69bn in the same period last year. Yizheng had initiated a
reform plan to acquire Sinopec Oilfield Service Co in Sep. to avoid a third consecutive
year of loss.
This week’s energy updates:
Sinopec buy Saudi refinery stake
with US$562mn.
Russia and Ukraine reached gas
agreement.
Anton Oil (3337 HK) released strategy guidelines for next three years. Anton
announced strategy guideline for 2015 to 2017 on Nov 03, with 2015 order backlog
details for the two segments. For the production operation service business, the
executable part of its order backlog in 2015 amounts to about Rmb140mn, in
addition to Rmb150mn for the workover service business.
Yizheng Chemical (1033 HK) loss
Rmb2bn in first three quarter
NDRC oil product prices were
adjusted down on Oct 17, for the
seventh consecutive time.
rd
PetroKing (2178 HK) announced Q3 operating data. The company released 3
quarter operating data on Oct 31. For the production enhancement business, 54
wells in China, of which 43 wells were fully completed. Drilling business achieved 12
wells in China and 10 wells were completed. Its well completion business provides
five wells, of which four were completed. The company commented the domestic
market showed signs of recovery in Q3 compared with 1H this year.
Brent Crude Price
USD/bbl
Brent
120
Brightoil bid Newfield Global for upstream assets. Brightoil Petroleum said Monday
that low oil prices are prompting it to bid. Newfield indirectly holds interests in 2
upstream oil and gas blocks in China, 12% interest in Bohai bay block 05/36 and a
49% interest in Pearl River Block 16/05. The bid results will come out in Dec this year.
NDRC oil product prices adjusted down (Oct 31, 2014). NDRC’s latest product price
adjustment on Oct 31 saw gasoline and diesel prices adjusted down Rmb245/tonne
and Rmb235/tonne (Rmb0.18/liter and Rmb0.20/liter), decreasing 3.2% and 3.4%,
respectively. Prices have been cut seven times since June 23; gasoline and diesel
prices dropped 1325 and 1275 Rmb/tonne.
115
110
105
100
95
90
85
80
75
Nov-13
Jan-14
Mar-14
Performance
O&G
Last Price
Jul-14
Sep-14
WTI Crude Price
USD/bbl
WTI
120
Share price performance & commodities
May-14
Source: Company data, Bloomberg
115
1-D
1-Week
1-mth
3-mth
1H 2014
chg（%） chg（ %） chg（% ） chg（%） chg (%)
1-yr
YTD
chg（%） chg（%）
110
105
100
95
PetroChina
857 HK Equity
Sinopec
386 HK Equity
CNOOC
883 HK Equity
Gas Utility
Hong Kong China Gas 3 HK Equity
ENN Energy
2688 HK Equity
China Resource Gas
1193 HK Equity
Tianlun Gas
1600 HK Equity
Chem
Shanghai Petrochemical338 HK Equity
Oil Services
COSL
2883 HK Equity
Hilong
1623 HK Equity
Comm odities
Brent
WTI
Dubai
Cinta
Henry hub
Index
EUCRBREN Index
USCRWTIC Index
PGCRDUBA Index
APCRCNTA Index
NGUSHHUB Index
HSI
Shanghai
S&P 500
HSI Index
SHCOMP Index
SPX Index
9.60
6.66
12.02
0.4
0.0
-1.3
0.3
0.0
-3.4
-4.0
-0.4
-8.5
-5.0
-11.9
-14.8
15.2
16.7
-3.5
9.2
4.4
-22.6
12.9
5.2
-16.6
18.12
50.00
21.70
8.99
-0.3
-1.0
-1.4
0.8
0.7
-7.9
-2.5
-1.2
7.3
-1.6
1.9
-3.1
6.5
-10.9
-12.9
-2.8
-4.6
-2.9
-9.6
25.7
8.9
12.5
7.7
29.4
12.1
-12.8
-19.6
22.1
2.41
1.3
1.7
-6.2
-2.0
-3.1
19.9
8.1
15.44
2.72
-2.3
6.3
-12.2
7.1
-23.2
-15.8
-20.4
-38.3
-22.5
-42.0
-30.9
-51.0
-35.8
-59.0
83.1
78.8
80.8
82.7
3.7
-0.6
-2.2
-3.0
0.3
-1.9
-2.6
-2.7
-3.8
-0.5
4.7
-9.1
-12.2
-12.4
-8.6
-6.0
-20.3
-19.5
-22.4
-19.1
-1.0
1.1
13.1
-2.4
0.4
2.7
-21.3
-16.7
-22.9
-23.9
7.3
-25.1
-20.0
-25.2
-24.6
-14.6
23846
2431
2018
-0.3
0.0
0.0
3.4
2.8
2.5
-3.1
9.3
4.1
2.8
13.1
14.1
2.3
14.9
9.2
90
85
80
75
Nov-13
Jan-14
Mar-14
May-14
Source: BOCOM Int’l, Bloomberg
Download our reports from Bloomberg: BOCM〈enter〉
-0.5
-3.2
10.9
Sep-14
Source: Company data, Bloomberg
Fei Wu
fei.wu@bocomgroup.com
Tel: (852) 2977 9392
Tony Liu
1.4
4.0
2.9
Jul-14
xutong.liu@bocomgroup.com
Tel: (852) 2977 9390
Morning Express
05 November 2014
Market Review
Hong Kong stocks fell on Tuesday. The Hang Seng Index dropped 70 points, or 0.3%, to
close at 23,845. The decline was mainly led by casino operators and developers. Sands
China (1928.HK) fell 3.3% and Galaxy Entertainment (27.HK) dropped 2.8% as gambling
revenue in Macau fell by 23% YoY in October. Hong Kong developers slumped after Fed
officials said an interest raise rise may come earlier than expected. Cheung Kong (1.HK)
fell 1.7% and Wharf (4.HK) dropped 1.9%. Mainland lenders rose. CQRCB (3618.HK)
jumped 4.1% and Bank of Chongqing (1963.HK) gained 1.7%.
The S&P 500 closed at 2,012.10 on Tuesday, down 5.71 points, with energy shares
leading the market lower as crude oil prices declined for a fourth straight day. The DJIA
gained 17.60 points, or 0.1%, to 17,383.84. European stocks fell. The Stoxx Europe 600
slumped 1.01% to close at 330.88.
News Reaction
Mainland government studying the likely loosening of the NPL write-off mechanism. As
reported, the mainland government is drafting measures to reduce and waive loans of
financial enterprises. The policy is set to be rolled out in the near term and the
centerpiece of which is to strengthen the reduction, waiver and write-off of bad debts of
financial enterprises, especially banks, so as to eliminate banks’ concerns on the grant of
SME loans.
Interbank deposits of domestic banks hurdled over RMB100 bn for 3 consecutive
months. It is reported that interbank deposits continued to exhibit strong growth. Since
Aug, the amount of banks’ interbank deposits issued surged. As estimated by WIND, the
issue volume of interbank deposits in July had not yet reached RMB50 bn (RMB
hereafter), and soared to more than RMB100 bn for three consecutive months
afterwards with new record highs constantly. The issue volume in Oct reached RMB175.3
bn.
Repurchase of PBOC reached RMB20 bn with interest rate flat at 3.4%. PBOC
announced that a RMB20 bn 14-day repurchase exercise had been undertaken in the
open market today at a bid rate maintained at 3.4%.
SGCC commenced construction of UHV Project with a total investment of RMB68.3 bn.
SGCC commenced construction of its ‘‘Two AC, One DC’’ UHV project. The construction
covered Huinan-Nanjing-Shanghai, Ximeng-Shandong and Nindong-Zhejiang, involving a
total investment of RMb6.83 bn. All construction will be completed and put into
production in 2016, adding 26 GW to the transmission capacity.
Download our reports from Bloomberg: BOCM〈enter〉
Morning Express
05 November 2014
Economic releases for this week - USA
Date Time
5-Nov
6-Nov
7-Nov
7-Nov
7-Nov
Source: Bloomberg
Event
MBA mortgage applications
Initial jobless claims (k)
Change in Non-farm payrolls(k)
Change in Private payrolls(k)
Unemployment rate
Economic releases for this week - China
Survey
230.0
225.0
5.9%
Prior
-6.6%
287.0
248.0
236.0
5.9%
Date Time
-
Event
-
Survey
-
Prior
-
Source: Bloomberg
BOCOM Research Latest Reports
Data
04 Nov 2014
04 Nov 2014
04 Nov 2014
03 Nov 2014
03 Nov 2014
Report
COSL (2883.HK) - Take advantage of recent fall - Solid Q3 results point to real value; Re-iterate BUY
Container Shipping Sector - Weekly container shipping commentary
Insurance Sector - Raising mainland insurers' earnings on strong 3Q results; Maintain Outperform
Neptune Orient Limited (NOL.SP) - Downgrade on weak 3Q14
Property Sector - Not yet a turning point
01 Nov 2014
01 Nov 2014
01 Nov 2014
01 Nov 2014
01 Nov 2014
01 Nov 2014
30 Oct 2014
Energy Sector - Time to switch into Sinopec - PetroChina and Sinopec's Q3 results read-through
China Southern Airlines (1055.HK) - 3Q14 results review - improving as expected
Transportation Sector - Weekly transportation news wrap
ASM Pacific (522.HK) - 186% growth in net profit
CITICS (6030.HK) - 3Q review; Buy maintained
Baidu (BIDU.US) - 3Q14 results beat; another investment year to come with O2O
Guangshen Railway (525 HK) - 3Q14 results review - 3Q14 improvement insufficient to lift YTD
performance
CNOOC (883.HK) - Uncertainty looms - Lower crude price, higher cost and flat production in the near
future
SITC (1308.HK) -3Q14 result review - average freight rate ahead of our expectation
Vinda (3331 HK) - Better positioned in China's growth game; BUY
Digital China (861.HK) - Distribution business grew for four consecutive quarters
Energy Sector - Bocom Energy Weekly
Air China (753.HK) - 3Q14 results review - RMB appreciation during the quarter reduced forex loss in
1H14
Sinopharm (1099.HK) - 1-3Q14 Results In line; Maintain "Buy" with TP of HK$34.00
Biostime (1112 HK) - Second downward guidance in 2014; cut TP
30 Oct 2014
30 Oct 2014
30 Oct 2014
29 Oct 2014
29 Oct 2014
29 Oct 2014
28 Oct 2014
28 Oct 2014
Source: Company data, BOCOM International
Download our reports from Bloomberg: BOCM〈enter〉
Analyst
Fei Wu, Tony Liu
Geoffrey Cheng, CFA
Li Wenbing
Geoffrey Cheng, CFA
Luella Guo, Alfred Lau, CFA, FRM, Toni Ho, CFA,
FRM
Fei Wu, Tony Liu
Geoffrey Cheng, CFA
Ian Feng, Geoffrey Cheng, CFA
Miles XIE
Li Wenbing
Ma Yuan (Martina), Ph.D, Gu Xinyu (Connie), CPA
Geoffrey Cheng, CFA
Fei Wu, Tony Liu
Geoffrey Cheng, CFA
Summer Wang
Miles XIE
Fei WU, Tony LIU
Geoffrey Cheng, CFA
Johnson Sun, Milo Liu
Summer Wang
Morning Express
05 November 2014
Hang Seng Index Constituents
Company
name
Cheung Kong
Hang Lung Proper
Hengan Intl
China Shenhua-H
Hang Seng Bk
China Res Land
Cosco Pac Ltd
Henderson Land D
Aia Group Ltd
Hutchison Whampo
Kunlun Energy Co
Ind & Comm Bk-H
China Merchant
Want Want China
Sun Hung Kai Pro
New World Dev
Belle Internatio
China Coal Ene-H
Swire Pacific-A
Sands China Ltd
Clp Hldgs Ltd
Bank East Asia
Ping An Insura-H
Boc Hong Kong Ho
China Life Ins-H
Citic Pacific
China Res Enterp
Cathay Pac Air
Hong Kg China Gs
Tingyi Hldg Co
Esprit Hldgs
Bank Of Commun-H
China Petroleu-H
Hong Kong Exchng
Bank Of China-H
Wharf Hldg
Li & Fung Ltd
Hsbc Hldgs Plc
Power Assets Hol
Mtr Corp
China Overseas
Tencent Holdings
China Unicom Hon
Sino Land Co
China Res Power
Petrochina Co-H
Cnooc Ltd
China Const Ba-H
China Mobile
Lenovo Group Ltd
Hang Seng Index
BBG
code
1 HK
101 HK
1044 HK
1088 HK
11 HK
1109 HK
1199 HK
12 HK
1299 HK
13 HK
135 HK
1398 HK
144 HK
151 HK
16 HK
17 HK
1880 HK
1898 HK
19 HK
1928 HK
2 HK
23 HK
2318 HK
2388 HK
2628 HK
267 HK
291 HK
293 HK
3 HK
322 HK
330 HK
3328 HK
386 HK
388 HK
3988 HK
4 HK
494 HK
5 HK
6 HK
66 HK
688 HK
700 HK
762 HK
83 HK
836 HK
857 HK
883 HK
939 HK
941 HK
992 HK
Share
price
(HK$)
135.50
24.00
80.75
21.55
131.10
18.62
10.60
52.10
43.05
97.10
10.18
5.09
25.35
10.06
115.30
9.68
9.76
4.73
102.90
46.80
66.60
32.35
62.70
25.80
23.00
13.58
18.32
14.68
18.12
19.04
9.83
5.81
6.66
173.10
3.72
55.30
9.28
78.25
74.45
31.15
22.85
122.70
11.48
12.66
22.10
9.60
12.02
5.76
96.65
11.40
Mkt
cap
(HK$m)
313,840
107,646
99,064
393,316
250,643
108,577
31,169
156,318
518,542
413,973
82,177
1,663,342
64,576
132,752
314,631
83,877
82,318
76,276
150,093
377,508
168,262
75,921
454,367
272,778
589,305
338,187
44,218
57,749
190,543
106,680
19,096
419,377
773,989
202,184
1,004,018
167,566
77,584
1,501,477
158,896
181,379
186,775
1,149,205
274,512
76,158
106,006
1,799,590
536,662
1,435,399
1,969,681
126,639
5d
chg
(%)
0.9
2.8
5.1
1.4
0.8
5.0
4.7
0.2
1.1
-0.5
-1.4
0.8
4.5
3.0
0.5
0.5
4.7
3.1
1.8
4.7
0.7
1.1
2.9
1.4
2.9
-0.1
-0.5
2.4
0.7
0.3
-3.6
1.6
0.0
2.3
1.1
-1.3
0.5
-0.8
0.1
0.0
4.6
2.2
0.9
1.3
3.5
0.3
-3.4
1.2
5.7
-0.5
Ytd
chg
(%)
16.8
-2.0
-11.8
-11.9
4.3
-3.1
-0.4
29.5
10.7
-1.5
-25.5
-2.9
-10.4
-10.2
17.2
5.0
8.8
8.5
13.2
-25.1
8.6
-1.5
-9.7
3.8
-5.2
14.5
-28.9
-10.5
12.1
-15.0
-34.2
6.2
5.2
33.9
4.2
-6.7
13.1
-7.0
20.8
6.1
4.8
24.0
-1.0
19.4
20.2
12.9
-16.6
-1.5
20.2
20.9
23,845.7 14,642,981
1.4
2.3
Source: Bloomberg
Download our reports from Bloomberg: BOCM〈enter〉
–––– 52-week ––––
Hi
Lo
(HK$)
(HK$)
152.00
105.95
27.00
19.80
99.70
74.05
27.00
19.12
133.00
117.60
22.55
13.62
11.92
9.40
56.40
36.46
44.20
34.65
108.50
86.88
14.82
10.00
5.66
4.33
29.80
22.75
13.10
9.32
120.20
90.35
10.48
7.15
10.58
7.25
5.26
3.72
108.00
80.55
68.00
38.70
67.80
56.00
35.00
28.50
76.50
55.60
26.65
21.50
25.80
19.72
16.88
9.35
27.90
18.14
17.26
13.56
18.40
13.91
23.65
17.82
17.42
9.70
5.98
4.53
8.23
5.73
185.00
112.80
3.79
3.03
66.30
46.35
10.70
7.72
87.35
75.75
75.85
57.85
32.30
26.55
24.60
17.52
134.00
77.56
14.22
9.03
14.16
9.83
24.90
17.10
11.70
7.31
16.06
11.42
6.37
4.89
102.20
63.65
12.70
7.62
25,363.0
21,137.6
–––––––––– PE –––––––––––
2013A
2014E
2015E
(X)
(X)
(X)
7.3
8.8
9.1
14.1
17.5
16.9
27.3
26.0
21.6
7.9
8.6
8.5
15.0
14.7
13.5
7.1
9.3
8.0
13.6
12.1
10.8
8.7
16.5
16.5
27.2
21.1
18.4
8.8
12.3
11.4
12.9
12.9
11.8
5.1
5.1
4.8
14.7
15.2
13.8
24.6
24.0
20.9
9.3
14.9
13.9
7.3
10.9
10.7
14.5
14.2
13.3
35.9
40.1
25.0
11.8
14.8
13.6
18.4
17.9
16.1
18.7
15.9
15.6
10.9
11.7
11.1
12.4
10.7
9.6
11.8
11.1
10.1
19.1
15.5
13.3
9.6
9.6
8.2
24.1
33.9
27.3
19.6
17.1
11.7
27.4
25.4
23.4
21.8
27.0
22.1
90.0
31.5
20.0
5.3
5.2
5.0
8.9
9.1
8.9
43.7
38.6
29.3
4.9
4.9
4.6
7.0
14.1
12.4
11.9
18.1
15.8
12.7
11.2
10.3
2.5
18.0
18.3
12.2
17.5
16.1
7.5
8.1
7.0
44.4
37.0
27.9
17.2
16.6
14.3
8.5
14.4
14.0
9.1
8.6
7.9
10.5
10.5
10.0
7.6
7.8
7.9
5.0
4.9
4.6
13.2
14.0
13.9
17.8
17.3
14.9
10.3
11.0
10.2
Yield
P/B
(%)
2.6
3.1
2.3
5.4
4.2
2.4
2.9
1.9
1.0
2.4
2.3
N/A
3.0
2.7
2.9
4.3
1.0
2.2
3.5
3.7
3.9
3.4
1.4
3.9
1.7
2.0
1.4
1.8
1.8
1.5
0.7
N/A
4.6
2.1
6.7
3.2
5.1
4.9
3.5
3.0
2.1
0.2
1.8
3.9
3.4
4.2
4.8
6.6
3.3
2.1
(X)
0.8
0.9
6.0
1.2
2.3
1.3
0.9
0.6
2.4
1.0
1.6
1.0
1.0
9.1
0.8
0.5
2.5
0.6
0.7
9.3
1.9
1.1
1.9
1.6
2.1
0.6
0.9
0.9
3.8
4.8
1.1
0.7
1.0
9.1
0.8
0.6
2.1
1.0
1.3
1.2
1.6
12.9
1.0
0.7
1.6
1.2
1.2
0.9
1.9
4.7
3.6
1.3
Morning Express
05 November 2014
China Ent Index Constituents
Company
name
Shandong Weig-H
China Shenhua-H
Sinopharm-H
China Shipping-H
Zoomlion Heavy-H
Yanzhou Coal-H
Agricultural-H
New China Life-H
Ind & Comm Bk-H
Tsingtao Brew-H
China Com Cons-H
China Coal Ene-H
China Minsheng-H
Guangzhou Auto-H
Ping An Insura-H
Picc Property &
Great Wall Mot-H
Weichai Power-H
Aluminum Corp-H
China Pacific-H
China Life Ins-H
China Oilfield-H
Zijin Mining-H
China Natl Bdg-H
Bank Of Commun-H
Jiangxi Copper-H
China Petroleu-H
China Rail Gr-H
China Merch Bk-H
Bank Of China-H
Dongfeng Motor-H
Citic Securiti-H
Haitong Securi-H
China Telecom-H
Air China Ltd-H
Petrochina Co-H
Huaneng Power-H
Anhui Conch-H
China Longyuan-H
China Const Ba-H
China Citic Bk-H
Hang Seng China Ent Indx
BBG
code
1066 HK
1088 HK
1099 HK
1138 HK
1157 HK
1171 HK
1288 HK
1336 HK
1398 HK
168 HK
1800 HK
1898 HK
1988 HK
2238 HK
2318 HK
2328 HK
2333 HK
2338 HK
2600 HK
2601 HK
2628 HK
2883 HK
2899 HK
3323 HK
3328 HK
358 HK
386 HK
390 HK
3968 HK
3988 HK
489 HK
6030 HK
6837 HK
728 HK
753 HK
857 HK
902 HK
914 HK
916 HK
939 HK
998 HK
Share
price
(HK$)
Mkt
cap
(HK$m)
5d
chg
(%)
Ytd
chg
(%)
7.90
21.55
31.65
5.45
4.33
6.51
3.58
28.80
5.09
55.60
6.57
4.73
7.68
7.00
62.70
14.18
36.15
30.20
3.47
28.85
23.00
15.44
1.99
7.28
5.81
13.90
6.66
5.04
14.52
3.72
11.28
19.26
13.24
4.95
5.17
9.60
9.52
25.55
8.20
5.76
5.04
35,363.34
393,315.78
81,286.48
23,903.74
47,803.19
47,009.62
1,056,920.94
105,394.86
1,663,341.87
70,070.40
120,379.37
76,276.09
270,083.37
58,202.42
454,367.43
192,906.67
117,458.87
54,369.68
62,268.02
236,516.63
589,304.52
96,457.92
66,121.21
39,304.91
419,376.93
56,644.43
773,988.84
119,148.53
343,872.66
1,004,018.25
97,189.84
186,462.03
128,914.70
400,615.25
73,934.64
1,799,590.33
120,636.77
119,252.60
65,898.39
1,435,398.80
268,749.48
2.9
1.4
5.3
13.1
19.6
3.8
0.6
2.5
0.8
-0.6
14.3
3.1
1.3
-3.0
2.9
2.3
12.8
6.0
6.4
0.5
2.9
-12.2
3.1
2.7
1.6
7.9
0.0
8.9
3.7
1.1
-4.1
5.7
6.1
0.8
8.6
0.3
8.1
1.6
8.2
1.2
1.4
-24.5
-11.9
42.2
-9.5
-40.2
-8.1
-6.0
10.8
-2.9
-15.2
5.1
8.5
7.0
-17.5
-9.7
23.3
-15.5
-3.4
28.5
-5.1
-5.2
-35.8
19.9
-12.7
6.2
-0.7
5.2
26.0
-12.1
4.2
-7.1
-8.9
-1.9
26.3
-10.7
12.9
35.8
-11.1
-17.9
-1.5
19.7
11.2
27.0
31.8
6.3
8.0
8.7
4.1
29.7
5.7
68.3
6.7
5.3
8.2
10.9
76.5
15.0
48.9
35.5
3.9
33.5
25.8
26.0
2.2
9.1
6.0
15.4
8.2
5.1
17.6
3.8
15.2
21.7
14.5
5.2
6.3
11.7
9.7
35.7
10.3
6.4
5.3
6.9
19.1
19.7
4.0
3.5
4.9
3.0
21.1
4.3
53.1
4.9
3.7
5.9
6.7
55.6
9.8
26.1
25.8
2.5
23.6
19.7
15.0
1.6
6.7
4.5
11.6
5.7
3.0
12.1
3.0
9.6
13.7
9.5
3.1
4.2
7.3
6.1
24.2
7.1
4.9
3.6
64.6
7.9
25.0
N/A
14.2
6.8
5.1
11.8
5.1
29.8
6.5
35.9
4.6
11.3
12.4
14.2
10.7
9.1
N/A
19.3
19.1
7.1
16.0
5.0
5.3
10.7
8.9
8.5
5.0
4.9
5.7
21.1
23.7
17.0
19.1
10.5
9.2
8.8
26.7
5.0
4.6
26.3
8.6
22.7
48.3
11.6
18.6
5.0
10.5
5.1
29.0
6.2
40.1
4.3
9.7
10.7
12.3
10.6
10.2
N/A
17.7
15.5
7.2
14.4
5.4
5.2
13.9
9.1
8.1
5.0
4.9
6.0
22.4
18.5
16.8
16.1
10.5
8.6
9.1
19.5
4.9
4.5
10,728
4,307,638
1.7
-0.8
11,638.3
9,159.8
7.4
7.3
Source: Bloomberg
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–––– 52-week ––––
Hi
Lo
(HK$)
(HK$)
––––––––––– PE –––––––––––
2013A
2014E
2015E
(X)
(X)
(X)
Yield
P/B
(%)
(X)
21.6
8.5
18.9
14.9
9.8
15.9
4.6
9.5
4.8
25.2
5.8
25.0
4.1
7.6
9.6
11.0
8.3
9.8
N/A
15.1
13.3
7.0
14.1
5.0
5.0
14.0
8.9
7.4
4.5
4.6
5.6
19.4
15.8
15.2
11.7
10.0
8.4
8.4
14.3
4.6
4.2
1.0
5.4
1.0
0.0
4.4
0.4
N/A
0.7
N/A
N/A
3.6
2.2
2.6
3.3
1.4
2.0
2.9
1.0
N/A
1.8
1.7
3.5
N/A
2.8
N/A
4.6
4.6
1.7
5.4
6.7
2.0
N/A
1.1
2.4
1.1
4.2
5.1
1.7
0.7
6.6
N/A
3.0
1.2
2.9
0.7
0.6
0.6
1.0
1.6
1.0
3.8
0.9
0.6
0.9
1.0
1.9
2.4
2.9
1.5
0.9
1.9
2.1
1.3
1.3
0.9
0.7
0.9
1.0
1.0
1.0
0.8
1.1
1.8
1.6
1.1
1.0
1.2
1.6
1.8
1.6
0.9
0.7
6.7
4.4
1.1
Morning Express
05 November 2014
BOCOM International
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Main: + 852 3710 3328
Fax: + 852 3798 0133
Rating System
Company Rating
www.bocomgroup.com
Sector Rating
Buy: Expect more than 20% upside in 12 months
LT Buy: Expect more than 20% upside but longer than 12 months
Neutral: Expect low volatility
Sell: Expect more than 20% downside in 12 months
Outperform (“OP”): Expect more than 10% upside in 12 months
Market perform (“MP”): Expect low volatility
Underperform (“UP”): Expect more than 10% downside in 12 months
Research Team
Head of Research
@bocomgroup.com
Raymond CHENG, CFA, CPA, CA
(852) 2977 9393
raymond.cheng
(852) 2977 9384
hao.hong
(852) 2977 9212
yangqingli
Shanshan LI, CFA
(86) 10 8800 9788 - 8058
lishanshan
Li WAN, CFA
(86) 10 8800 9788 - 8051
Wanli
Strategy
Economics
Hao HONG, CFA
Banks
Consumer Discretionary
(86) 10 8800 9788 - 8043
miaoxian.li
Fei WU
(852) 2977 9392
fei.wu
Tony LIU
(852) 2977 9390
xutong.liu
Alfred LAU, CFA, FRM
(852) 2977 9235
alfred.lau
Toni HO, CFA, FRM
(852) 2977 9220
toni.ho
Luella GUO
(852) 2977 9211
luella.guo
(86) 21 6065 3606
louis.sun
(852) 2977 9209
lizhiwu
(852) 2977 9216
miles.xie
Geoffrey CHENG, CFA
(852) 2977 9380
geoffrey.cheng
Ian FENG
(852) 2977 9381
Yinan.feng
(86) 21 6065 3675
wei.yao
Property
Phoebe WONG
(852) 2977 9391
phoebe.wong
Anita CHU
(852) 2977 9205
anita.chu
Consumer Staples
Renewable Energy
Summer WANG
(852) 2977 9221
summer.wang
Shawn WU
(852) 2977 9386
shawn.wu
Johnson SUN
(852) 2977 9203
johnson.sun
Milo LIU
(852) 2977 9387
milo.liu
(852) 2977 9389
liwenbing
Healthcare
Louis SUN
Telecom & Small/ Mid-Caps
Insurance
Zhiwu LI
Technology
Internet
Miles XIE
Transportation & Industrial
Yuan MA
(86) 10 8800 9788 - 8039
yuan.ma
Connie GU, CPA
(86) 10 8800 9788 - 8045
conniegu
(852) 2977 9243
jovi.li
Metals & Mining
Jovi LI
Miaoxian LI
Oil & Gas/ Gas Utilities
Qingli YANG
Jerry LI
@bocomgroup.com
Automobile
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Wei YAO
Morning Express
05 November 2014
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