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Friday, February 15, 2008. 3310 - 7.580. X 2008/02/04 瑞銀 4.5 沽出 瑞銀將中國電信目標價維持在4.50港元. X 2008/01/28 荷銀 6.6 中性 對於市場預期內地於3月人大後正式公佈電信業重組,荷銀稱加強了此看法。若電信業重組,該行最看好聯通,或同時一次過看好中電信,網通及聯通。中移動在電信業重組時,股價可能會受壓,但當市場焦點放在中移動業務的基本因素上時,將回復升勢。 X 2008/01/25 美林 4.4 跑贏大市 美林同時調高聯通、網通及中電信的自由現金流增長預測分別為1%至2.5%、-2%至0% 以及由-1.5%至0% 。 X 2008/01/14 花旗 7.03 中性 該行指, 今年中資電訊股的表現, 將仍受行業重組及3G發牌等消息主導, 料股價更為波動。該行仍視長期盈利增長前景清晰的中移動為行業首選; 至於聯通則認為該股風險回報有利, 行業重組將有利釋出價值, 故吁買入。 X 2007/12/19 高盛 5.5 中性. 9050 - 19.800. X 2008/01/23 高盛 18.9 買入 高盛將聯通(076...

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Friday, February 15, 2008. 3310 - 7.580. X 2008/02/04 瑞銀 4.5 沽出 瑞銀將中國電信目標價維持在4.50港元. X 2008/01/28 荷銀 6.6 中性 對於市場預期內地於3月人大後正式公佈電信業重組,荷銀稱加強了此看法。若電信業重組,該行最看好聯通,或同時一次過看好中電信,網通及聯通。中移動在電信業重組時,股價可能會受壓,但當市場焦點放在中移動業務的基本因素上時,將回復升勢。 X 2008/01/25 美林 4.4 跑贏大市 美林同時調高聯通、網通及中電信的自由現金流增長預測分別為1%至2.5%、-2%至0% 以及由-1.5%至0% 。 X 2008/01/14 花旗 7.03 中性 該行指, 今年中資電訊股的表現, 將仍受行業重組及3G發牌等消息主導, 料股價更為波動。該行仍視長期盈利增長前景清晰的中移動為行業首選; 至於聯通則認為該股風險回報有利, 行業重組將有利釋出價值, 故吁買入。 X 2007/12/19 高盛 5.5 中性. 9050 - 19.800. X 2008/01/23 高盛 18.9 買入 高盛將聯通(076...
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FORUM OF INVESTMENT | aaronbuffet.blogspot.com Reviews

https://aaronbuffet.blogspot.com

Friday, February 15, 2008. 3310 - 7.580. X 2008/02/04 瑞銀 4.5 沽出 瑞銀將中國電信目標價維持在4.50港元. X 2008/01/28 荷銀 6.6 中性 對於市場預期內地於3月人大後正式公佈電信業重組,荷銀稱加強了此看法。若電信業重組,該行最看好聯通,或同時一次過看好中電信,網通及聯通。中移動在電信業重組時,股價可能會受壓,但當市場焦點放在中移動業務的基本因素上時,將回復升勢。 X 2008/01/25 美林 4.4 跑贏大市 美林同時調高聯通、網通及中電信的自由現金流增長預測分別為1%至2.5%、-2%至0% 以及由-1.5%至0% 。 X 2008/01/14 花旗 7.03 中性 該行指, 今年中資電訊股的表現, 將仍受行業重組及3G發牌等消息主導, 料股價更為波動。該行仍視長期盈利增長前景清晰的中移動為行業首選; 至於聯通則認為該股風險回報有利, 行業重組將有利釋出價值, 故吁買入。 X 2007/12/19 高盛 5.5 中性. 9050 - 19.800. X 2008/01/23 高盛 18.9 買入 高盛將聯通(076...

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1

FORUM OF INVESTMENT: 中國石油股份 (857)

http://aaronbuffet.blogspot.com/2008/02/857.html

Wednesday, February 13, 2008. X 2008/02/01 瑞信 11.5 中性. 瑞信指出,中石油(0857)的股價已經跑輸大市12個月,在過去3個月更下跌46%,所以將投資評級由「跑輸大市」上調至「中性」,但將目標價由13.5元下調至11.5元,主要相較全球的同業作比較。該行指出,目前中石油的市盈率已跌至近單位數,不過相對於同業仍高,而且維持4%的派息率需要每股盈利具實質增長,方可達到股份的缺省回報率。美林認為,在中資概念而言,該股具防守性,因為油價下跌對其影響不大。 X 2008/02/01 德銀 12.6 買入. X 2008/01/29 麥格理 13.5 跑贏大市. X 2008/01/24 雷曼 16 跑贏大市. 該行將中國石油2007年盈利預期下調了23%,主要原因是07年第四季度原油和天然氣實現價格下降,煉油利潤率低於預期。雷曼還將中國石油2008年盈利預期下調13%。維持增持評級。 X 2008/01/22 匯豐證券 18.6 跑贏大市. X 2008/01/04 高盛 17 跑贏大市. X 2007/12/21 花旗 15.4 中性. 里昂發表研究報告, 調...

2

FORUM OF INVESTMENT: 建設銀行 (939)

http://aaronbuffet.blogspot.com/2008/02/939.html

Wednesday, February 13, 2008. X 2008/02/12 工商東亞 7.6 跑贏大市. 至於建設銀行(0939.HK)﹐韓致立表達了較為謹慎的看法﹐因為建設銀行對中國地產業務的投資相對較多﹐而中國的緊縮措施可能影響地產行業今年的前景。維持建設銀行的買進評級﹐目標價7.60港元。 X 2008/02/11 高盛 6.85 跑贏大市. 高盛指出,由於預期長期增長率會放慢,加上中國在控制通脹與及防止經濟硬著陸的情況下,涉及之政策風險與利率上升等因素,故將中資銀行的12個月目標價調低21-31%(見表),但維持該等銀行之評級不變。高盛又表示,預期中國今年經濟會溫和地放慢,高通脹與美國信貸市場危機的不利因素於今年仍會持續。儘管市場普遍預期內地銀行今年收費收入增長會放慢,新的不良貸款淨額會上升,並以大行尤甚,但相信穩定甚或擴闊的淨息差將有助銀行維持理想的盈利增長。 X 2008/01/25 大摩 8.76 跑贏大市. X 2008/01/23 瑞信 7.64 中性. X 2008/01/18 百富勤 7.21 跑贏大市. X 2008/01/18 野村 10.82 買入.

3

FORUM OF INVESTMENT: 中國網通 (906)

http://aaronbuffet.blogspot.com/2008/02/906.html

Friday, February 15, 2008. 14900 - 26.500. X 2008/02/04 瑞銀 20 減持 瑞銀將中國網通評級由中性下調至賣出. X 2008/01/28 荷銀 26 中性 荷銀將中國網通目標價從25.0港元上調至26.0港元.對於市場預期內地於3月人大後正式公佈電信業重組,荷銀稱加強了此看法。若電信業重組,該行最看好聯通,或同時一次過看好中電信,網通及聯通。中移動在電信業重組時,股價可能會受壓,但當市場焦點放在中移動業務的基本因素上時,將回復升勢。 X 2008/01/25 美林 21 跑贏大市 美林同時調高聯通、網通及中電信的自由現金流增長預測分別為1%至2.5%、-2%至0% 以及由-1.5%至0% 。 X 2008/01/14 花旗 26.8 中性 該行指, 今年中資電訊股的表現, 將仍受行業重組及3G發牌等消息主導, 料股價更為波動。該行仍視長期盈利增長前景清晰的中移動為行業首選; 至於聯通則認為該股風險回報有利, 行業重組將有利釋出價值, 故吁買入。 X 2007/12/24 JP摩根 24 中性 網通11月份固網客戶淨流失顯著擴大, 由10月份流失37...

4

FORUM OF INVESTMENT: 中國電信 (728)

http://aaronbuffet.blogspot.com/2008/02/728_15.html

Friday, February 15, 2008. 3310 - 7.580. X 2008/02/04 瑞銀 4.5 沽出 瑞銀將中國電信目標價維持在4.50港元. X 2008/01/28 荷銀 6.6 中性 對於市場預期內地於3月人大後正式公佈電信業重組,荷銀稱加強了此看法。若電信業重組,該行最看好聯通,或同時一次過看好中電信,網通及聯通。中移動在電信業重組時,股價可能會受壓,但當市場焦點放在中移動業務的基本因素上時,將回復升勢。 X 2008/01/25 美林 4.4 跑贏大市 美林同時調高聯通、網通及中電信的自由現金流增長預測分別為1%至2.5%、-2%至0% 以及由-1.5%至0% 。 X 2008/01/14 花旗 7.03 中性 該行指, 今年中資電訊股的表現, 將仍受行業重組及3G發牌等消息主導, 料股價更為波動。該行仍視長期盈利增長前景清晰的中移動為行業首選; 至於聯通則認為該股風險回報有利, 行業重組將有利釋出價值, 故吁買入。 X 2007/12/19 高盛 5.5 中性. Subscribe to: Post Comments (Atom).

5

FORUM OF INVESTMENT: 中國移動 (941)

http://aaronbuffet.blogspot.com/2008/02/941.html

Wednesday, February 13, 2008. X 2008/01/30 大摩 146 中性. 大摩對中國電訊業三大趨勢作出評估,包括一是中國電訊業重組將在08年上半年發生,估計四大電訊股中,這對中移動(0941)最不利,將會減少中移動合理4元,由150元降至146元,但這些不利因素已在中移動股價上反映。大摩重申,現時中移動股價已跌至08年預測市盈率19-20倍,反映不利因素,並認為聯通(0762)會是電訊業重組大受惠者。大摩稱,仍相信內地在奧運後才進行電訊業重組,但市場多傾向於3月人大後將開展電訊業重組。 X 2008/01/28 荷銀 180 買入. X 2008/01/23 高盛 135 跑贏大市. 高盛因應市況,大幅調低中移動(0941)目標價25%,由180元降至135元,評級維持「買入」。 X 2008/01/21 匯豐證券 168 跑贏大市. X 2008/01/18 美林 181 跑贏大市. X 2008/01/14 花旗 160 中性. X 2008/01/04 瑞信 153 跑贏大市. X 2007/12/27 里昂 134.8 買入.

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Friday, February 15, 2008. 3310 - 7.580. X 2008/02/04 瑞銀 4.5 沽出 瑞銀將中國電信目標價維持在4.50港元. X 2008/01/28 荷銀 6.6 中性 對於市場預期內地於3月人大後正式公佈電信業重組,荷銀稱加強了此看法。若電信業重組,該行最看好聯通,或同時一次過看好中電信,網通及聯通。中移動在電信業重組時,股價可能會受壓,但當市場焦點放在中移動業務的基本因素上時,將回復升勢。 X 2008/01/25 美林 4.4 跑贏大市 美林同時調高聯通、網通及中電信的自由現金流增長預測分別為1%至2.5%、-2%至0% 以及由-1.5%至0% 。 X 2008/01/14 花旗 7.03 中性 該行指, 今年中資電訊股的表現, 將仍受行業重組及3G發牌等消息主導, 料股價更為波動。該行仍視長期盈利增長前景清晰的中移動為行業首選; 至於聯通則認為該股風險回報有利, 行業重組將有利釋出價值, 故吁買入。 X 2007/12/19 高盛 5.5 中性. 9050 - 19.800. X 2008/01/23 高盛 18.9 買入 高盛將聯通(076...

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