标题: Haitong China Market Morning Post [打印本页] 作者: NYboy 时间: 2008-11-11 11:34 标题: Haitong China Market Morning Post
Policy The State Council deployed the implementation of ten economy-incentive measures, and VAT reform will be carried out nationally since the next year. (China Securities Journal) Market In Oct. the IPO deals and financing volume posted 3 and USD461mn, down 50% and up 70.9% mom. (China Securities Journal) China IMP&EXP bank announced to issue on Nov.13 RMB10bn 5Y 2008 11th financial debt through auction. (China Securities Journal) Shanghai Bond Index recorded new high yday for the 3rd consecutive trading day to 119.24 and closed at 119.22, up 0.06%, with trading volume at RMB1.159bn. (China Securities Journal) Economy NBS released yday PPI of Oct. surged by 6.6% yoy, growth rate down by 2.5pct, price of raw material, fuel and power surged by 11%, 3pct lower than Sept. The ex-factory price of production material increased by 7.7%, 3.1 pct lower than Sept while price of living material rose by 3.1%, 0.6pct lower than last month. 10M08 the PPI increased by 8.2% yoy while price of raw material, fuel and power surged by 12.2% yoy. (China Securities Journal) Economist estimates the RMB4tn government will contribute around 1.8% to the 2009 GDP growth. (China Securities Journal) Sector It is expected that the VAT reform will benefit over 30 sectors, among which six sectors, including power generation, mining, telecommunication, chemical industry, transportation equipment manufacturing and ferrous metal smelting, will get tax preference of over RMB10bn in total. (China Securities Journal) NDRC pointed the investment direction of RMB100bn worth fiscal budget from central government and arranged the money on existing projects firstly. (Windl) Beijing announced its tax revenue showing that property sector realized total tax revenue of RMB25.04bn in the first ten months, down10.1%yoy, and business tax down 17.1%yoy. (China Securities Journal) Company Poly Real Estate (600048.CH) posts Oct. sales at 344,400sqm and RMB2.582bn, and 10M08 sales at 2.1047mn sqm, up 24.3%, and RMB16.735bn, 18.58%. Jilin Yatai (Group) (600881.CH) is approved to sell 26% equity of one of its cement subsidiary to CRH company at RMB2.13bn, 2.98x P/B. The listco will get RMB1.4bn investment income from the deal. Beijing Capital Tourism (600258.CH) will pay RMB144mn for total operating assets of Beijing Qianmen Restaurant, and withdraw previous private placement plan. Shanghai Yuyuan Tourist Mart (600655.CH) is to buy from its controlling shareholder 159mn shares of Shandong Zhaojin Gold Company at RMB394mn, and becomes the second largest shareholder of Zhaojin by holding 26.18% stake. Fuyao Group Glass Industry (600660.CH) shut down two glass subsidiary due to sluggish global market, and is expected to count RMB250~300mn loss into the year’s profit sheet. Research Reports by Haitong Non-ferrous-(Neutral)-Approaching to the bottom, investment value will emerge in 2009 By-YANG Hongjie (yanghj@htsec.com) Non-ferrous metals saw mass correction. Growth of non-ferrous metals output falls and global output, especially China output, will slowdown. Non-ferrous metals sector cost growth slows down. Global non-ferrous metals demand-supply is restructuring, market demands may recover in 2H09 and 2010. Company earnings fall heavily, and 4Q08 may keep stable but we are not optimistic. Metal prices enter historic bottom, hard to go up in current economic situation. Sector valuation gradually enters historic bottom. 600601.CH Founder Technology-(Neutral)-Plunge in net profit caused largely by high expenses By-CHEN Meifeng (chenmf@htsec.com) 3Q08 revenue flat, PCB business contribute more PCB business pushes integrated gross margin up Expenses control needs to be strengthened A-share Market Re-cap Makret rebouded sharply led by govt's 10 meaures SHCOMP 1874.80 +127.09pts(+7.27%) Vol. RMB58.90bn SZCOMP 6127.12 +374.03pts(+6.50%) Vol. RMB22.48bn CSI300 1801.66 +123.84pts (7.38%) Vol. RMB47.32bn
