1、Asia Pacific Equity Research 08 March 2010 China Utilities and Infrastructure Implications of the NPC on the sectors China Utilities long CRGL / short CCCC: The NPC further reaffirmed our conservative stance on the sector in the near term, and we expect market sentiment to remain weak in the ST. But
2、 as the road and (2) no part of any of the research analysts compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report. Important Disclosures Market Maker/ Liquidity Provider: JPMSL and/or an affiliate
3、 is a market maker and/or liquidity provider in China High Speed Transmission, China Merchants Holdings Intl, COSCO Pacific. Lead or Co-manager: JPMSI or its affiliates acted as lead or co-manager in a public offering of equity and/or debt securities for China Railway Group Limited within the past 1
4、2 months. Beneficial Ownership (1% or more): JPMSI or its affiliates beneficially own 1% or more of a class of common equity securities of China Merchants Holdings Intl. Client of the Firm: China Merchants Holdings Intl is or was in the past 12 months a client of JPMSI. China Railway Group Limited i
5、s or was in the past 12 months a client of JPMSI; during the past 12 months, JPMSI provided to the company investment banking services. COSCO Pacific is or was in the past 12 months a client of JPMSI. Investment Banking (past 12 months): JPMSI or its affiliates received in the past 12 months compens
6、ation for investment banking services from China Railway Group Limited. Investment Banking (next 3 months): JPMSI or its affiliates expect to receive, or intend to seek, compensation for investment banking services in the next three months from China Railway Group Limited. 010203040Price(HK$)Dec06Ma
7、r07Jun07Sep07Dec07Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10China Communications Construction Co. Ltd. (1800.HK) Price ChartN HK$9.7N HK$7.9 N HK$8.4N HK$13.8 N HK$13.8 N HK$8.6Source: Bloomberg and J.P. Morgan; price data adjusted for stock splits and dividends.Initiated coverage Sep 04, 2008. T
8、his chart shows J.P. Morgans continuing coverage of this stock; the current analystmay or may not have covered it over the entire period.J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.Date Rating Share Price (HK$) Price Target (HK$) 04-Sep-08 N 12.44 13.80 18-Sep-08 N 7.58 7.90
9、22-Jan-09 N 7.10 13.80 23-Jan-09 N 7.11 8.40 15-Apr-09 N 9.48 9.70 17-Jan-10 N 7.74 8.60 4 Asia Pacific Equity Research 08 March 2010Boris Kan (852) 2800-8573 010203040Price(HK$)Jul07Oct07Jan08Apr08Jul08Oct08Jan09Apr09Jul09Oct09Jan10Apr10China High Speed Transmission (0658.HK) Price ChartOW HK$15.8
10、OW HK$15.1UW HK$12.8 N HK$12.8 OW HK$12.8 OW HK$21.5Source: Bloomberg and J.P. Morgan; price data adjusted for stock splits and dividends.Initiated coverage May 15, 2008. This chart shows J.P. Morgans continuing coverage of this stock; the current analystmay or may not have covered it over the entir
11、e period.J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.Date Rating Share Price (HK$) Price Target (HK$) 15-May-08 UW 14.20 12.80 18-Sep-08 N 12.98 12.80 17-Mar-09 OW 9.27 12.80 20-Apr-09 OW 11.70 15.10 13-May-09 OW 13.70 15.80 11-Nov-09 OW 16.78 21.50 01836547290Price(HK$)Oct06
12、Jan07Apr07Jul07Oct07Jan08Apr08Jul08Oct08Jan09Apr09Jul09Oct09Jan10China Merchants Holdings Intl (0144.HK) Price ChartOW HK$36.6 N HK$26 N HK$15.3 N HK$28.9OW HK$35.2 UW HK$26 N HK$16.5 UW HK$14.3N HK$28.5W HK$30 OW HK$42.5 UW HK$28 N HK$24 N HK$12.6 N HK$27.2 N HK$31.4Source: Bloomberg and J.P. Morga
13、n; price data adjusted for stock splits and dividends.Break in coverage Aug 01, 2007 - Apr 29, 2008. This chart shows J.P. Morgans continuing coverage of this stock; thecurrent analyst may or may not have covered it over the entire period.J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Under
14、weight.Date Rating Share Price (HK$) Price Target (HK$) 08-Nov-06 OW 22.45 30.00 13-Dec-06 OW 28.80 35.20 22-Jan-07 OW 27.30 36.60 12-Apr-07 OW 35.80 42.50 29-Apr-08 UW 40.35 28.00 23-Jun-08 UW 31.75 26.00 11-Aug-08 N 26.60 26.00 03-Sep-08 N 29.45 24.00 12-Nov-08 N 16.50 16.50 14-Jan-09 N 13.48 15.3
15、0 12-Mar-09 N 12.98 12.60 21-Apr-09 UW 19.90 14.30 11-Aug-09 N 28.95 27.20 11-Sep-09 N 27.15 28.50 02-Nov-09 N 25.35 28.90 02-Mar-10 N 29.15 31.40 5 Asia Pacific Equity Research 08 March 2010Boris Kan (852) 2800-8573 06121824Price(HK$)Dec07Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10China Railway
16、Group Limited (0390.HK) Price ChartN HK$8.4 N HK$5.5N HK$8.783 N HK$5 N HK$7.2 N HK$6.9Source: Bloomberg and J.P. Morgan; price data adjusted for stock splits and dividends.Initiated coverage Jan 24, 2008. This chart shows J.P. Morgans continuing coverage of this stock; the current analystmay or may
17、 not have covered it over the entire period.J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.Date Rating Share Price (HK$) Price Target (HK$) 24-Jan-08 N 9.43 8.78 25-Apr-08 N 8.00 8.40 31-Oct-08 N 4.30 5.00 11-Nov-08 N 5.10 5.50 28-Aug-09 N 6.99 7.20 17-Jan-10 N 6.02 6.90 0112233
18、44Price(HK$)Oct06Jan07Apr07Jul07Oct07Jan08Apr08Jul08Oct08Jan09Apr09Jul09Oct09Jan10COSCO Pacific (1199.HK) Price ChartOW HK$23.6 OW HK$15.6OW HK$24.3 OW HK$10 OW HK$9.3OW HK$15.5OW HK$23 OW HK$16.6 OW HK$8.8OW HK$15.4OW HK$15.3Source: Bloomberg and J.P. Morgan; price data adjusted for stock splits an
19、d dividends.Break in coverage Apr 20, 2004 - Mar 15, 2005, and Aug 01, 2007 - Aug 05, 2008. This chart shows J.P. Morganscontinuing coverage of this stock; the current analyst may or may not have covered it over the entire period.J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.Da
20、te Rating Share Price (HK$) Price Target (HK$) 04-Dec-06 OW 16.62 23.00 16-Jan-07 OW 19.80 24.30 22-Mar-07 OW 18.66 23.60 05-Aug-08 OW 13.18 16.60 04-Nov-08 OW 6.20 10.00 12-Mar-09 OW 5.59 8.80 14-Apr-09 OW 8.04 9.30 11-Aug-09 OW 12.88 15.40 01-Sep-09 OW 11.66 15.50 30-Oct-09 OW 10.90 15.60 11-Feb-1
21、0 OW 11.20 15.30 Explanation of Equity Research Ratings and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating system: Overweight Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analysts (or the analysts teams) c
22、overage universe. Neutral Over the next six to twelve months, we expect this stock will perform in line with the average total return of the stocks in the analysts (or the analysts teams) coverage universe. Underweight Over the next six to twelve months, we expect this stock will underperform the av
23、erage total return of the stocks in the analysts (or the analysts teams) coverage universe. J.P. Morgan Cazenoves UK Small/Mid-Cap dedicated research analysts use the same rating categories; however, each stocks expected total return is compared to the expected total return of the FTSE All Share Ind
24、ex, not to those analysts coverage universe. A list of these analysts is available on request. The analyst or analysts teams coverage universe is the sector and/or country shown on the cover of each publication. See below for the specific stocks in the certifying analyst(s) coverage universe. Covera
25、ge Universe: Boris Kan: Beijing Enterprises Holdings Limited (0392.HK), China Communications Construction Co. Ltd. (1800.HK), China Gas Holdings Limited (0384.HK), China High Speed Transmission (0658.HK), China Railway 6 Asia Pacific Equity Research 08 March 2010Boris Kan (852) 2800-8573 Constructi
26、on Corporation Limited (1186.HK), China Railway Group Limited (0390.HK), China Resources Power Holdings (0836.HK), Dongfang Electric Corporation Limited - A (600875.SS), Dongfang Electric Corporation Limited - H (1072.HK), Guangdong Investment Limited (0270.HK), Harbin Power Equipment Company Limite
27、d (1133.HK), Shanghai Electric Group Company Limited (2727.HK), Towngas China Company Limited (1083.HK), Xinao Gas (2688.HK) J.P. Morgan Equity Research Ratings Distribution, as of December 31, 2009 Overweight (buy) Neutral (hold) Underweight (sell) JPM Global Equity Research Coverage 42% 44% 14% IB
28、 clients* 58% 57% 42% JPMSI Equity Research Coverage 41% 49% 10% IB clients* 78% 73% 57% *Percentage of investment banking clients in each rating category. For purposes only of NASD/NYSE ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls into
29、 a hold rating category; and our Underweight rating falls into a sell rating category. Valuation and Risks: Please see the most recent company-specific research report for an analysis of valuation methodology and risks on any securities recommended herein. Research is available at http:/ , or you ca
30、n contact the analyst named on the front of this note or your J.P. Morgan representative. Analysts Compensation: The equity research analysts responsible for the preparation of this report receive compensation based upon various factors, including the quality and accuracy of research, client feedbac
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44、erits of the securities described herein, and any representation to the contrary is an offence. Dubai: This report has been issued to persons regarded as professional clients as defined under the DFSA rules. General: Additional information is available upon request. Information has been obtained fro
45、m sources believed to be reliable but JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively J.P. Morgan) do not warrant its completeness or accuracy except with respect to any disclosures relative to JPMSI and/or its affiliates and the analysts involvement with the issuer that is
46、the subject of the research. All pricing is as of the close of market for the securities discussed, unless otherwise stated. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results.
47、This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, fin
48、ancial instruments or strategies to particular clients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein. JPMSI distributes in the U.S. research published by non-U.S. affiliates and accepts responsibility for its
49、contents. Periodic updates may be provided on companies/industries based on company specific developments or announcements, market conditions or any other 8 Asia Pacific Equity Research 08 March 2010Boris Kan (852) 2800-8573 publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their ho
