1、Asia Pacific Equity Research 22 March 2010 Guangzhou R 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 Client of the Fir
2、m: Guangzhou R price data adjusted for stock splits and dividends.This chart shows J.P. Morgans continuing coverage of this stock; the current analyst may or may not have covered itover the entire period.J.P. Morgan ratings: OW = Overweight, N = Neutral, UW = Underweight.Date Rating Share Price (HK$
3、) Price Target (HK$) 20-Nov-06 OW 14.26 17.00 12-Jan-07 OW 16.00 20.00 22-Apr-07 OW 20.25 25.00 01-Jun-07 OW 19.80 28.00 31-Aug-07 OW 30.75 40.00 26-Nov-07 OW 29.90 47.00 04-Feb-08 OW 23.40 36.00 13-Mar-08 OW 20.50 30.00 28-Jul-08 OW 16.60 22.00 27-Nov-08 OW 3.69 8.50 08-Feb-09 OW 7.54 10.00 25-May-
4、09 OW 14.90 17.00 21-Aug-09 OW 15.14 17.50 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
5、 (or the analysts teams) coverage 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 stoc
6、k will underperform the average 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
7、 of the FTSE All Share Index, 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)
8、 coverage universe. Coverage Universe: Raymond Ngai, CFA: Cheung Kong Holdings (0001.HK), China Overseas Land our Neutral rating falls into 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
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29、ly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. “Other Disclosures” last revised March 1, 2010. Copyright 2010 JPMorgan Chase & Co. All rights reserved. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. 9 Asia Pacific Equity Research 22 March 2010Raymond Ngai, CFA (852) 2800-8527
