GUOTAI JUNAN INTERNATIONAL Universe Weekly Update 国泰君安国际研究股票每周更新 29 May 2015 Code Company name Changes in the past week Earnings Est. chg? YOKU US YOUKU TUDOU Rating is downgraded from accumulate to neutral; 6 to 18 months target price is revised upwards from USD22.00 to USD26.00 Y 01109 HK CR LAND - R 6 to 18 months target price is revised upwards from 28.70 to 29.40 Y QIHU US QIHOO 360 6 to 18 months target price is revised downwards from USD96.00 to USD75.00 Y HMIN US HOME INNS & HOTEL Rating is downgraded from accumulate to neutral; 6 to 18 months target price is revised downwards from USD29.00 to USD28.50 Y 01186 HK CHINA RAIL CONS - H 6 to 18 months target price is revised upwards from 11.50 to 16.50 Y 00992 HK LENOVO GROUP - R 6 to 18 months target price is revised upwards from 13.80 to 14.70 Y 00005 HK HSBC HOLDINGS Rating is neutral; 6 to 18 months target price is 77.89 Y 00322 HK TINGYI Rating is downgraded from neutral to reduce; 6 to 18 months target price is revised downwards from 17.00 to 15.50 Y 02357 HK AVICHINA - H Initial coverage; Rating is accumulate; 6 to 18 months target price is 13.50 N 03800 HK GCL-POLY ENERGY Rating is downgraded from buy to reduce; 6 to 18 months target price is revised downwards from 2.80 to 1.80 Y 01138 HK CHINA SHIP DEV - H 6 to 18 months target price is revised upwards from 6.50 to 7.60 Y 00688 HK CHINA OVERSEAS - R Rating is upgraded from accumulate to buy; 6 to 18 months target price is revised upwards from 24.26 to 36.43 Y 01117 HK CHINA MODERN DAIRY Rating is downgraded from buy to neutral; 6 to 18 months target price is revised upwards from 3.00 to 3.30 Y Table of contents Page Sectors and related listcos Page 1 Automobiles & Components, Aviation, Banking, Cement and construction materials, Clean energy, Coal, Conglomerate, Consumer Page 2 Consumer, Electric equipment, Electricity, Environmental Protection, Gaming, Infrastructure, Page 3 Insurance, Internet, Machinery, Manufacturing, Nonferrous metals, Petrochemicals, Ports, Precious metals Page 4 Property, Shipping and logistics, Steel, Telecommunications equipment, Telecommunication services, Toll roads, Others Company Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Relative Performance Buy Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Accumulate Relative Performance is 5% to 15% or the fundamental outlook of the company or sector is favorable. Neutral Relative Performance is -5% to 5% or the fundamental outlook of the company or sector is neutral. Reduce Relative Performance is -15% to -5% or the fundamental outlook of the company or sector is unfavorable. Sell Relative Performance <-15% or the fundamental outlook of the company or sector is unfavorable. 第 1 頁，共 6 頁 GUOTAI JUNAN INTERNATIONAL Universe Weekly Update 国泰君安国际研究股票每周更新 29 May 2015 6 to 18 Months EPS DPS NET PROFIT (Mn) NBV ROE (%) Date of Last Target Stock Code Company Name Rating Currency Analyst Update HK$ 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F 13A 14F 15F 16F 17F (dd/mm/yyyy) Automobiles & Components 00175 GEELY AUTO Accumulate 4.50 RMB 0.304 0.163 0.283 0.360 0.483 0.046 0.025 0.042 0.054 0.073 2663 1431 2487 3171 4253 1.965 1.984 2.465 2.960 3.608 18.1 8.5 12.7 13.3 14.7 Harry Chen 20/03/2015 00489 DONGFENG GROUP - H Buy 18.50 RMB 1.222 1.491 1.615 1.824 1.983 0.180 0.200 0.217 0.245 0.266 10528 12845 13911 15713 17088 7.432 8.757 10.548 11.122 13.402 17.3 18.4 16.7 16.8 16.2 Harry Chen 09/04/2015 01211 BYD COMPANY - H Accumulate 60.00 RMB 0.235 0.181 0.974 0.778 0.050 0.036 0.195 0.156 553 438 2413 1926 10.559 12.411 14.533 15.726 2.3 1.6 7.2 5.1 Harry Chen 27/02/2015 03808 SINOTRUK - R Accumulate 6.50 RMB 0.098 0.148 0.254 0.302 0.350 0.040 0.060 0.063 0.075 0.087 271 408 701 834 966 7.538 7.671 8.103 8.938 9.617 1.3 1.9 3.2 3.5 3.8 Harry Chen 21/04/2015 01114 BRILLIANCE CHI - R Neutral 12.10 RMB 0.671 0.838 0.948 1.116 0.079 0.101 0.114 0.134 3374 4211 4762 5607 2.590 3.104 3.635 4.292 29.3 29.4 28.1 28.2 Harry Chen 21/08/2014 03663 XIEZHONG INTL Neutral 2.50 RMB 0.074 0.050 0.051 0.053 0.056 0.028 0.019 0.014 0.015 0.016 59 40 41 43 45 0.987 0.017 1.046 1.085 1.129 7.6 5.0 5.0 5.0 5.1 Harry Chen 20/05/2015 02333 GREAT WALL MOTOR - H Neutral 60.00 RMB 2.703 2.643 3.285 4.021 4.612 0.820 0.800 0.986 1.206 1.384 8224 8042 9996 12233 14032 9.202 11.017 12.205 16.005 17.652 33.2 26.1 28.3 28.5 27.4 Harry Chen 20/04/2015 Aviation 00670 CHINA EAST AIR - H Neutral 5.20 RMB 0.200 0.269 0.420 0.465 0.717 0.000 0.000 0.050 0.056 0.086 2373 3410 6298 6984 10763 2.319 2.578 2.761 3.263 4.037 8.8 11.4 17.4 16.2 20.1 Harry Chen 08/05/2015 00753 AIR CHINA - H Neutral 9.50 RMB 0.266 0.311 0.626 0.679 0.793 0.045 0.052 0.113 0.122 0.143 3264 3817 8195 8879 10372 4.398 4.517 5.241 5.999 6.846 6.1 7.1 13.1 12.5 12.8 Harry Chen 06/052015 01055 CHINA SOUTH AIR - H Neutral 7.80 RMB 0.202 0.181 0.562 0.657 0.744 0.040 0.040 0.112 0.131 0.149 1986 1777 5517 6447 7304 3.450 3.620 4.000 4.440 4.940 5.9 5.0 14.1 14.8 15.1 Harry Chen 04/05/2015 Banking 00939 CCB - H Accumulate 6.76 RMB 0.857 0.924 0.973 1.035 0.300 0.324 0.341 0.362 214192 231100 243374 258685 4.264 4.886 5.535 6.227 21.2 20.1 18.6 17.5 Richard Cao 16/09/2014 00998 CITIC BANK - H Accumulate 8.40 RMB 0.837 0.870 0.878 0.908 0.955 0.252 0.000 0.263 0.273 0.287 39175 40688 41063 42499 44697 4.822 5.550 6.165 6.800 7.469 18.5 16.8 15.0 14.0 13.4 Richard Cao 28/04/2015 01398 ICBC - H Accumulate 5.92 RMB 0.749 0.796 0.838 0.888 0.262 0.279 0.294 0.311 262649 279542 294468 312098 3.626 4.266 4.812 5.390 21.9 20.2 18.5 17.4 Richard Cao 15/09/2014 03328 BANK COMM - H Neutral 5.93 RMB 0.839 0.871 0.884 0.907 0.260 0.270 0.274 0.281 62295 64669 65629 67341 5.650 6.260 6.874 7.507 15.6 14.6 13.5 12.6 Richard Cao 21/10/2014 03968 CM BANK - H Accumulate 23.20 RMB 2.052 2.222 2.337 2.480 2.645 0.620 0.670 0.705 0.748 0.798 51743 55911 58803 62419 66569 10.526 12.466 16.469 18.585 20.894 22.2 19.3 16.1 14.1 13.4 Richard Cao 09/04/2015 03988 BANK OF CHINA - H Buy 6.20 RMB 0.560 0.607 0.611 0.626 0.647 0.196 0.190 0.191 0.196 0.202 156911 169595 170582 175011 180736 3.307 3.951 4.387 4.832 4.838 17.9 16.4 14.2 13.1 12.9 Richard Cao 11/05/2015 01988 MINSHENG BANK - H Accumulate 11.90 RMB 1.242 1.360 1.445 1.569 0.215 0.218 0.231 0.251 42278 46282 49190 53423 6.002 7.150 8.381 9.724 22.7 20.7 18.6 17.3 Richard Cao 14/01/2015 01288 ABC - H Accumulate 5.10 RMB 0.512 0.553 0.555 0.567 0.580 0.177 0.191 0.192 0.196 0.201 166315 179461 180235 184028 188466 2.596 3.175 3.529 3.904 4.288 20.9 19.2 16.6 15.2 14.2 Richard Cao 06/05/2015 00005 HSBC HOLDINGS Neutral 77.89 USD 0.838 0.688 0.690 0.713 0.742 0.480 0.490 0.449 0.464 0.482 16204 13688 14048 14492 15048 7.759 7.875 7.996 8.246 8.505 10.9 8.8 8.8 8.8 8.9 Richard Cao 27/05/2015 Cement and Construction Materials 00914 ANHUI CONCH - H Accumulate 34.50 RMB 1.772 2.072 2.412 2.488 2.579 0.350 0.650 0.756 0.780 0.809 9389 10981 12780 13185 13666 10.523 12.426 14.188 15.919 17.718 18.0 18.1 18.1 16.5 15.3 Angus Chan 26/03/2015 03323 CNBM - H Neutral 7.95 RMB 1.067 1.086 1.155 1.202 0.160 0.163 0.173 0.180 5762 5865 6234 6490 6.553 7.479 8.471 9.500 17.5 15.5 14.5 13.4 Angus Chan 30/10/2014 01313 CHINA RES CEMENT - R Accumulate 5.50 HKD 0.512 0.644 0.638 0.669 0.692 0.105 0.170 0.173 0.184 0.197 3338 4206 4169 4368 4520 3.805 4.314 4.779 5.263 5.758 14.5 15.9 14.0 13.3 12.6 Angus Chan 24/03/2015 02009 BBMG - H Neutral 7007.00 RMB 0.