- 1、本文档共10页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
JPM摩根大通2010年8月建设银行研究报告
Asia Pacific Equity Research
19 August 2010
Overweight
Bank of Communications Co
3328.HK, 3328 HK
Price: HK$8.61
2Q10 bottomline slightly missed due to 2Q cost spike;
▼Price Target: HK$10.80
business volume growth remains solid Previous: HK$11.20
• Results slightly below our expectation: 1H10 net income of Rmb20.4bn China
was nearly 4% below our forecast, though it largely met consensus of Banks
Rm20.7bn. 2Q10 net income was down 5% qoq mainly due to a 26% AC
Samuel Chen
increase in quarterly costs, although admittedly 1Q10 costs were (852) 2800-8557
unsustainably low and thus we had expected a spike in 2Q10 costs. While samuel.s.chen@
there is no weakness in any key operating metrics, there is no major positive
Cindy Xu
surprise either and the bottomline was
文档评论(0)