Made in China:Chinese banks;China Gas Utilities;Results,Yili/Mengniu/BoCHK (+)Chang’an (-)

类别:行业研究 机构:德意志银行 研究员:Michael Tong 日期:2017-09-12

The Big 4 Chinese banks reported 2Q17 net profit up 7.5% yoy (1Q17: 2%), 5% ahead of our estimates. While PPoP (adjusted for BOC's disposal gains in 2Q16) missed our already bullish estimates by 3% due to weaker non-interest income, the market should react positively to the stronger-than-expected NIM (up 4bps qoq or 2bps yoy) and lower NPL formation rate of 58bps. The quality difference between Big 4 and other banks has further widened, with the latter showing weak funding strength, inferior asset quality and slower asset growth. Our top picks remain ICBC and BOC, as among the Big 4, we believe they delivered relatively stronger results than the other two. (Hans Fan - 852 2203 6353) .

    On 30 August, the NDRC announced it will cut both gas transmission and city gate prices. Though we are still waiting for a detailed assessment by BEHL/Kunlun, the ShaanJing line tariff cut appears to be largely in line with our current model assumption (blended transmission tariff of Rmb0.24/cm (excl. VAT) based on NDRC’s announcement (Rmb0.2857/’000km/cm, see the announcement). At the same time, the NDRC also will cut city gate benchmark prices for each province by Rmb0.1/cm, or 5-9%. Both price cuts are effective on 1 September 2017. As we argued before, we believe the official issuance of SJ line tariff cut removes the biggest overhang for BEHL (392 HK, Buy) and Kunlun (0135 HK, Buy), which are trading at attractive valuations of 7x and 11x 2018E P/E. Reiterate Buy. (Michael Tong - 852 2203 6167)

数据推荐

投资评级

更多>>
股票名称最新评级目标价研报
中际旭创 买入 40.00 研报
德邦股份 持有 -- 研报
圆通速递 买入 -- 研报
顺丰控股 买入 -- 研报
韵达股份 买入 -- 研报
国星光电 中性 -- 研报
海利尔 持有 -- 研报
广信股份 持有 -- 研报
扬农化工 买入 -- 研报
长青股份 买入 -- 研报
华泰证券 持有 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
中际旭创 0.00 0.70 研报
圆通速递 0.88 0.76 研报
顺丰控股 0.42 0.66 研报
韵达股份 0.18 0.18 研报
德邦股份 0 0 研报
国星光电 0.67 0.38 研报
广信股份 0 0 研报
海利尔 0 0 研报
长青股份 0.64 0.73 研报
扬农化工 0.85 1.03 研报
东方通 0 0 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
中信证券 34 持有 持有
通威股份 32 买入 持有
贵州茅台 31 持有 买入
隆基股份 31 买入 持有
华泰证券 31 持有 持有
中信证券 30 持有 持有
伊利股份 30 持有 买入
万科A 30 买入 买入
上汽集团 29 持有 买入
格力电器 29 持有 买入
五粮液 29 持有 买入
三一重工 28 持有 中性
泸州老窖 28 持有 买入
当升科技 28 持有 持有
中顺洁柔 27 持有 买入
美的集团 26 持有 买入
中国国旅 24 持有 持有

行业关注度

更多>>
行业名称关注度关注股票数买入评级数
电子信息 627 88 319
汽车制造 566 36 318
金融行业 505 28 220
建筑建材 474 52 216
电子器件 423 56 244
钢铁行业 406 28 176
化工行业 397 61 112
生物制药 364 51 181
机械行业 351 41 136
家电行业 323 12 138
房地产 309 30 219
煤炭行业 289 24 111
酿酒行业 283 16 111
服装鞋类 241 20 123
电力行业 240 31 74
交通运输 233 26 121
农林牧渔 207 24 81