Morning Express
24 February 2015
Focus of the Day
Indices
Transportation Sector
One Belt One Road Initiative
Geoffrey CHENG, CFA
[email protected]
Not Rated
President Xi Jinping had mentioned the Silk Road Economic Belt and the 21st Century
Maritime Silk Road in 2013 during diplomatic visits. However, the world began to pay
closer heed after China announced the establishment of the US$40bn Silk Road Fund in
Nov 2014.
The One Belt One Road initiative has economic and diplomatic implications for related
countries. Infrastructure investment will likely be boosted in order to facilitate more
international trade and cultural exchange.
Given China’s leadership in the One Belt One Road initiative, we believe the Chinese
companies in the construction machinery and infrastructure construction industries,
infrastructure operators and, to a certain extent, the building materials industry could
benefit from the initiative. We await more detailed implementation plan from the
Chinese government to gauge the benefits for the listed companies in the future.
Close
HSI
24,837
H Shares
12,041
SH A
3,402
SH B
295
SZ A
1,683
SZ B
1,102
DJIA
18,117
S&P 500
2,110
Nasdaq
4,961
FTSE
6,912
CAC
4,862
DAX
11,131
Source: Bloomberg
1d %
0.02
-0.20
0.76
0.20
0.67
0.51
-0.13
-0.03
0.10
-0.04
0.65
0.73
Ytd %
5.22
0.47
0.37
1.60
13.86
7.12
1.65
2.47
4.75
5.27
13.80
13.52
Close
58.90
1,202.61
16.35
5,672.00
118.89
1.55
1.13
3m %
-26.70
0.46
-0.78
-15.66
-0.52
-1.62
-8.90
Ytd %
2.74
1.50
4.11
-9.97
0.75
-0.80
-6.31
bps change
HIBOR
0.39
US 10 yield
2.06
Source: Bloomberg
3m
0.01
-0.24
6m
0.02
-0.34
Indicators
Brent
Gold
Silver
Copper
JPY
GBP
EURO
HSI Technical
HSI
50 d MA
200 d MA
14 d RSI
Short Sell (HK$m)
Source: Bloomberg
Download our reports from Bloomberg: BOCM〈enter〉
24,837
24,040
23,783
61
5,283
Morning Express
24 February 2015
Market Review
Hang Seng Index (1 year)
Hong Kong stocks finished little changed on the first trading day of the Year of the Sheep.
The Hang Seng Index closed at 24,836, nudging up 4 points only. Internet stocks led gains.
Tencent (700.HK) rose 3.8% as the best blue-chip performer. Kingsoft (3888.HK) climbed
2.3%. V1 Group (82.HK) jumped 12%. Casino operators fell after data showed that
mainland tourist visits to Macau only grew 6.9% during the Chinese New Year holidays.
Galaxy Entertainment (27.HK) dropped 3.2% as the worst blue-chip performer, while
Sands China (1928.HK) lost 2%. Oil companies retreated following the previous week’s
rally spurred by merger rumors. CNOOC (883.HK) fell 2.8%. Sinopec (386.HK) dropped
1.1%. PetroChina (857.HK) shed 1%.
25,000
26,000
24,000
23,000
22,000
21,000
Source: Company data, Bloomberg
HS China Enterprise Index (1 year)
13,000
12,000
US stocks finished flat on Monday. The S&P 500 closed little changed at 2,109.66. The
DJIA shed 23.54 points, or 0.1%, to 18,116.90. European stocks rallied. The Stoxx Europe
600 gained 0.7% to 385.08.
11,000
10,000
9,000
8,000
News Reaction
Number of Chinese mobile gamers reaches 250m, indicating maturer industry. By the
end of 2014, the number of Chinese mobile gamers has reached 248m, Xinhua News
Agency reported, quoting the data from CINIC. With the development of local games and
relevant improving policies, it is expected that there is a bright future for China's game
industry. The number of Chinese online gamers was 366m by the end of 2014 and its
proportion in the total internet users rose from 54.7% in 2013 to 56.4%.
Source: Company data, Bloomberg
Shanghai A-shares (1 year)
4,000
3,500
3,000
2,500
2,000
Tencent (700.HK) intends to add investment in Dazhong Dianping. Tencent is interested
in increase its investment in Dazhong Dianping (Mainland version of Open Rice) with a
financing amount of US$800m (equivalent to approximately HK$6.24bn), Wall Street
Journal reported, citing people with the knowledge of the matter.
Kaisa Group (1638.HK) warns of substantial decline in 2014 net profit. Kaisa Group
issued a profit warning, expecting its net profit for the year of 2014 to drop significantly
as compared to the year of 2013. Given the time constraints when issuing the above
announcement, the company emphasized that such profit warning does not meet the
standard required by Rule 10 of the Takeovers Code.
Prada (1913.HK) sales revenue down 1% in financial year ended Jan 2015. Prada
released the preliminary sales figure for the year ended 31 Jan 2015. The group’s sales
decreased 1% year-on-year to EUR3.552bn.
Lenovo Group (992.HK) releases Superfish uninstallation tool. According to foreign
media, Lenovo Group apologized to its users for pre-installation of Superfish
advertisement app. The company said in a statement that it will help users solve the
problem as soon as possible and will take two new measures for auto-delete the app.
Download our reports from Bloomberg: BOCM〈enter〉
Source: Company data, Bloomberg
Shenzhen A-shares (1 year)
1,800
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
Source: Company data, Bloomberg
Morning Express
24 February 2015
Economic releases for this week - USA
Date Time
23-Feb
25-Feb
26-Feb
26-Feb
26-Feb
26-Feb
Source: Bloomberg
Event
Existing Home sales (m)
MBA mortgage applications
CPI (MoM)
CPI ex food & energy (MoM)
Durable goods order
Initial jobless claims (k)
Economic releases for this week - China
Survey
4.95
-0.6%
0.1%
1.6%
290.0
Prior
5.04
-13.2%
-0.4%
0.0%
-3.4%
283.0
Date Time
25-Feb
1-Mar
Event
HSBC Manufacturing PMI
Manufacturing PMI
Survey
49.5
-
Prior
49.7
49.8
Source: Bloomberg
BOCOM Research Latest Reports
Data
23 Feb 2015
23 Feb 2015
18 Feb 2015
18 Feb 2015
17 Feb 2015
16 Feb 2015
16 Feb 2015
Report
Prada (1913.HK) - 4Q revenue in line; margin pressure to linger
Healthcare Sector - Outsourcing trend on the rise
Vipshop (VIPS.US) - Upgrade to Buy on visible high-growth story
Transportation Sector - One Belt One Road Initiative
Container Shipping Sector - Weekly container shipping commentary
Neptune Orient Lines (NOL SP) - FY14 results review - below market expectation again
16 Feb 2015
13 Feb 2015
13 Feb 2015
13 Feb 2015
13 Feb 2015
13 Feb 2015
13 Feb 2015
12 Feb 2015
Property Sector - Margin comes before volume
Transportation Sector - Weekly transportation news wrap
Qihoo 360 (QIHU.US) - 4Q results preview: solid top-line with higher spending; cut TP and maintain Buy
Baidu (BIDU.US) - Steady top-line growth in 4Q14; another investment year for O2O
China Resources Land (1109 HK) -- Back to fundamentals
Sino Land (83. HK) - 1HFY15 results review
Parkson (3368.HK) - Disappointing FY14 results; cautious on FY15E growth outlook; downgrade to Sell
Anta (2020.HK) – Better FY14; a good start for FY15E; well geared to benefit from China’s accelerating
sportswear consumption trend
Netease (NTES.US) - 4Q top-line beat on fast-growing game and eCommerce revenue
SMIC (981.HK) – 4Q14 results beat; better-than-seasonality first quarter guidance
Energy Sector – Bocom Energy Weekly
Sohu (SOHU.US) –Half water, half flame; 4Q missed, maintain Neutral
HK Property Sector – HK property results preview
11 Feb 2015
11 Feb 2015
11 Feb 2015
11 Feb 2015
11 Feb 2015
Summer Breeze「夏天小语」- Tissue promotion could intensify in 2015
Source: Company data, BOCOM International
Download our reports from Bloomberg: BOCM〈enter〉
Analyst
Phoebe Wong
Milo Liu
Phoebe Wong
Geoffrey Cheng, CFA, Jovi Li, Fay Zhou
Geoffrey Cheng, CFA
Geoffrey Cheng, CFA
Summer Wang
Alfred Lau, CFA, FRM, Luella Guo
Geoffrey Cheng, CFA, Fay Zhou
Ma Yuan (Martina), Ph.D, Gu Xinyu (Connie), CPA
Ma Yuan (Martina), Ph.D, Gu Xinyu (Connie), CPA
Alfred Lau, CFA, FRM, Luella Guo
Alfred Lau, CFA, FRM
Anita Chu
Phoebe Wong
Ma Yuan (Martina), Ph.D, Gu Xinyu (Connie), CPA
Miles XIE
Fei Wu, Tony Liu
Ma Yuan (Martina), Ph.D, Gu Xinyu (Connie), CPA
Alfred Lau, CFA, FRM
Morning Express
24 February 2015
Hang Seng Index Constituents
Company
name
Cheung Kong
Hang Lung Proper
Hengan Intl
China Shenhua-H
Hang Seng Bk
China Res Land
Cosco Pac Ltd
Henderson Land D
Aia Group Ltd
Hutchison Whampo
Kunlun Energy Co
Ind & Comm Bk-H
China Merchant
Want Want China
Sun Hung Kai Pro
New World Dev
Belle Internatio
China Coal Ene-H
Swire Pacific-A
Sands China Ltd
Clp Hldgs Ltd
Bank East Asia
Ping An Insura-H
Boc Hong Kong Ho
China Life Ins-H
Citic Pacific
China Res Enterp
Cathay Pac Air
Hong Kg China Gs
Tingyi Hldg Co
Esprit Hldgs
Bank Of Commun-H
China Petroleu-H
Hong Kong Exchng
Bank Of China-H
Wharf Hldg
Li & Fung Ltd
Hsbc Hldgs Plc
Power Assets Hol
Mtr Corp
China Overseas
Tencent Holdings
China Unicom Hon
Sino Land Co
China Res Power
Petrochina Co-H
Cnooc Ltd
China Const Ba-H
China Mobile
Lenovo Group Ltd
Hang Seng Index
BBG
code
1 HK
101 HK
1044 HK
1088 HK
11 HK
1109 HK
1199 HK
12 HK
1299 HK
13 HK
135 HK
1398 HK
144 HK
151 HK
16 HK
17 HK
1880 HK
1898 HK
19 HK
1928 HK
2 HK
23 HK
2318 HK
2388 HK
2628 HK
267 HK
291 HK
293 HK
3 HK
322 HK
330 HK
3328 HK
386 HK
388 HK
3988 HK
4 HK
494 HK
5 HK
6 HK
66 HK
688 HK
700 HK
762 HK
83 HK
836 HK
857 HK
883 HK
939 HK
941 HK
992 HK
Share
price
(HK$)
152.40
22.15
88.90
19.86
142.70
20.45
11.32
55.00
44.55
105.00
7.72
5.70
29.15
9.01
123.90
9.26
8.64
4.10
106.10
38.95
68.05
31.90
85.30
27.05
32.30
13.40
16.44
17.04
17.36
19.16
8.76
6.65
6.45
177.60
4.41
60.45
7.73
72.00
78.75
35.95
23.50
134.80
13.14
12.62
20.10
8.89
11.06
6.45
104.80
12.00
Mkt
cap
(HK$m)
352,983
99,350
108,849
443,531
272,820
133,555
33,286
165,019
536,610
447,654
62,319
1,995,738
74,714
118,881
350,162
82,353
72,872
86,627
154,668
314,240
171,925
74,865
791,647
285,994
1,230,797
333,705
39,807
67,033
182,490
107,374
17,025
529,706
862,440
207,492
1,411,492
183,226
64,626
1,383,793
168,073
209,566
192,088
1,263,510
314,663
76,528
96,427
2,412,129
493,801
1,617,306
2,144,625
133,304
5d
chg
(%)
2.3
1.4
-0.3
-3.4
2.1
4.2
0.0
1.9
1.7
1.8
2.1
2.2
-0.3
2.0
0.5
0.8
2.6
-0.5
1.9
4.0
1.1
-1.4
2.8
-0.2
2.7
3.7
2.6
-0.4
-0.1
1.2
3.5
2.3
5.2
0.9
1.6
2.5
6.8
1.7
-0.2
3.5
2.0
4.0
1.4
0.8
1.2
4.1
3.2
1.7
-1.4
-2.1
Ytd
chg
(%)
17.0
1.8
9.7
-13.5
10.4
0.0
2.7
1.3
3.2
17.6
5.3
0.7
11.7
-11.8
4.7
3.8
-0.9
-15.6
5.0
2.1
1.2
2.1
7.8
4.2
6.1
1.4
1.2
0.8
-2.3
8.1
-5.6
-8.1
3.2
3.4
0.9
7.9
6.5
-2.7
4.7
13.1
2.0
19.8
26.3
0.8
0.5
3.4
5.9
1.3
15.8
17.6
24,836.8 15,485,135
1.7
5.2
Source: Bloomberg
Download our reports from Bloomberg: BOCM〈enter〉
–––– 52-week ––––
Hi
Lo
(HK$)
(HK$)
152.90
111.54
26.45
19.80
94.35
74.05
24.40
19.12
148.40
118.10
23.60
13.62
11.92
9.71
57.20
36.82
46.45
34.90
108.50
85.90
14.02
6.88
5.90
4.33
29.70
22.75
13.10
8.38
129.40
90.35
10.48
7.15
10.00
7.00
5.44
3.72
108.00
83.50
68.00
34.50
69.65
56.00
34.45
29.10
88.70
55.60
27.95
21.50
32.80
19.72
16.88
10.60
24.55
15.12
18.30
13.56
18.90
14.46
23.25
16.02
15.24
8.10
7.36
4.53
8.23
5.90
189.00
112.80
4.57
3.03
63.90
46.35
10.70
7.06
84.40
69.75
82.80
62.20
36.00
27.10
26.70
17.52
138.00
93.00
14.22
9.03
14.16
10.40
24.90
17.56
11.70
7.54
15.88
9.72
6.62
4.89
108.50
63.65
12.70
7.62
25,363.0
21,137.6
–––––––––– PE –––––––––––
2014A
2015E
2016E
(X)
(X)
(X)
8.2
9.9
10.5
8.5
15.3
16.0
30.1
28.9
23.8
7.4
8.3
8.6
18.0
14.5
13.4
7.8
10.6
9.1
14.5
12.9
11.5
9.2
17.7
17.3
28.1
21.5
19.2
9.5
13.6
13.2
9.8
10.3
11.0
5.8
5.8
5.6
16.9
17.2
15.7
22.0
23.2
20.0
9.9
15.9
14.7
7.0
11.2
10.2
N/A
13.0
12.5
31.8
54.2
38.4
12.1
15.8
13.9
15.9
17.2
15.4
19.1
16.1
15.9
11.1
12.4
11.5
17.2
14.2
13.3
12.4
11.7
10.6
27.4
20.7
17.7
9.5
7.6
6.1
21.6
127.4
54.8
22.8
19.4
11.0
26.3
25.1
23.1
33.2
30.9
25.2
80.2
80.4
36.2
6.2
6.1
5.9
8.9
10.5
15.0
44.2
40.2
30.0
5.9
6.0
5.6
7.7
15.8
13.8
9.9
17.5
14.9
13.5
10.3
9.5
2.7
19.0
18.6
14.1
19.3
20.1
7.7
8.5
7.3
45.8
42.6
31.9
20.1
19.4
16.8
9.9
14.8
14.2
8.3
8.0
7.5
10.0
11.6
19.0
7.2
7.6
17.1
5.7
5.6
5.4
14.6
15.6
15.1
18.4
18.4
14.6
10.5
11.6
10.5
Yield
P/B
(%)
2.3
3.4
2.1
5.7
3.9
2.2
2.7
1.8
1.0
2.2
3.0
N/A
2.6
3.0
2.7
4.5
N/A
2.4
3.4
2.5
3.8
3.5
1.0
3.7
1.2
2.0
1.5
1.5
1.9
1.5
0.8
N/A
4.6
2.0
5.5
2.9
6.1
5.3
3.3
2.6
2.1
0.2
1.5
4.0
3.7
4.4
5.1
5.8
2.9
2.0
(X)
0.9
0.8
6.6
1.1
2.5
1.4
0.9
0.6
2.5
1.1
1.2
1.1
1.1
8.1
0.8
0.5
2.3
0.5
0.7
6.3
1.9
1.1
2.6
1.7
3.1
0.6
0.8
1.1
3.6
4.5
1.0
0.9
1.0
10.1
1.0
0.6
1.7
0.9
1.4
1.3
1.6
13.6
1.1
0.7
1.4
1.1
1.1
1.1
2.1
4.1
3.4
1.4
Morning Express
24 February 2015
China Ent Index Constituents
Company
name
Shandong Weig-H
China Shenhua-H
Sinopharm-H
China Shipping-H
Zoomlion Heavy-H
Yanzhou Coal-H
Agricultural-H
New China Life-H
Ind & Comm Bk-H
Tsingtao Brew-H
China Com Cons-H
China Coal Ene-H
China Minsheng-H
Guangzhou Auto-H
Ping An Insura-H
Picc Property &
Great Wall Mot-H
Weichai Power-H
Aluminum Corp-H
China Pacific-H
China Life Ins-H
China Oilfield-H
Zijin Mining-H
China Natl Bdg-H
Bank Of Commun-H
Jiangxi Copper-H
China Petroleu-H
China Rail Gr-H
China Merch Bk-H
Bank Of China-H
Dongfeng Motor-H
Citic Securiti-H
Haitong Securi-H
China Telecom-H
Air China Ltd-H
Petrochina Co-H
Huaneng Power-H
Anhui Conch-H
China Longyuan-H
China Const Ba-H
China Citic Bk-H
Hang Seng China Ent Indx
BBG
code
Share
price
(HK$)
Mkt
cap
(HK$m)
5d
chg
(%)
Ytd
chg
(%)
(X)
(X)
1066 HK
1088 HK
1099 HK
1138 HK
1157 HK
1171 HK
1288 HK
1336 HK
1398 HK
168 HK
1800 HK
1898 HK
1988 HK
2238 HK
2318 HK
2328 HK
2333 HK
2338 HK
2600 HK
2601 HK
2628 HK
2883 HK
2899 HK
3323 HK
3328 HK
358 HK
386 HK
390 HK
3968 HK
3988 HK
489 HK
6030 HK
6837 HK
728 HK
753 HK
857 HK
902 HK
914 HK
916 HK
939 HK
998 HK
6.58
19.86
27.75
5.44
4.77
6.33
3.81
44.65
5.70
49.00
9.00
4.10
9.20
7.45
85.30
15.78
49.50
31.80
3.62
38.85
32.30
12.20
2.27
7.53
6.65
13.00
6.45
6.02
17.70
4.41
11.76
26.90
18.18
4.98
6.52
8.89
9.44
26.15
8.15
6.45
5.83
29,454.53
443,530.63
76,786.89
33,172.47
54,134.14
59,558.77
1,323,970.46
182,289.69
1,995,738.17
66,587.96
214,636.95
86,626.71
375,642.55
60,983.62
791,646.69
233,993.91
178,424.31
65,930.41
76,524.20
379,167.43
1,230,796.93
90,886.18
81,650.32
40,654.67
529,706.43
63,376.49
862,439.83
202,294.80
452,658.96
1,411,491.58
101,325.57
387,669.19
245,067.30
403,043.22
111,641.35
2,412,129.22
134,522.97
134,510.85
65,496.57
1,617,306.48
353,794.85
6.5
-3.4
3.5
6.5
-0.6
0.0
-0.3
0.0
2.2
-3.0
5.1
-0.5
1.8
2.6
2.8
3.7
6.1
2.9
2.5
1.8
2.7
-2.2
-1.3
0.9
2.3
1.6
5.2
2.7
-1.6
1.6
-0.2
5.7
2.8
0.2
-2.5
4.1
1.0
-0.4
-0.4
1.7
1.6
5.1
-13.5
1.1
2.3
-19.3
-3.7
-2.8
14.0
0.7
-6.8
-3.5
-15.6
-9.8
5.5
7.8
4.6
12.2
-2.8
0.8
-1.4
6.1
-9.4
3.2
-0.1
-8.1
-2.3
3.2
-5.6
-9.0
0.9
7.1
-7.9
-6.9
9.7
4.0
3.4
-9.9
-10.0
1.0
1.3
-6.3
10.0
24.4
34.5
6.3
6.4
7.3
4.1
45.3
5.9
64.0
10.2
5.4
10.7
9.9
88.7
16.2
50.0
34.9
4.3
42.0
32.8
23.4
2.7
8.4
7.4
15.2
8.2
6.7
20.0
4.6
15.2
34.0
23.2
5.2
7.5
11.7
11.6
35.7
9.8
6.6
6.3
5.7
19.1
19.7
4.0
3.5
4.9
3.0
21.1
4.3
49.0
4.9
3.7
5.9
6.6
55.6
9.4
26.1
25.8
2.5
23.6
19.7
11.7
1.6
6.7
4.5
11.6
5.9
3.0
12.1
3.0
9.6
13.7
9.5
3.1
4.2
7.5
6.1
24.0
7.1
4.9
3.9
77.6
7.4
22.4
N/A
16.0
6.8
5.6
18.8
5.8
26.9
9.2
31.8
5.6
12.3
17.2
16.3
15.0
9.8
N/A
26.6
27.4
5.7
18.7
5.3
6.2
10.2
8.9
10.4
6.2
5.9
6.1
30.1
33.3
17.5
24.6
10.0
9.3
9.2
27.1
5.7
5.4
23.9
8.3
20.3
47.2
19.0
15.7
5.4
14.5
5.8
26.6
8.6
54.2
5.4
11.3
14.2
13.1
15.0
10.5
N/A
22.7
20.7
6.1
15.6
5.7
6.1
12.4
10.5
9.9
6.2
6.0
6.5
25.4
19.9
17.8
19.5
11.6
8.7
9.6
21.4
5.6
5.4
12,041
4,928,384
2.2
0.5
12,400.4
9,159.8
8.5
8.3
7.4
Source: Bloomberg
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–––– 52-week ––––
Hi
Lo
(HK$)
(HK$)
––––––––––– PE –––––––––––
2014A
2015E
2016E
Yield
P/B
(X)
(%)
(X)
20.0
8.6
17.3
13.8
14.4
20.3
5.1
13.6
5.6
23.9
7.9
38.4
5.1
8.9
13.3
12.3
11.2
10.9
N/A
19.2
17.7
8.7
15.6
5.4
5.9
14.1
15.0
8.8
5.7
5.6
6.1
20.5
16.1
15.9
10.3
19.0
8.2
9.0
14.9
5.4
5.1
1.2
5.7
1.2
0.0
3.9
0.4
N/A
0.4
N/A
N/A
2.6
2.4
2.1
3.0
1.0
1.7
2.1
1.0
N/A
1.3
1.2
4.4
N/A
2.6
N/A
4.8
4.6
1.4
4.3
5.5
1.9
N/A
0.8
2.4
0.9
4.4
5.0
1.7
0.7
5.8
N/A
2.5
1.1
2.6
0.7
0.7
0.6
1.0
2.6
1.1
3.4
1.2
0.5
1.1
1.1
2.6
2.7
4.1
1.6
1.0
2.7
3.1
1.1
1.5
0.9
0.9
0.8
1.0
1.2
1.3
1.0
1.2
2.6
2.2
1.1
1.3
1.1
1.7
1.9
1.7
1.1
0.9
3.8
1.3
Morning Express
24 February 2015
BOCOM International
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Rating System
Company Rating
www.bocomgroup.com
Sector Rating
Buy: Expect more than 20% upside in 12 months
LT Buy: Expect more than 20% upside but longer than 12 months
Neutral: Expect low volatility
Sell: Expect more than 20% downside in 12 months
Outperform (“OP”): Expect more than 10% upside in 12 months
Market perform (“MP”): Expect low volatility
Underperform (“UP”): Expect more than 10% downside in 12 months
Research Team
Head of Research
@bocomgroup.com
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(852) 2977 9393
@bocomgroup.com
raymond.cheng
Strategy
Economics
Hao HONG, CFA
Miaoxian LI
(852) 2977 9384
hao.hong
(852) 2977 9212
yangqingli
Fei WU
(852) 2977 9392
fei.wu
Shanshan LI, CFA
(86) 10 8800 9788 - 8058
lishanshan
Tony LIU
(852) 2977 9390
xutong.liu
Li WAN, CFA
(86) 10 8800 9788 - 8051
Wanli
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Qingli YANG
miaoxian.li
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Consumer Discretionary
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Phoebe WONG
(852) 2977 9391
phoebe.wong
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anita.chu
Summer WANG
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summer.wang
Shawn WU
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shawn.wu
(852) 2977 9387
milo.liu
Consumer Staples
Alfred LAU, CFA, FRM
(852) 2977 9235
alfred.lau
Luella GUO
(852) 2977 9211
luella.guo
(86) 21 6065 3606
louis.sun
(852) 2977 9209
lizhiwu
(852) 2977 9216
miles.xie
Geoffrey CHENG, CFA
(852) 2977 9380
geoffrey.cheng
Fay ZHOU
(852) 2977 9381
fay.zhou
(86) 21 6065 3675
wei.yao
Renewable Energy
Healthcare
Louis SUN
Telecom & Small/ Mid-Caps
Milo LIU
Insurance & Brokerage
Zhiwu LI
Technology
Jerry LI
(852) 2977 9389
liwenbing
Jennifer ZHANG
(852) 2977 9250
yufan.zhang
Yuan MA, PhD
(86) 10 8800 9788 - 8039
yuan.ma
Connie GU, CPA
(86) 10 8800 9788 - 8045
conniegu
Internet
Miles XIE
Transportation & Industrial
Metals & Mining
Jovi LI
(86) 10 8800 9788 - 8043
Automobile
(852) 2977 9243
jovi.li
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Wei YAO
Morning Express
24 February 2015
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