Top Down Strategy and Large Cap Stock Picks - the DBS Vickers ...
Top Down Strategy and Large Cap Stock Picks - the DBS Vickers ...
Top Down Strategy and Large Cap Stock Picks - the DBS Vickers ...
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Country Assessment<br />
Regional Equity <strong>Strategy</strong> Q4 2007<br />
Discounts between “A” <strong>and</strong> H shares<br />
9/17 9/17 H<br />
Price Price Disc.<br />
H Shares (HK$) A Shs (Rmb) to A<br />
HK1108 Luoyang Glass 0.870 CH600876 8.34 (90%)<br />
HK921 Guangdong Kelon 0.890 CH000921 # 7.88 (89%)<br />
HK1033 Sinopec Yizheng Chm. Fib. 3.660 CH600871 13.50 (74%)<br />
HK338 Sinopec Shai. Petrochem. 5.250 CH600688 18.04 (72%)<br />
HK187 Beiren Printing 2.800 CH600860 8.40 (68%)<br />
HK670 China Eastern Airlines 6.530 CH600115 19.14 (67%)<br />
HK719 Sh<strong>and</strong>ong Xinhua Pharm. 2.850 CH000756 8.09 (66%)<br />
HK42 North East Elec. 2.580 CH000585 7.31 (66%)<br />
HK991 Datang Intl Power 8.230 CH601991 22.19 (64%)<br />
HK753 Air China Ltd 9.490 CH601111 24.98 (63%)<br />
HK553 Nanjing P<strong>and</strong>a 3.570 CH600775 9.31 (63%)<br />
HK2600 Aluminium Corp of China 18.820 CH601600 47.26 (62%)<br />
HK1055 China Sou<strong>the</strong>rn Airlines 10.900 CH600029 27.32 (61%)<br />
HK1071 Huadian Power Intl 4.690 CH600027 11.39 (60%)<br />
HK358 Jiangxi Copper 18.140 CH600362 42.72 (59%)<br />
HK1065 Tianjin <strong>Cap</strong>. Environment 4.530 CH600874 10.55 (59%)<br />
HK350 Jingwei Textile Mach. 5.470 CH000666 12.04 (56%)<br />
HK1919 China Cosco Holding 20.000 CH601919 42.00 (54%)<br />
HK1053 Chongqing I & s 4.880 CH601005 10.01 (53%)<br />
HK386 China Petroleum & Chm. 8.270 CH600028 16.91 (53%)<br />
HK588 Beijing North Star 6.920 CH601588 14.11 (53%)<br />
HK902 Huaneng Power Int'l 8.630 CH600011 17.50 (52%)<br />
HK998 China CITIC Bank 5.710 CH601998 11.49 (52%)<br />
HK323 Maanshan Iron & Steel 7.580 CH600808 15.10 (52%)<br />
HK874 Guangzhou Pharm. 8.050 CH600332 14.40 (46%)<br />
HK300 Jiaoda Kunji High-Tech 15.300 CH600806 26.93 (45%)<br />
HK2338 Weichai Power 58.800 CH000338 98.75 (42%)<br />
HK548 Shenzhen Expressway 7.690 CH600548 12.89 (42%)<br />
HK317 Guangzhou Ship 48.600 CH600685 81.29 (42%)<br />
HK525 Guangshen Railway 6.230 CH601333 10.05 (40%)<br />
HK1138 China Shipping Dev 22.000 CH600026 34.93 (39%)<br />
HK3988 Bank of China 3.840 CH601988 6.00 (38%)<br />
HK1171 Yanzhou Coal Mining 13.540 CH600188 21.04 (38%)<br />
HK3328 Bank of Communications 8.900 CH601328 13.59 (37%)<br />
HK763 ZTE Corp 35.300 CH000063 52.68 (35%)<br />
HK1072 Dong Fang Elect. Mch 58.000 CH600875 86.34 (35%)<br />
HK995 Anhui Expressway 6.710 CH600012 9.88 (34%)<br />
HK347 Angang New Steel 26.250 CH000898 38.20 (34%)<br />
HK2628 China Life 38.200 CH601628 55.04 (33%)<br />
HK914 Anhui Conch 57.950 CH600585 83.11 (33%)<br />
HK168 Tsingtao Brewery 25.850 CH600600 36.57 (32%)<br />
HK177 Jiangsu Expressway 8.450 CH600377 11.19 (27%)<br />
HK1398 Ind & Comm Bk of China 5.040 CH601398 6.54 (26%)<br />
HK3968 China Merchant Bank 28.850 CH600036 35.38 (21%)<br />
HK2318 Ping An Insurance 87.650 CH601318 107.46 (21%)<br />
* Total A-share market cap<br />
# As at 3 Sep 2007<br />
Source: Bloomberg<br />
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