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Equity | China | Banks

22 September 2009

Change of recommendation
ICBC
Buy (from Hold) Strong internal capital generation
Target price
HK$6.81 (from HK$5.59)
We think ICBC shares should outperform peers in the environment of tightening
liquidity and higher CAR requirement. ICBC has a high RoRWA due to its low off-
Price
HK$6.16 balance sheet exposure and an estimated Rmb3trn positive balance sheet gap to
Short term (0-60 days) rising interest rate. We upgrade our rating to Buy from Hold.
n/a
Market relative to region Key forecasts
Overweight
FY07A FY08A FY09F FY10F FY11F
Reported PTP (Rmbm) 115,378 145,376 156,379 186,723 217,570
Price performance Reported net profit (Rmbm) 81,520 110,841 119,969 145,135 169,119
Reported EPS 0.24 0.33 0.36 0.43 0.51
(1M) (3M) (12M)
Normalised EPS 0.24 0.33 0.36 0.43 0.51
Price (HK$) 5.32 5.13 4.02
Dividend per share 0.13 0.16 0.18 0.22 0.25
Absolute (%) 15.8 20.1 53.2
Rel market (%) 6.9 1.6 23.1 Normalised PE (x) 22.20 16.40 15.10 12.50 10.70
Rel sector (%) 10.2 10.7 38.6 Price/book value (x) 3.37 3.01 2.70 2.40 2.13
Dividend yield (%) 2.45 3.04 3.31 4.00 4.66
Oct 06 Oct 07 Oct 08
10 Return on avg equity (%) 16.10 19.30 18.70 20.10 20.70
Accounting standard: IFRS year to Dec, fully diluted
8 Source: Company data, ABN AMRO forecasts

6
Highest RoRWA (or internal capital generation rate) in the sector alongside CCB
4 ICBC’s RoRWA of 2.59% in 1H09 (annualised) is similar to CCB’s 2.46%, but higher than
other H-share banks’ 1.6-2.1%, mainly due to its lower off-balance-sheet and market-risk-
2
related RWA (9% of RWA vs peers’ 11-23%), reflecting its Rmb-/fee-income driven model.
1398.HK HSCEI

Current CAR can sustain high-teens loan growth given high internal capital generation
Market capitalisation
HK$2.06t (US$265.47bn) Assuming 27%/14%/14% loan growth for 2009-11 and a 50% payout, we estimate Tier 1 and
Average (12M) daily turnover the total CAR will remain fairly constant – from 9.97% and 12.09% (as of 1H09) to 9.9% and
HK$1977.82m (US$254.97m) 12.83% by end-2011 – well above the regulator’s 7% and 10% requirement. If the Tier 1
RIC: 1398.HK, 1398 HK
Priced at close of business 18 Sep 2009.
CAR were to run down to 9%, we estimate loan growth could rise to 17% in 2010-11.
Source: Bloomberg
1H09 results recap: strong earnings, despite a weak margin, due to good asset quality
ICBC reported a 2.9% yoy and 43.4% hoh rise in 1H09 net profit to Rmb66.424bn, 0.3%
above our estimates. Pre-provision profit dropped 6.6% yoy due to a 76bp drop in margin to
2.25% (management said July NIM was similar to 1H09 NIM), but net fee income rose a
robust 13.3%. The net NPL downgrade of Rmb3.2bn was similar to FY08’s Rmb7.6bn. Credit
cost was low at 37bp and NPL coverage rose to 138%, as the NPL balance dropped 4% ytd.

Upgrading to Buy on laggard performance ytd and strong internal capital generation
We maintain our 2009F EPS with the company targeting to raise NPL coverage to 150% by
Analysts
end-2009, but raise our 2010-11F EPS 3-4% on a better margin outlook – we build in a 54bp
Sally Ng, CFA hike in lending and time deposit rates in 2010. We raise our target price to HK$6.81 after
Hong Kong
+852 2700 5160 rolling over our valuation to end-2010 from mid-2010 and lift our structural ROE forecast
sally.ng@rbs.com (target 2.69x P/TCE). ICBC’s current one-year forward P/TCE, PE and P/PPOP of 2.54x,
Irene Huang 13.2x, 9.9x are 9%, 4%, 12% above historical averages of 2.34x, 12.7x, 8.8x, respectively.
Hong Kong
Key risk: potential share overhang as the lock-up period for Allianz and American Express’
+852 2700 5839
irene.huang@rbs.com 3.854bn shares in ICBC expires on 20 October 2009.
This note should be read along with our sector report (At the crossroads: growth vs capital, 22 September 2009)
38/F Cheung Kong Center, 2 Queen's
Road Central, Hong Kong
for a better understanding of the investment argument.
Important disclosures can be found in the Disclosures Appendix.
+
http://www.abnamroresearch.com ABN AMRO group companies are subsidiary undertakings of The Royal Bank of Scotland Group plc.
Table 1 : NPL migration analysis
Rmbm 2003 2004 2005 2006 2007 2008 2009F 2010F 2011F 1H09
Starting NPL n.a. 824,648 784,656 154,417 137,745 111,774 104,482 97,164 103,649 104,482
(+) Downgrade [gross new NPL formation] n.a. 77,551 60,899 42,651 34,029 52,308 64,516 76,687 87,075 29,900
(-) Upgrade & recoveries n.a. (60,537) (28,589) (44,700) (46,863) (44,693) (52,738) (47,464) (46,277) (26,724)
--Upgrade n.a. n.a. n.a. (17,300) (25,775) (18,693) (15,174)
--Recoveries n.a. n.a. n.a. (27,400) (21,088) (26,000) (11,550)
Net new NPL formation n.a. 17,014 32,310 (2,049) (12,834) 7,615 11,778 29,223 40,797 3,176
(-) Transfer out n.a. (5,930) (635,002) (3,479) (4,966) (2,534) (1,774) (1,951) (2,146) (194)
(-) Write-off n.a. (51,076) (27,547) (11,144) (8,171) (12,373) (17,322) (20,787) (22,865) (8,276)
(+/-) Exchange difference & others 0 0 0 0 0 0 (523)
Ending NPL 824,648 784,656 154,417 137,745 111,774 104,482 97,164 103,649 119,435 98,665

Gross loans 3,402,277 3,707,748 3,289,553 3,631,171 4,073,229 4,571,994 5,750,513 6,519,424 7,412,541 5,436,469
Gross new NPL formation (overall) 2.18% 1.74% 1.23% 0.88% 1.21% 1.25% 1.25% 1.25% 1.26%
Upgrade/recoveries -1.70% -0.82% -1.29% -1.22% -1.03% -1.02% -0.77% -0.66% -1.12%
Net new NPL formation 0.48% 0.92% -0.06% -0.33% 0.18% 0.23% 0.48% 0.59% 0.13%
Source: ABN AMRO forecasts, Company data

Table 2 : Earnings revisions

2009F 2010F 2011F


Rmbm Old New Chg % Old New Chg % Old New Chg %
Net interest income 240,896 240,893 (0.0) 277,547 290,433 4.6 325,351 340,548 4.7
Non-interest income 57,676 57,064 (1.1) 62,057 61,368 (1.1) 74,091 73,298 (1.1)
Operating costs (113,445) (113,952) 0.4 (127,493) (130,703) 2.5 (146,942) (150,832) 2.6
PPOP 185,127 184,005 (0.6) 212,111 221,099 4.2 252,499 263,014 4.2
Provisions (29,241) (30,098) 2.9 (35,396) (37,219) 5.2 (44,225) (48,714) 10.2
Net profit 121,493 119,969 (1.3) 139,547 145,135 4.0 164,419 169,119 2.9
EPS (Rmb) 0.36 0.36 (1.3) 0.42 0.43 4.0 0.49 0.51 2.9
Source: ABN AMRO forecasts

Table 3 : Capital adequacy ratio analysis

Rmbm 2005 2006 2007 2008 2009F 2010F 2011F 1H09


Core capital:
Share capital 248,000 334,019 334,019 334,019 334,020 334,020 334,020 334,019
Reserves 5,444 125,523 148,631 205,668 267,848 352,999 449,550 243,347
Minority interests 4,037 4,537 5,305 3,955 6,428 9,271 12,541 4,504
Total core capital 257,481 464,079 487,955 543,642 608,296 696,289 796,111 581,870
Supplementary capital:
General provision 21,846 33,645 47,979 82,834 103,509 117,350 133,426 88,739
Reserve for net change in FV of AFS investments 1,005 0 0 0 0 0
Subordinated debts 35,000 35,000 35,000 35,000 75,000 83,000 113,000 35,000
Other 0 11,669 4,164 2,952 2,952 2,952 2,952
Total supplementary capital 56,846 69,650 94,648 121,998 181,461 203,302 249,378 126,691
Total capital base before deductions 314,327 533,729 582,603 665,640 789,757 899,591 1,045,489 708,561
Deductions: (2,483) (2,924) (5,862) (45,607) (57,566) (57,566) (57,566) (44,233)
Unconsolidated equity investments (1,176) (1,729) (3,868) (19,499) (17,783) (17,783) (17,783) (17,783)
Goodwill (1,307) (1,195) (1,878) (20,579) (23,581) (23,581) (23,581) (23,581)
Other (116) (5,529) (2,869) (2,869) (2,869) (2,869)
Holding of other banks' sub debts (13,333) (13,333) (13,333)
Net capital base 311,844 530,805 576,741 620,033 732,191 842,025 987,922 664,328
Core capital base after deductions 255,586 462,020 484,085 510,549 574,389 662,382 762,204 549,398
Total shareholder's equity 259,876 471,001 543,676 606,630 677,651 765,644 865,466 620,441

Risk weighted assets (after market risk) 3,152,206 3,779,170 4,405,345 4,748,893 5,973,011 6,771,673 7,699,346 5,494,937
RWA as % Assets 48.83% 50.33% 50.73% 48.67% 49.28% 49.72% 50.31% 48.05%
Loans as % Assets 50.95% 48.36% 46.91% 46.86% 47.44% 47.87% 48.44% 47.50%

Tier 1 CAR 8.11% 12.23% 10.99% 10.75% 9.62% 9.78% 9.90% 9.97%
Total CAR 9.89% 14.05% 13.09% 13.06% 12.26% 12.43% 12.83% 12.09%
Source: Company data, ABN AMRO forecasts

ICBC | Performance and Valuation | 22 September 2009 2


Income statement

Rmbm FY07A FY08A FY09F FY10F FY11F


Net interest income 224465 263037 240893 290433 340548
Non-interest income 29718 29057 57064 61368 73298
Total income 254183 292094 297957 351802 413846
Operating costs -95168 -103145 -104943 -120793 -139931
Goodwill (amort/impaired) 0.00 0.00 0.00 0.00 0.00
Other costs -9492 -8190 -9009 -9910 -10901
Pre-prov operating profit 149523 180759 184005 221099 263014
Provisions charges -33061 -36512 -30098 -37219 -48714
Post-prov op prof 116462 144247 153907 183880 214300
Associates (pre-tax) 16.0 1978 2473 2843 3270
Exceptionals (pre-tax) n/a n/a n/a n/a n/a
Other pre-tax items -1100 -849.0 0.00 0.00 0.00
Reported PTP 115378 145376 156379 186723 217570
Taxation -33124 -34150 -35967 -41079 -47865
Minority interests -734.0 -385.0 -442.8 -509.2 -585.5
Preference dividends n/a n/a n/a n/a n/a
Other post-tax items 0.00 0.00 0.00 -0.01 0.00
Reported net profit 81520 110841 119969 145135 169119
Source: Company data, ABN AMRO forecasts year to Dec

Balance sheet

Rmbm FY07A FY08A FY09F FY10F FY11F


Net loans to customers 3957542 4436011 5603528 6357959 7227373
Other int earn assets 4486189 5033165 6232660 6952506 7741701
Goodwill 1420 20579 4833 4833 4833
Oth non-int earn assets 199438 227366 234032 250004 267645
Total assets 8683712 9757146 12121482 13619159 15304026
Total customer deposits 6898413 8223446 10032604 11336843 12810632
Oth int-bearing liabs 1049834 694194 1172633 1253721 1337915
Non int-bearing liab 191789 232876 238594 262951 290013
Total liabilities 8140036 9150516 11443831 12853515 14438561
Share capital 334019 334019 334020 334020 334020
Reserves 204352 268656 337203 422354 518905
Total equity (excl min) 538371 602675 671223 756374 852925
Minority interests 5305 3955 6428 9271 12541
Total liab & sh equity 8683712 9757146 12121482 13619159 15304026
Risk weighted assets 4405345 4748893 5973011 6771673 7699347
Est non-perf loans 111774 104482 97164 103649 119435
Specific provisions -58944 -54059 -43475 -44116 -51742
General provisions -56743 -81924 -103509 -117350 -133426
Source: Company data, ABN AMRO forecasts year ended Dec

Capital

Rmbm FY07A FY08A FY09F FY10F FY11F


Risk weighted assets 4405345 4748893 5973011 6771673 7699347
Reported net profit 81520 110841 119969 145135 169119
Opening risk assets 3779170 4405345 4748893 5973011 6771673
Closing risk assets 4405345 4748893 5973011 6771673 7699347
Change in risk assets 626175 343548 1224118 798662 927673
Capital required 50094 27484 97929 63893 74214
Free capital flow 31426 83357 22040 81242 94905
Ordinary dividend paid -44425 -55113 -59985 -72567 -84559
Share buy back/spec div n/a n/a n/a n/a n/a
Equity / preference issue n/a n/a n/a n/a n/a
Cash flow from financing -44425 -55113 -59985 -72567 -84559
Net capital flow -12999 28244 -37945 8674 10346
Tier 1 capital 484085 510549 574389 662382 762204
Tier 1 capital ratio (%) 11.0 10.8 9.62 9.78 9.90
Lines in bold can be derived from the immediately preceding lines. year to Dec
Source: Company data, ABN AMRO forecasts

ICBC | Key Financial Data | 22 September 2009


Standard ratios ICBC Bank of China China Construction Bank

Performance FY07A FY08A FY09F FY10F FY11F FY09F FY10F FY11F FY09F FY10F FY11F
Non-int inc/gr op inc (%) 11.7 9.95 19.2 17.4 17.7 25.9 25.5 25.8 17.0 16.2 16.1
Cost/income (%) 41.2 38.1 38.2 37.2 36.4 42.5 39.2 36.7 40.1 36.6 35.5
Costs/average assets (%) 1.29 1.21 1.04 1.02 1.04 1.19 1.13 1.11 1.22 1.15 1.14
Net income growth (%) 64.9 35.2 8.26 21.0 16.5 14.5 19.1 19.6 11.1 28.6 14.4
Net cust loan growth (%) 12.0 12.1 26.3 13.5 13.7 37.5 14.3 14.6 25.9 13.5 13.9
Cust deposit growth (%) 9.04 19.2 22.0 13.0 13.0 27.8 13.2 13.8 25.0 14.0 14.0
Net interest margin (%) 2.80 2.95 2.32 2.42 2.52 2.07 2.16 2.24 2.57 2.71 2.79
Return on avg assets (%) 1.02 1.21 1.10 1.13 1.17 0.98 1.00 1.08 1.21 1.30 1.31
Return on avg equity (%) 16.1 19.3 18.7 20.1 20.7 15.1 16.5 17.9 20.7 23.4 23.4
RORWA (%) 1.99 2.42 2.24 2.28 2.34 1.57 1.51 1.59 2.18 2.35 2.37
year to Dec year to Dec year to Dec

Valuation
Normalised EPS growth (%) 38.8 36.0 8.24 21.0 16.5 12.7 18.6 19.9 11.1 28.6 14.4
Reported PE (x) 22.2 16.4 15.1 12.5 10.7 13.7 11.5 9.60 13.0 10.1 8.82
Normalised PE (x) 22.2 16.4 15.1 12.5 10.7 13.6 11.5 9.57 13.0 10.1 8.82
Price/book value (x) 3.37 3.01 2.70 2.40 2.13 1.98 1.81 1.63 2.55 2.21 1.94
Price/adjusted BVPS (x) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Dividend yield (%) 2.45 3.04 3.31 4.00 4.66 3.66 3.91 4.69 3.86 4.96 5.67
year to Dec year to Dec year to Dec

Per share data FY07A FY08A FY09F FY10F FY11F Solvency FY07A FY08A FY09F FY10F FY11F
Tot adj dil sh, ave (m) 334019 334019 334019 334019 334019 Tier 1 capital ratio (%) 11.0 10.8 9.62 9.78 9.90
Pre-prov prof/share 0.45 0.54 0.55 0.66 0.79 Total CAR (%) 13.1 13.1 12.5 12.6 13.0
Reported EPS 0.24 0.33 0.36 0.43 0.51 Equity/assets (%) 6.20 6.18 5.54 5.55 5.57
Normalised EPS 0.24 0.33 0.36 0.43 0.51 Net cust loans/dep (%) 57.4 53.9 55.9 56.1 56.4
Book value per sh 1.61 1.80 2.01 2.26 2.55 Rep NPL/gr cus adv (%) 2.74 2.29 1.69 1.59 1.61
Dividend per share 0.13 0.16 0.18 0.22 0.25 Tot prov/rep NPLs (%) 103.5 130.1 151.3 155.8 155.0
Dividend cover (x) 1.84 2.01 2.00 2.00 2.00 Bad debts/advances (%) 0.81 0.80 0.52 0.57 0.66
year to Dec year to Dec

Priced as follows: 1398.HK - HK$6.16; 3988.HK - HK$4.43; 0939.HK - HK$6.48


Source: Company data, ABN AMRO forecasts

Valuation methodology - Gordon growth model


ROE 16.40%
COE 11.25%
Payout ratio 50%
Long term growth 8.2%
Derived multiple (x) 2.69x

End-2010F TCE per share (Rmb) 2.22

Target price (HK$) 6.81


Source: Company data, ABN AMRO forecasts

ICBC | Performance and Valuation | 22 September 2009


Company description Buy Price relative to country

ICBC is the largest bank in China in terms of total assets, loans and deposits. It is the market leader in personal 140

and corporate banking business in the domestic market. ICBC has more than 16,400 branches in China and 100 130

branches overseas. It is also the parent company of ICBC (Asia), the fifth-largest bank in Hong Kong by market
120
cap. ICBC's foreign strategic investors are Goldman Sachs Group, Allianz Group and American Express Limited. It
110
was listed on the HKEX on 26 October 2006 after a financial restructuring in 2005, which saw the Chinese
100
government injecting US$15bn into the bank.
90

80

70
Oct Feb May Sep Dec Apr Jul Nov Feb Jun Sep
06 07 07 07 07 08 08 08 09 09 09

Strategic analysis Average SWOT company score: 4 Loan mix 1H09

Strengths 5 Disc bills Overseas Manufacturing


3%
The largest commercial bank in China with a massive branch network and customer base. Other retail
5%
9% 15%

Weaknesses 2 Mortgages
13%

Improving risk management but still vulnerable to an economic slowdown. Large and controlling ownership by the Other
corporate
Infrastructure
33%
5%
government. Trade and
Real estate
and
services
construction
Opportunities 5 9%
8%

Development of consumer banking and fee-based businesses, such as funds management, insurance and Source: Company data
securities, supported by strategic investors Goldman Sachs, Allianz and American Express.
Threats 3 Market data
Changing regulations and policies, especially involving the deregulation of lending and deposit rates (which are
Headquarters
keeping spreads wide) and acceleration of corporate bond market development (which would lead to Tower B No 2 Fuxingmennei Ave, Xicheng
disintermediation). District, Beijing 100031, China
Website
Scoring range is 1-5 (high score is good)
www.icbc.com.cn
Shares in issue
334020.0m
Freefloat
12%
Majority shareholders
MOF (35%), Huijin (35%), Goldman Sachs
(5%)

Country view Overweight Country rel to Asia Pacific

Growth concerns still dominate, especially with exports seemingly still bumping the bottom. We believe that fixed- 210

asset investment growth will have to provide the buffer, particularly as domestic consumption has hardly picked
190
up. That said, with the 60th anniversary of the People's Republic of China on 1 October this year, there is growing
sentiment that the country will meet its 8% GDP growth target, even if it comes at a price in the future. We believe 170

that lending growth can remain strong going forward, which should benefit the banks, while we also expect the 150

real-estate sector to see some upside.


130

The country view is set in consultation with the relevant company analyst but is the ultimate responsibility of the Strategy Team.
110

90
Sep Jan May Aug Nov Mar Jul Oct Feb Jun Sep
06 07 07 07 07 08 08 08 09 09 09

Competitive position Average competitive score: 4- Broker recommendations

Supplier power 5- 30
The deposit base appears largely fragmented, meaning suppliers have little collective influence. Deposit rate 25
ceilings are set by the PBOC to prevent negative competitive pricing.
20
Barriers to entry 5- 15
Barriers to entry are high, given strict regulatory controls in China, branch network costs over a very large 10
geography and increasing IT needs. 5
Customer power 3- 0
Borrowers are largely disorganised, so customer power is quite low except in relation to large or high-quality Buy Hold Sell
corporates. The minimum lending rates are set by the PBOC.
Source: Bloomberg
Substitute products 4-
Limited substitute products. The corporate debt market and fund management industry are still in the early stages
of development, although the trend is for increasing disintermediation.
Rivalry 3-
Competition is generally intense among banks, but the restrictions on lending and deposit rates have limited the
effects of competition on margins.
Scoring range 1-5 (high score is good) Plus = getting better Minus = getting worse

ICBC | Strategic and Competitive Overview | 22 September 2009


Recommendation structure
Absolute performance, short term (trading) recommendation: A Trading Buy recommendation implies upside of 5% or more and a Trading Sell indicates downside of 5% or more. The
trading recommendation time horizon is 0-60 days. For Australian coverage, a Trading Buy recommendation implies upside of 5% or more from the suggested entry price range, and a
Trading Sell recommendation implies downside of 5% or more from the suggested entry price range. The trading recommendation time horizon is 0-60 days.
Absolute performance, long term (fundamental) recommendation: The recommendation is based on implied upside/downside for the stock from the target price. A Buy/Sell implies
upside/downside of 10% or more and a Hold less than 10%. For UK Small/Mid-Cap Analysis a Buy/Sell implies upside/downside of 10% or more, an Add/Reduce 5-10% and a Hold less
than 5%. For UK-based Investment Funds research the recommendation structure is not based on upside/downside to the target price. Rather it is the subjective view of the analyst based
on an assessment of the resources and track record of the fund management company. For listed property trusts (LPT) or real estate investment trusts (REIT) the recommendation is
based upon the target price plus the dividend yield, ie total return.
Performance parameters and horizon: Given the volatility of share prices and our pre-disposition not to change recommendations frequently, these performance parameters should be
interpreted flexibly. Performance in this context only reflects capital appreciation and the horizon is 12 months. Sector relative to market: The sector view relative to the market is the
responsibility of the strategy team. Overweight/Underweight implies upside/downside of 10% or more and Neutral implies less than 10% upside/downside. Target price: The target price is
the level the stock should currently trade at if the market were to accept the analyst's view of the stock and if the necessary catalysts were in place to effect this change in perception within
the performance horizon. In this way, therefore, the target price abstracts from the need to take a view on the market or sector. If it is felt that the catalysts are not fully in place to effect a
re-rating of the stock to its warranted value, the target price will differ from 'fair' value.

Distribution of recommendations
The tables below show the distribution of ABN AMRO's recommendations (both long term and trading). The first column displays the distribution of recommendations globally and the
second column shows the distribution for the region. Numbers in brackets show the percentage for each category where ABN AMRO has an investment banking relationship.

Long Term recommendations (as at 22 Sep 2009) Trading recommendations (as at 22 Sep 2009)

Global total (IB%) Asia Pacific total Global total (IB%) Asia Pacific total
(IB%) (IB%)
Buy 497 (4) 351 (0) Trading Buy 2 (0) 2 (0)
Add 0 (0) 0 (0)
Hold 389 (3) 229 (1)
Reduce 0 (0) 0 (0)
Sell 137 (0) 87 (0) Trading Sell 0 (0) 0 (0)
Total (IB%) 1023 (3) 667 (0) Total (IB%) 2 (0) 2 (0)
Source: ABN AMRO Source: ABN AMRO

Valuation and risks to target price


ICBC (RIC: 1398.HK, Rec: Buy, CP: HK$6.16, TP: HK$6.81): The key upside risk to our GGM-based target price is a stronger-than-expected rebound in the global economy leading to
upside to our asset quality and margin forecasts. Key downside risks are: 1) a relapse in the global economy and the benefits from China's stimulus package, which would lead to higher
NPL risk; and 2) faster-than-expected interest-rate liberalisation, which would lead to structural pressure.

ICBC coverage data

Stock performance, recommendations and coverage (as at 21 Sep 2009) Trading recommendation history
(as at 22 Sep 2009)
Date Rec Analyst
n/a
Source: ABN AMRO

Sally Ng, CFA started covering this stock on 22 Apr 09


Moved to new recommendation structure between 1 November 2005 and 31 January 2006
Source: ABN AMRO

Regulatory disclosures
Subject companies: 1398.HK
An analyst or a member of any analyst's household who participated in the preparation of this report has a shareholding/financial interest in this company: 1398.HK, 601398.SS

ICBC | Disclosures Appendix | 22 September 2009


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ICBC | Disclosures Appendix | 22 September 2009