Event
The company issued 2008 annual report today, according to which it realized after-tax profit of Rmb111.151bn (+35.6% yoy), and basic EPS of Rmb0.33.
Our Analysis and Estimation
2008 earnings reflected a more steady growth.
Risk of idle assets yield was eased.
Quality of loan assets was stable.
Investment Suggestion
“Recommended” rating is hereby maintained. Given comparatively cautious profit, 2009 earning is forecasted to sustain steady growth.