Performance growth is mainly due to the turnaround in four aspects:
1) Pressure release of estimation on foreign currency and bond;
2) BOC Hong Kong sees performance rebound;
3) Exchange rate promotes profit to surge;
4) Profit of integrated business platform indicates turnaround;
We forecast 2009 EPS to be Rmb0.329 (+12.9% yoy).
The company’s valuation is between Rmb4.12 and Rmb4.94; “Recommended” rating is hereby maintained.