1
( )
( “ ”) 2006 10 12 2006 209 2006 11 21
( ) ( ) 2008 5 21 2008 3 31
1
2 2003 12 9
3 4013 19-20
4
2
5
6 1.5
7 0755-83026688
8
9
( )
6000 40
6000 40
3000 20
15000 100
1
3
2
3
2002 10
2003 8
CFA 1998 2001 2001 2003 2003
10
2003 10
4
1998 3 2001
8 2001 8 2005 2 2005 3 2007 11
5
4
2006 11 2007 6
CFA 2006 11 2007 11
2007 6 2008 1
6
1
2 1984 1 1
3
4 55
5 100032
6 334,018,850,026
7
8 010-66106912
9
1
4013 19
5
518048
0755-83026888
0755-83026677
2
14 901
100020
010-65863688
010-51309999
3
560 1405
200122
021-58354594
021-58354639
4
76 3908
510623
020 38393680
020 38393680
1
55
010 66107900
010 66107914
6
2
25
1 1
010 66275654
3
188
021 58781234
021 58408842
4
22
010 85238423
010 85238680
5
7088
0755 83198888
0755 83195109
6
2
010 58351666
7
010 83914283
7
5047
0755-82088888
0755-82080714
8
17
010 66226044
010 66223248
9
6
010 68098000
010 68561260 68561290
10
83
020-38323704 38322730 38323206
020-87311780
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020-87555888-875
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021 68865938
26
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025-83367888
025-83367377
27
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025-84457777
025-84579763
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021 50586660
021 50586660 8881
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588 26
021 68761616
021 68767981
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30
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: 3
:
: 022 28451861
: 022 28451892
31
11 A
11 A
0571-96598
0571-85783771
32
1 30
0769-22118336
0769-22118336
33
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3
010-64482828-390
010-64482090
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2222 34 28 A02
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0755 82825555
0755 23982970
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0791-6789414
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318 2 22 -29
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021-63326173
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021-68815009
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021-53858549
40
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025 84784741
41
179
0551 2634400
0551 2207114
4013 19-20
0755-83026688
0755-83026677
15
E 9
/
010-65171188
010-65176800
010-65171188
010-65176811
100 1 20 2008
010 85866871
010 85866877
GDP
16
A 60-95% 5 0-35%
1.
2.
P/B EV/EBITA DCF
17
3. Interest rate anticipation Yield spread analysis (Valuation
analysis)
A600
80% A600 20%
P/B EV/EBITA DCF
18
2008 3 31
10,945,210,176.05 86.72%
0.000.00%
72,380,373.91 0.57%
5,801,603.820.05%
1,585,093,303.07 12.56%
12,629,651.630.10%
12,621,115,108.48100.00%
A
0.000.00%
B
970,659,532.357.74%
C
4,036,169,167.7932.18%
C0
543,073,085.38 4.33%
C1
0.000.00%
C2
0.000.00%
C3
97,240,737.320.78%
C4
347,644,130.81 2.77%
C5
936,695.810.01%
C6
1,630,912,347.5713.00%
C7
1,268,418,826.9010.11%
C8
147,943,344.001.18%
C99
0.000.00%
D
192,265,831.33 1.53%
E
13,871,313.940.11%
F
775,679,665.476.18%
G
362,919,871.602.89%
H
194,903,518.921.55%
I
2,974,688,672.3523.71%
J
1,423,765,914.8011.35%
19
K
286,687.500.00%
L
0.000.00%
M
0.000.00%
10,945,210,176.0587.26%
1 600036
16,267,631 523,329,689.27 4.17%
2 000002
18,391,835 470,830,976.00 3.75%
3 600005
29,975,873 425,357,637.87 3.39%
4 600030
6,544,323 343,576,957.50 2.74%
5 600000
9,399,959 332,758,548.60 2.65%
6 600325
11,844,146 296,222,091.46 2.36%
7 601328
29,000,000 289,710,000.00 2.31%
8 601166
7,483,548 275,544,237.36 2.20%
9 600028
22,358,485 271,208,423.05 2.16%
10 601939
39,299,791 267,631,576.71 2.13%
----
----
----
----
-- --
-- --
-- -- -- --
1
2
3
7,024,653.37
0.00
0.00
20
1,488,794.52
4,116,203.74
0.00
12,629,651.63
4
-- -- -- -- --
5
1 119003
02 50,292,828.04 0.40%
2 119009
04 22,087,545.87 0.18%
6
-- -- --
CWB1 968,6912,001,315.61
CWB1 1,106,3433,800,288.21
2,075,0345,801,603.82
1 2 3 4
1 - 3 2 - 4 2006.11.212006.12.31 15.07% 1.00% 26.49% 1.51% -11.42% -0.51%
2007.1.12007.12.31 119.34% 1.95% 113.77% 1.83% 5.57% 0.12%
2008.1.12008.3.31 -26.61% 2.65% -21.81% 2.30% -4.80% 0.35%
2006.11.212008.3.31 85.23% 2.05% 102.01% 1.90% -16.78% 0.15%
21
-40.00%
10.00%
60.00%
110.00%
160.00%
210.00%
06-11-21 07-3-21 07-7-21 07-11-21 08-3-21
1
2
3
4
5
6
7
8
1
1.5%
H E 1.5%
H
E
22
2 ,
2
2.5
H E 2.5
H
E
2 ,
3 7
1
M
M<100 1.5%
100 ≤M<500 1.2%
500 ≤M<1000 0.6%
1000 ≤M 1000 /
/ 1
/
2
23
N
N<2 0.5%
2 ≤N<3 0.25%
N ≥3 0
×T
×
25%
3
25
A B C (1-D) / 1+G +F /E
A B C D G E F
24
4
5 2
6 ( )
1
2
3
4
2
25
2008 1 3
1
2
3
4
5
6 2008 3 31
7 2007 2008 2008 3 31
26
8
9
10
11
1 2008 1 4
2 2008 1 10
3 2008 1 18
4 2008 1 19 2007
5 2008 1 22
6 2008 1 23 2007
7 2008 1 24
8 2008 1 30
9 2008 1 30
10 2008 2 1
11 2008 2 1
27
12 2008 2 20
13 2008 2 26
14 2008 2 27
15 2008 2 27
16 2008 3 14
17 2008 3 28
18 2008 3 28
19 2008 3 28
20 2008 3 29 2007
21 2008 3 29 2007
22 2008 4 7
23 2008 4 7
24 2008 4 8
25 2008 4 10
26 2008 4 10
28
27 2008 4 15
28 2008 4 15
29 2008 4 16
30 2008 4 22 2008
31 2008 4 25
32 2008 5 5
33 2008 5 5
34 2008 5 5
35 2008 5 19
36 2008 5 28
2008 5 21
2008 7 1