20070820 2007.08.20 1 5 13079.08 1.86-1.21-1.78 S&P500 1445.94 2.46-0.53-1.87 21-62566801 21-62580818*898 wuyg1@gtjas.com zhangjintao@gtjas.com NASDAQ 2505.03 2.20-1.57-1.55 FTSE100 6064.20 3.50 0.43-2.57 20387.13-1.38-6.45-0.46 11002.52-3.16-10.3-0.42 15273.68-5.42-8.89-1.01 8090.29-1.35-9.42 0.62 1 5 1 5 (600138) NYMEX 71.98 (000869) : 1.38 0.71-13.0 658.90 1.33-2.00 16.8 (600305) LME 7010.00 4.01-5.91 35.3 (000581) LME 2495.00 1.01-3.67 22.3 (002028) BDI 7313.00-0.08 4.31 71.9 (600686) 3686-1.60-4.72 (000063) 14405 (000157)- -2.27-2.36-11.5 601328 1 5 8 16 / 7.595 0.05-0.17 4656.67-2.28 153 15689.00-2.27-3.8 166 300 4626.58-2.20-2.1 186 110.03 0.05 0.07 1.23 4098.84-1.75-1.1 172 4107.68-1.59-1.0 182 NDF 7.235 0.20-1.36-4.79 2007 /1.348-0.10-1.02 11.1 /114.2 0.11 3.67 4.27 R007 1.983 0.44-13.0 0.53 10 10.04% -10.03% N 380.81% -10.00% 4.685 0.00-1.58 1.74 10.01% -8.29% N 263.44% -9.24% 10.00% -8.14% N 261.95% -8.56% 10.00% 9.99% -7.67% -7.18% 10.00% 9.98% -8.12% -7.92% www.askgtja.com
50 18 98 9 11 9200 1100 800 02 100bp 9 10 12 7 8 17 0.5% 2 of 14
6.25% 5.75% federal funds rate 5.25% 17 500 2.54 1.8 16 170 8 9 880 17 1.2 16 4000 0.53%0.55% 0.5% WTO 3% 8% 6% 8 16 (CNBC) 8 17 3 of 14
17 300 99% 6000 60 NovaStar 500 37% NovaStar 73% 8 18 2007 700 500 10% 121 300 (600138) 07 14.77 30.3 7102 75.8 1) 785 599 2) 738 3) 2801 9.28% 0.8 4 of 14
20%30% 6.9% 4000 / 270 07-08 EPS 0.52 0.68 45 25 PE 26.6 (000869) : 07 27.0%37% 31.8%14.8% 05 07 0.52 14.55% 4.7 50%30% 78.3%16.5% 2.6 & 0.8 67.6% 70% 1.4 61% 6.5% EBIT 1.8 1.3 25%8.4% 27% 0.5 1.2 33% & 20% 33% 30-40% 50% 07-09 EPS 1.161.622.12 8 17 66.4 PE 574131 07 08 PE45-50 73-81 (600305) 07-2.8%6.2% 0.17 4.87% 5 of 14
12.8% 06 4 64% 5 2 40.5% 13.7%13.5%177.1%06 49% 15.4% 07 6.9 08 07-08 10%30% 37.7% 1.8 50 20 07 08 3 5 07-09 EPS 0.470.670.88 PE 382720 21-23 (000581) 2007 29.08% 16.24 17.47% 12.24% 2007 EPS 0.35 PE 35-45 2006-2008 8.5 6 of 14
2006 3.4 2006-2008 10 0.5 1404 (002028) 07 49% 46% 30%-50% 07-09 07-08 1.49 2.0 07-08 52 39 (600686) 2007 2006 MPV 2006 2006 71.26% 7 of 14
2007 EPS 0.65 (000063) 2007 152 4.6 44%33% 0.48 40 10% 99% 50%2007 H1 2 35.6% 37.4% Turnkey 2007H1 36.5% 2006H1 35.7%2006 34% 45% 2004 2007 2006 4 4.6 4.8 2008 100 2007Q2 Q1 6000 2007H1 2880 0.6% 2007-2009 1.33 1.83 2.2 5 33% 1.5 PEG 66 (000157)- 53.7 98.83 46.32 61.91 8 of 14
2.742.48 2.2 5.6 5 14% 10 85.7% 2.3 53% 2 07-08 1.251.64 601328 2007 6 2.1 06 24.28 06 06 2007 89.81 38.38 2007 12.88 4 127.5 30.98 2007 31.7 2007 12.73 23.14 19.48 2007 14.07%10.05% 9 of 14
2.06% 84.9 2007 42.33% 0.368 2.57 2008 0.49 2.91 2007 PEPB 33.7 4.83 2008 PEPB 25.1 4.27 15 2008 PEPB 30.39 5.16 80.63 104.4% 1.16 81.3% 5831.43 25.9% 12.72 74% 0.20 13% 8% 92% 62% 5.8% 9.9% 35% 62.60 2007 2008 2.523.5 2007 61.91 2008 45.83 100 2008 52 8 16 15 703.33 1049.41 20672.39, 3.29% 3855.42 202.34 11361.64 627.52 H 11361 657 8 16 8,201.37 391.67 6.61% 7.5% 3.89% 4.73% 3.97% 5.82% 6.42% 5.31% 10 of 14
16 1.99% 16148.49 16000 2006 11 (Kobe Steel) 4%412 (Nippon Yusen K.K.) 2.2%1090 (Nippon Oil) 2.9%924 6.93% 5 6.93%1691.98 5 30 2002 6 26 7.15% 1.3%, 2007 2007 3.9 8.7 ( 19%) 21%46% 55.3%, 49% 26%20%17% 07071320070817 000031 25.64 43.2 68.49% 49.54% 261.48% 000002 A 21.26 30.85 45.11% 26.16% 138.09% 600030 55.8 77.76 39.35% 20.41% 107.72% 000001 A 28.24 34.88 23.51% 4.57% 24.10% 600900 15.5 18.38 18.58% -0.37% -1.93% 601318 80.97 89.17 10.13% -8.82% -46.55% 600600 24.82 27.01 8.82% -10.12% -53.43% 600585 49.07 53.39 8.80% -10.14% -53.53% 000063 53.3 55.81 4.71% -14.24% -75.14% 000895 43.51 44.2 1.59% -17.36% -91.63% 11 of 14
22.91% 3.96% 20.92% 600481 17.28 30.11 74.25% 55.30% 291.89% 600586 18.75 25.56 36.32% 17.37% 91.70% 000060 32.4 41.24 27.28% 8.34% 44.01% 000419 22.91 29 26.58% 7.64% 40.31% 600396 20.29 25.67 26.52% 7.57% 39.95% 600438 10.9 13.49 23.76% 4.82% 25.42% 600522 11.6 14 20.69% 1.74% 9.20% 601699 43 51.83 20.53% 1.59% 8.39% 000837 14.25 16.25 14.04% -4.91% -25.92% 002137 39.88 42.6 6.82% -12.13% -64.00% 27.68% 8.73% 46.09% 20070820 1267 9.42% A 000837 TP 000837-40% 47.5% 40% 07-08 EPS 0.360.55 22 4200 50% ST *ST 000673 *ST 600207 *ST *ST 12 of 14
600598 8 7 000031 600019 600030 600086 002067 600415 000837 8 7 8 7 8 14 8 10 8 10 8 10 8 15 8 20 *ST 000673 7 23 *ST 600207 000562 7 23 8 20 8 9 600783 1 7 31 000539 2 7 31 *ST 600828 *ST 600984 7 23 7 31 7 23 8 9 TP 13 of 14
121 17 200042 02162580818 12 A 20 518029 075582485666 28 2 9 100032 01059312899 www.askgtja.com E-MAILgtjaresearch@ms.gtjas.com 14 of 14