JF JF 3~4 ( ) ( ) ( ) ( ) ( h t t p :// n e w m o p s. t s e. c o m. t w (http://www.jpmrich.com.tw) ( )
www.jpmrich.com.tw 65 17 (02) 2755-8686 (02) 2702-4699 285 25 (02) 2252-2665 (02) 2251-4125 205 8 3 (03) 336-7878 (03) 339-7878 447 5 A (04) 2292-4488 (04) 2292-4499 307 17 1 (06) 241-0888 (06) 228-5567 7 6 A (07) 335-1799 (07) 335-6880 service.jpmrich@jpmorgam.com (02) 2755-8686 www.hncb.com.tw 33 (02) 2371-8333 ( ) JF www.jfam.com 8 21 (852) 2265-1199 www.btm.co.jp 7-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-8388, Japan ( ) ( ) ( ) www.deloitte.com 156 12 (02) 2545-9988 ( )
3 5 6 8 15 18 18 19 21 23 25 39 49 1
75 77 2
( ) ( ) ( ) ( ) ( ) 1. Standard & Poor's Corporation BBB ( ) 2. Moody's Investors Service B a a 2 ( ) 3. Fitch Ratings Ltd. BBB ( ) (1) ( 2 ) ( ) ( ) ( ) 3
1. ( ) ( ) 2. ( ) ( ) ( ) (Buy and hold) ( TO P I X ) TO P I X ( ) ( ) ( ) ( ) ( ) ( ) 4
( ) ( ) 2009 4 1 4 7 ( 0. 1 % ) 1. 5 % ( ) 0. 22 ( ) ( 83 ) ( ) 5 3314 ( ) ( ) ( ) 5
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 6
7 2. 3. ( ) ( )( ) ( ) 1. (1) (2) (3) (3 1) (4) 2. 3. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )
( ) ( ) ( ) 1. ( ) ( 1 ) Standard & Poor's Corporation B B B ( ) (2) Moody's Investors Service Baa2 ( ) (3) Fitch Ratings Ltd. BBB ( ) A. B. 2. ( ) ( ) ( 1 ) ( ) ( ) ( 2 ) ( ) ( ) 3. ( ) ( ) 8
( ) ( ) ( ) ( ) ( ) ( ) 1. ( a d v i s o r ) ( ) 2. ( a d v i s o r ) ( ) ( ) 3. ( ) 4. ( ) ( ) 2010/9~ 2010/4~ JF 2010/4~ JF 2010 2007~2008 9
2007~2009 2007~2009 2005~2007 2003~2005 2000~2001 1999~2000 JF ( 1 ) ( 2 ) ( 3 ) ( ) 1. 2. 3. 4. 5. 6. 7. 8. ( ) ( ) ( ) 10
9. 1 0. 11. 1 2. 13. 1 4. 1 5. 1 6. 1 7. 1 8. 19. 2 0. 21. ( ) ( ) ( ) 2 2. ( ) 2 3. 2 4. 11
2 5. 2 6. 2 7. 2 8. 2 9. 30. ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2006 2007 2008 2009 2.0% 2.3% -0.7% -5.3% IMF 6 2006 3 9 5 50% 2007 4 1 --- 12
( ) ( 1 ) 75 % (2) 2008 ( ) ( 2007 5 ) 2. 11 10 30%( 40%~70%) 1. 2. 3.Home Center 4. 5 6. 7. 8. C RT S o n y P a n a s o n i c To s h i b a C RT S h a r p 3. 2007 2008 2009 %(CPI) 0% 1.39% -1.13% 4. IMF 1949 1 2 1980 1 0 ( ) (1) (2) ( 3 ) 13
5. ( ) Bloomberg 1. (1) (2) 2007 2008 2009 123.94 111.42 100.73 108.27 103.38 86.31 12 111.79 90.79 93.14 ( ) ( ) 2008 2009 2008 2009 2008 2009 2008 2009 2,374 2,320 3,116 3,306 209 NA NA NA (3) The World Federation of Exchanges, Bloomberg (4) (5) 9 00~11 00 12 30~15 00 QUICK REUTER BLOOMBERG 50 1,000 ( ) 50 100 10 1 ( ) 2008 2009 2008 2009 2008 2009 8,859.56 10,546.44 5,586.3 3,987.8 2.9 NA (%) ( ) 2008 2009 2008 2009 151.2 128.8 7.26 18.13 14
( ) 21 ( ) 225 ( ) 1. 2. ( ) ( ) ( ) ( 12 ) ( ) 15
( ) ( ) ( ) ( ) ( ) ( M B S ) / ( A B S ) ( ) 1987 90 ( ) ( ) 701 92 % 6 % 2 (Auto Loan ABS)/ (Consumer Loan ABS) 90 : (FIAT) PSA FCE (Volkswagen) RCI : Cetelem ( A B N A m r o ) P a r a g o n (Banco Commercial P o r t u g u e s ) Espirito Santo 2005 2 / 530. 93 : (26.08%) (19.78%) (16.00%) 1. 2. 16
( ) 3. (Prepayment Risk) ( R e f i n a n c i n g ) (Reinvestment Risk) 4. 5. ( ) 1. 2. 3. 17
( ) ( ) ( ) ( ) 1. 4 2. ( ) ( ) ( ) 1. 18
19 2. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 300 0 1.5% 300 ( ) 500 0 1.0% 500 ( ) 0 0.8% 0 1.5% 0 1% 0 0.5% 0
( ) ( ) ( ) ( ) ( ) ( ) 5 ( ) ( ) ( ) ( ) 1. 2. 3. 4. ( ) ( ) ( ) 20
( ) ( ) ( ) ( ) JF 81. 04. 23 ( 81 ) 91. 11. 27 ( 91 ) 9 8. 1 0. 2 8 ( 9 8 ) 1. 5 % ( ) 0.22% 2% (0.1%) (1) ( ) $500,000( ) (2) ( ) 1. 2. ( ) 1. 2. 21
3. ( ) ( ) 1. 10% 2. 10% 3. 10% 4. 5. ( ) ( ) 1. 2. 3. 27 99 4. ( ) 1. 2. 3. 22
4. 5. 6. 7. ( ) 1. 2. 3. ( ) ( ) 1. 2. 3. ( ) 1. 2. 3. 4. 5. 6. 7. 8. ( ) 1. 2. 3. 4. 23
5. 6. ( ) 1. 2. 3. ( ) ( ) 1. 12/22 12/23 12/24 12/25 12/26 ( ) 1. 2. (1) A. JF B. C. D. E. F. G. H. I. J. ( 2 ) ( 3 ) ( ) 1. 1 2. 2 3. 1 2 ( ) 24
( ) JF 99 09 30 ( ) (%) $ 1,205.225 95.53 18.469 1.46 $ 1,223.694 96.99 $ 42.097 3.34 ( ) ( 4.275) ( 0.33) ( ) $ 1,261.516 100.00 25
( ) JF 99 09 30 ( ( ) ( ) ) (%) Canon Inc Chiba Bank KDDI Corp 15.000 1,460.74 21.911 1.74 92.000 182.64 16.803 1.33 0.088 149,824.48 13.185 1.05 East Japan Railway 21.300 1,890.15 40.260 3.19 FUJIFILM Hldgs Fujitsu Ltd FamilyMart Co 16.500 1,036.96 17.110 1.36 94.000 219.77 20.658 1.64 11.200 1,122.46 12.572 1.00 Hitachi Construction 26.900 676.93 18.209 1.44 Machinery Honda Motor JSR Corp JFE Hldgs Kubota Corp Lawson Inc 43.900 1,111.21 48.782 3.87 41.100 532.92 21.903 1.74 30.600 957.45 29.298 2.32 58.000 286.52 16.618 1.32 10.800 1,434.49 15.492 1.23 Mitsubishi Electric 49.000 269.27 13.194 1.05 Murata Mfg Mitsui & Co Mitsubishi Corp 17.400 1,650.13 28.712 2.28 74.200 465.79 34.561 2.74 39.700 742.93 29.494 2.34 Mitsubishi UFJ 389.500 145.89 56.823 4.50 Financial Group Tokio Marine Hldgs 18.200 844.57 15.371 1.22 Mitsui Fudosan Nissan Motor Nintendo Co 35.000 528.04 18.481 1.47 76.300 273.40 20.860 1.65 3.700 7,823.13 28.946 2.29 Nippon Telegraph 18.400 1,366.98 25.153 1.99 & Telephone Omron Corp Orix Corp 21.900 711.06 15.572 1.23 5.670 2,392.69 13.567 1.08 Shin-Etsu Chemical 18.700 1,524.50 28.508 2.26 Shionogi & Co Shiseido Co Suzuki Motor 34.600 573.05 19.827 1.57 19.900 702.81 13.986 1.11 38.700 658.55 25.486 2.02 Sumitomo Mitsui 40.000 912.07 36.483 2.89 Financial Grp Toyota Motor Tokyo Gas Unicharm Corp 53.200 1,124.34 59.815 4.74 140.000 142.14 19.899 1.58 15.600 1,260.10 19.658 1.56 West Japan Railway 0.159 112,283.98 17.853 1.42 Yahoo Japan Rakuten Inc 1.835 10,815.87 19.847 1.57 0.806 22,914.33 18.469 1.46 1% 26
( ) ( ) ( ) % 3.31-5.78-2.25-8.31-39.78-34.14-33.75 43.50 27
( ) JF JF J F J F 0930128050 0920123784 28
( ) JF ( 1,406,363,665 1,581,189,205 ) % % ( ) $1,299,694,754 97.90 $1,356,801,690 91.51 ( ) 25,993,385 1.96 127,775,173 8.62 7,735,352 0.58 65,470 0.01 150,289 0.01 ( ) 530,899 0.04 1,747,758 0.12 ( ) 327 236 1,334,020,187 100.49 1,486,475,146 100.26 2,655,384 0.20 1,584,971 0.12 1,327,563 0.09 ( ) 1,734,251 0.13 1,944,431 0.13 ( ) 254,363 0.02 285,184 0.02 ( ) 27,126 23,194 231,000 0.02 231,000 0.02 32 23 6,487,127 0.49 3,811,395 0.26 $1,327,533,060 100.00 $1,482,663,751 100.00 93,671,387.3 100,703,385.8 $ 14.17 $ 14.72 29
( ) JF 98 12 97 12 98 12 97 12 98 12 31 97 12 31 31313131 Toyota Motor $ 56,735,023 $ 4.31 Nippon Telegraph & Telephone 50,232,343 67,858,709 3.78 4.58 Mitsubishi UFJ Financial Group 40,495,801 60,697,658 3.05 4.09 Mitsui & Co 38,836,173 2.93 Sumitomo Mitsui Financial Grp 37,220,274 40,480,330 2.80 2.73 Nomura Hldgs 35,590,613 2.68 Honda Motor 34,882,578 27,912,839 2.63 1.88 KDDI Corp 31,379,732 71,817,134 0.01 2.36 4.84 NTT DoCoMo 31,257,454 12,788,757 2.35 0.86 Daiichi Sankyo 30,779,043 23,902,795 0.01 2.32 1.61 Mitsubishi Corp 27,043,064 2.04 Canon Inc 25,829,058 1.95 Panasonic Corp 23,979,063 1.81 Fujitsu Ltd 22,146,270 0.01 1.67 Orix Corp 21,831,252 0.01 1.64 Nippon Steel 21,804,622 1.64 East Japan Railway 21,205,962 46,704,699 1.60 3.15 Mitsubishi Electric 20,975,444 1.58 Mitsui Fudosan 20,369,559 31,246,543 0.01 1.53 2.11 Kubota Corp 20,178,952 0.01 1.52 Shin Etsu Chemical 19,793,608 49,424,123 0.01 1.49 3.33 Shionogi & Co 19,363,536 0.01 1.46 Yahoo Japan 19,157,102 26,461,997 1.44 1.79 Nintendo Co 18,957,549 44,042,912 1.43 2.97 Sumitomo Electric Industries 18,794,122 0.01 1.42 Daiwa Securities Group 18,078,483 0.01 1.36 Hitachi Metals 17,454,019 0.02 1.31 Ibiden Co 16,463,134 0.01 1.24 30
98 12 97 12 98 12 97 12 98 12 31 97 12 31 31313131 Tokio Marine Hldgs $ 16,016,548 $ 1.21 Itochu Corp 15,252,053 1.15 Suzuki Motor 14,669,220 1.10 Mitsui OSK Lines 14,637,223 22,004,781 0.01 0.01 1.10 1.48 Aisin Seiki 14,496,848 0.01 1.09 Murata Mfg 14,085,700 41,748,331 0.01 1.06 2.82 Daihatsu Motor 13,684,873 21,287,408 0.01 0.02 1.03 1.44 JFE Hldgs 13,437,152 1.01 FUJIFILM Hldgs 12,094,985 0.91 Sekisui House 11,835,222 0.01 0.89 Bridgestone Corp 11,076,851 0.83 JS Group 11,057,962 0.01 0.83 Toyo Suisan Kaisha 11,018,430 0.01 0.83 Japan Tobacco 10,768,989 42,239,509 0.81 2.85 Nippon Yusen 10,492,023 0.01 0.79 Tokyo Gas 10,466,906 49,480,309 0.01 0.79 3.34 Sony Financial Hldgs 10,249,669 0.01 0.77 Komatsu Ltd 10,114,179 38,500,393 0.01 0.76 2.60 TDK Corp 10,108,399 0.76 Asahi Kasei 10,057,478 0.76 Chiba Bank 9,911,598 0.01 0.75 Nitori Co 9,537,264 0.01 0.72 Sumitomo Trust & Banking 9,351,473 0.70 Softbank Corp 9,183,229 0.69 Toshiba Corp 9,142,286 0.69 Trend Micro 9,108,913 44,804,148 0.01 0.03 0.69 3.02 Toyota Boshoku 8,717,720 0.01 0.66 Kawasaki Kisen Kaisha 8,628,953 0.01 0.65 Sumitomo Metal Mining 8,540,186 0.64 Mitsubishi Materials 8,278,703 0.01 0.62 Seino Hldgs 8,119,749 0.02 0.61 Fanuc Ltd 8,016,876 0.60 Nomura Real Estate Hldgs 7,971,770 0.01 0.60 31
98 12 97 12 98 12 97 12 98 12 31 97 12 31 31313131 Sumitomo Metal Industries $ 7,538,980 $ 0.57 Nidec Corp 7,345,620 0.55 Sumitomo Corp 7,267,588 0.55 GS Yuasa 7,263,390 0.01 0.55 Sumco Corp 7,122,327 0.54 Kabu.com Securities 7,075,260 23,446,054 0.02 0.06 0.53 1.58 Asahi Glass 6,947,890 0.52 Kobe Steel 6,936,192 0.52 Nikon Corp 6,855,407 0.52 Taiyo Nippon Sanso 6,771,045 49,589,057 0.05 0.51 3.34 Yamato Hldgs 6,514,240 0.49 Isuzu Motors 6,487,886 0.01 0.49 JGC Corp 6,456,576 0.49 Goldcrest Co 6,346,822 0.02 0.48 Rohm Co 6,254,959 0.47 Inpex Corp 6,029,601 29,350,342 0.45 1.98 Nomura Research Institute 5,480,727 0.41 ABC Mart Inc 5,267,687 29,815,058 0.01 0.03 0.40 2.01 Yamaha Motor 5,255,335 0.40 Taiheiyo Cement 5,032,868 0.01 0.38 Shimamura Co 4,877,354 0.37 Tokyo Electron 4,481,000 0.34 Stanley Electric 4,429,873 0.33 Yamada Denki 4,264,520 0.32 NGK Insulators 4,169,973 0.31 Shinko Electric Industries 4,124,557 0.01 0.31 SWCC Showa Hldgs 3,853,440 0.06 0.29 Kandenko Co 3,421,648 0.01 0.26 Haseko Corp 3,133,672 0.01 0.24 Jtekt Corp 2,976,266 0.22 Sharp Corp 2,810,603 0.21 Fast Retailing 2,404,271 0.18 Nissin Kogyo 2,035,545 0.01 0.15 Uni Charm Corp 1,498,369 0.11 Daito Trust Construction 67,858,709 0.03 4.58 32
98 12 97 12 98 12 97 12 98 12 31 97 12 31 31313131 itsubishi Tanabe Pharma $ $ 48,827,821 0.02 3.30 Central Japan Railway 42,248,571 0.01 2.85 Kobayashi Pharmaceutical 41,759,206 0.07 2.82 Nippon Express 41,485,161 0.03 2.80 Kissei Pharmaceutical 40,454,231 0.07 2.73 Toshiba Plant Systems & Services 29,753,434 0.09 2.00 Capcom Co 28,941,450 0.06 1.95 Secom Co 28,346,961 0.01 1.91 T & D Hldgs 28,056,966 1.89 Hitachi Transport System 24,305,163 0.04 1.64 Astellas Pharma 19,737,750 1.33 Don Quijote 19,422,381 0.15 1.31 1,299,694,754 1,356,801,690 97.90 91.51 25,993,385 127,775,173 1.96 8.62 1,844,921 ( 1,913,112) 0.14 ( 0.13) $ 1,327,533,060 $ 1,482,663,751 100.00 100.00 0.01% 33
( ) JF % % $ 1,482,663,751 111.69 $ 2,955,760,093 199.35 ( ) 23,025,447 1.74 35,153,391 2.37 20,494 244,771 0.02 709 486 23,046,650 1.74 35,398,648 2.39 ( ) 20,331,449 1.53 29,468,992 1.99 ( ) 2,981,965 0.23 4,322,118 0.29 ( ) 1,612,077 0.12 2,489,303 0.17 ( ) 1,095,000 0.07 231,000 0.02 231,000 0.02 7,410 99,628 0.01 25,163,901 1.90 37,706,041 2.55 ( 2,117,251) ( 0.16) ( 2,307,393) ( 0.16) 223,284,698 16.82 307,433,916 20.74 ( 319,500,473) ( 24.07) ( 991,250,570) ( 66.86) ( ) ( 332,714,106) ( 25.06) ( 650,187,834) ( 43.85) ( ) ( ) 359,022,784 27.04 ( 611,933,172) ( 41.27) ( ) 158,197,837 11.92 129,367,382 8.73 ( ) ( ) ( 241,304,180) ( 18.18) 345,781,329 23.32 $ 1,327,533,060 100 $ 1,482,663,751 100.00 34
( ) JF ( ) JF 0910455815 35
JPY 44,531,501 $ 15,321,382 JPY 329,297,440 $ 119,368,052 10,672,003 8,407,121 $ 25,993,385 $ 127,775,173 (1.5%) (0.22%) ( ) ( ) ( ) ( ) $ 20,331,449 $ 29,468,992 $ $ 1,095,000 $ 202,246 $ 508,216 $ 1,734,251 $ 1,944,431 $ 27,126 $ 23,194 ( ) 1. 36
2. 3. 4. ( ) ( ) 37
JF ( ) ( ) ) (%) 98 Morgan Stanley 596,000 596,000 351 UBS 518,192 518,192 316 CSFB 437,860 437,860 246 MIZUHO 275,568 275,568 351 Citigroup 251,538 251,538 123 99 1~9 CLSA 317,468 317,468 275 DAIWA 315,110 315,110 225 Nomura 207,384 207,384 168 Mitsubishi 189,259 189,259 227 155,130 155,130 186 38
JF ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. 7. ( ) 39
40 18~19 ( ) ( ) ( ) ( ) J F J F ( ) ( ) ( )( ) ( ) ( ) ( )
41 ( ) ( ) ( ) ( )( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. ( ) 1. 2. 3.
42 ( )( ) ( ) ( ) ( ) ( ) ( )( ) ( ) ( ) ( ) ( ) ( ) ( )
( ) ( ) 43
( ) ( ) ( ) ( ) ( ) 1. 2. 3. 3 1. 4. ( ) ( ) ( ) 44
8~9 18 19~21 ( ) ( ) ( ) ( ) ( B l o o m b e r g ) ( R e u t e r s ) ( ) 1. / 2. / ( B l o o m b e r g ) ( R e u t e r s ) 45
Te l e k u r s ( B l o o m b e r g ) ( R e u t e r s ) Te l e k u r s ( B l o o m b e r g ) ( R e u t e r s ) Indicative Price Te l e k u r s B l o o m b e r g ) ( R e u t e r s ) 3. 4. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 46
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 47
( ) ( ) 22~23 24 48
( ) ( ) 81.9 10 30,000,000 300,000,000 30,000,000 300,000,000 ( ) 1. 2. 3. ( ) 1. 2. 99 9 30 3. (1)85.11.23. 1,500,000 (2)86.04.17. 7, 5 0 0, 0 0 0 94 05 23 94 12 22 94 12 22 95 04 04 95 07 25 96 04 03 96 08 20 97 01 25 97 06 25 97 09 22 97 09 22 98 08 26 98 12 01 99 02 02 99 07 20 JF 1,748,194,772 962,825,887 192,836,375 JF 1,508,453,205 35 9,297,468,350 2,002,434,288 JF 1,711,328,086 3,427,315,277 JF 2,145,561,873 JF JF 2,461,845,232 JF JF 1,035,352,834 G2 2,501,462,698 JF 9,324,121,035 JF 1,098,784,657 2,800,467,588 49
(3)86.06.11. 7, 2 0 0, 0 0 0 (4)86.06.11. 875, 000 (5)87.03.25 (6)87.04.23 (7)87.06.05 (8)87.06.10 (9)87.06.12 (10)87.09.30 (11)89.08.24 (12)89.08.25 (13)89.09.13 (14)90.05.30 (15)90.05.30 (16)90.05.30 (17)90.05.30 (18)90.05.30 (19)90.05.30 3, 0 0 0, 0 0 0 1, 5 0 0, 0 0 0 13 2 4 0, 0 0 0 3 40, 000 15, 000 3, 000, 000 23, 370, 000 1, 500, 000 3,600,000 1, 000 JF ASEAN MANAGEMENT LIMITED 1, 000 JF UNIT TRUST MANAGEMENT LIMITED 7, 000 JF INVESTOR SERVICES LIMITED 1, 000 JFIM (KOREA) LIMITED 10, 000 JF ASSET MANAGEMENT INTERNAT I O N A L LIMITED 10, 000 JF ASSET MANAGEMENT LIMITED 50
(20)91.05.06 (21)94.05.05 (22)98.01.16 JF UNIT TRUST MANAGEMENT L I M I T E D 1, 000 J F ASSET MANAGEMENT INTERNATIONAL LIMITED JF Funds Limited JF Asset Management Limited 10,000 JF Asset Management International Limited 11,000 JFIM (KOREA) Limited 1,000 JF Investor Services Limited 7,000 JF Asean Management Limited 1,000 JPMorgan Funds (Asia) Limited JPMorgan Asset Management (Asia) Inc. 4. ( ) 1. 2. 99 9 30 0 0 1 0 1 0 0 30,000 0 30,000 % 0 0 100 0 100 99 9 30 JPMorgan Asset Management (Asia) Inc. 30,000 100% 51
52 (9 ) (6 ) (9 ) (4 ) (6 ) (8 ) (82 ) (1 ) (31 ) (4 ) (2 ) (3 ) (3 ) (19 ) (14 ) (1 ) ( ) 1. 99 9 30
2. ( 1 ) (2) (3) (4) (5) (6) (7) (8) (9) (10) ( 11 ) ( 1 2 ) (13) (14) ( 1 5 ) 53
( ) ( ) 99 9 30 (%) 99/01/25 EMBA 96/02/01 94/02/01 97/09/01 54
( ) ( ) 99 9 30 55
( ) ( ) ( ) JPMorgan Asset Management (Asia) Inc. JF Asset Management Limited JPMorgan Asset Management (Korea) Company Limited 99 9 30 ( ) 5 % 99 9 30 ( ) JF 82.03.04 147,747,090.9 1,332,706,589 9.02 JF 83.04.07 98,364,422.3 3,171,850,921 32.25 JF 84.01.21 87,893,722.8 1,261,516,250 14.35 JF 84.03.23 186,629,421.1 6,780,100,343 36.33 JF 84.06.15 975,110,800.6 15,415,672,317 15.8091 JF 84.10.18 229,178,256.8 8,955,684,502 39.08 JF 85.10.15 406,245,915.1 5,915,367,010 14.5610 JF 86.01.29 543,600,299.2 12,021,081,164 22.11 JF 86.09.08 203,868,460.6 4,052,766,751 19.88 87.06.01 300,670,018.3 3,624,503,958 12.05 JF 87.08.19 155,818,415.6 3,161,823,871 20.29 JF 88.10.20 81,010,683.9 1,049,541,432 12.96 89.06.08 179,534,019.6 655,346,480 3.65 JF 89.09.28 242,566,651.5 4,970,843,878 20.49 JF 92.07.07 409,256,608.8 4,544,657,323 11.1047 92.12.09 300,938,421.2 4,720,720,522 15.6867 JF 93.03.10 102,881,764.9 1,999,545,743 19.44 93.11.12 155,768,614.7 1,717,447,188 11.03 JF 94.05.23 159,286,984.0 1,748,194,772 10.9751 94.12.22 92,513,476.5 962,825,887 10.4074 94.12.22 19,132,759.9 192,836,375 10.0789 JF 95.04.04 209,041,850.9 1,508,453,205 7.22 35 95.07.25 762,726,927.0 9,297,468,350 12.17 96.04.03 243,545,745.4 2,002,434,288 8.22 JF 96.08.20 204,474,675.2 1,711,328,086 8.37 97.01.25 388,615,299.6 3,427,315,277 8.82 JF 97.06.25 165,299,122.0 2,145,561,873 12.98 JF JF 97.09.22 158,597,902.3 2,461,845,232 15.52 JF JF 97.09.22 83,524,156.5 1,035,352,834 12.40 G2 98.08.26 259,775,823.6 2,501,462,698 9.63 JF 98.12.01 924,868,614.3 9,324,121,035 10.08 JF 99.02.02 101,933,788.1 1,098,784,657 10.78 99.07.20 260,418,439.6 2,800,467,588 10.75 56
( ) (99) 09003710 57
98 97 12 31 98 12 31 97 12 31 % % ( ) $1,288,462,402 67 $1,023,700,691 65 ( ) 175,099,641 9 104,021,979 6 8,533,930 1 9,741,692 1 ( ) 493,416 - - - 1,472,589,389 77 1,137,464,362 72 ( ) 7,000,000-7,000,000 - ( ) 555,496,437 29 569,306,394 36 ( 315,628,870) (16) ( 284,683,827) (18) 239,867,567 13 284,622,567 18 ( ) 50,000,000 2 25,000,000 2 18,570,348-3,468,432 - ( ) 110,386,460 6 96,201,575 6 ( ) 21,856,689 1 30,845,137 2 200,813,497 10 155,515,144 10 $1,920,270,453 100 $1,584,602,073 100 $ 871,209 - $ 1,310,284 - ( ) 303,712,906 16 249,215,291 16 ( ) 67,097,158 4 93,217,899 6 ( ) - - 301,575-3,795,888-3,050,022-375,477,161 20 347,095,071 22 196,245,025 12 196,245,025 12 ( ) 110,386,460 6 96,201,575 6 ( ) 1,309,204-1,473,684-683,417,850 36 641,015,355 40 10 30,000,000 300,000,000 16 300,000,000 19 202,118,733 10 174,832,471 11 ( ) 734,733,870 38 468,754,247 30 1,236,852,603 64 943,586,718 60 ( ) $1,920,270,453 100 $1,584,602,073 100 58
98 97 1 1 12 31 98 97 % % $1,460,300,419 95 $1,672,138,272 95 80,233,817 5 87,979,975 5 - - 3,085,000-1,540,534,236 100 1,763,203,247 100 (1,131,274,108)( 74) (1,343,490,865)( 76) 409,260,128 26 419,712,382 24 1,842,462-9,345,837-4,770,364 - - - 14,997,004 1 - - - - 100-6,013,547 1 3,089,855-27,623,377 2 12,435,792 - ( 643,338) - ( 3,467,643) - - - ( 633,110) - - - ( 13,686,433) - ( 643,338) - ( 17,787,186) - 436,240,167 28 414,360,988 23 ( 142,974,282)( 9) ( 141,498,373)( 8) $ 293,265,885 19 $ 272,862,615 15 $ 14.54 $ 9.78 $ 13.81 $ 9.10 59
98 97 1 1 12 31 97 97 1 1 $ 300,000,000 $ 157,708,780 $ - $ 213,169,436 $ 670,878,216-17,123,691 - ( 17,123,691) - - - - ( 154,113) ( 154,113) 97 - - - 272,862,615 272,862,615 97 12 31$ 300,000,000 $ 174,832,471 $ - $ 468,754,247 $ 943,586,718 98 98 1 1 $ 300,000,000 $ 174,832,471 $ - $ 468,754,247 $ 943,586,718-27,286,262 - ( 27,286,262) - 98 - - - 293,265,885 293,265,885 98 12 31$ 300,000,000 $ 202,118,733 $ - $ 734,733,870 $1,236,852,603 60
98 97 1 1 12 31 98 97 $ 293,265,885 $ 272,862,615 56,365,733 51,330,536 643,338 3,467,543 ( 71,077,662) 92,063,075 1,207,762 512,142 ( 14,184,885) 301,847 8,495,032 9,348,713 ( 301,575) 301,575 ( 439,075) ( 53,344) 54,497,615 ( 141,682,442) ( 26,120,741) 55,333,952 745,866 ( 4,609,500) 14,184,885 ( 301,847) ( 164,480) 15,566-22,437,182 317,117,698 361,327,613 ( 12,344,371) ( 32,032,191) 90,300 1,030 ( 15,101,916) ( 7,860) 25,000,000 25,000,000 ( 52,355,987) ( 7,039,021) - ( 154,113) - ( 154,113) 264,761,711 354,134,479 1,023,700,691 669,566,212 $ 1,288,462,402 $ 1,023,700,691 $ 160,901,566 $ 76,514,133 61
98 97 12 31 81 9 2 6 98 7 9 0980030573 98 1 2 3 1 30, 000, 000 1 98 12 31 193 98 1 2 3 1 JF (JF ) 82 03 04 JF (JF ) 83 04 07 JF (JF ) 84 01 21 JF (JF ) 84 03 23 JF (JF ) 84 06 15 JF (JF ) 84 10 18 JF (JF ) 85 10 15 JF (JF ) 86 01 29 JF (JF ) 86 09 08 ( ) 87 06 01 JF (JF ) 87 08 19 JF (JF ) 88 10 20 ( ) 89 06 08 JF (JF ) 89 09 28 ( ) 91 05 31 JF (JF ) 92 07 07 ( ) 92 12 09 JF (JF ) 93 03 10 ) ( 93 11 12 JF (JF ) 94 05 23 ( ) 94 12 22 JF (JF ) 95 04 04 35 ( 35) 95 07 25 ) ( 96 02 13 ( ) 96 04 03 JF (JF ) 96 08 20 ( ) 97 01 25 JF (JF ) 97 06 25 JF (JF ) 97 09 22 JF (JF ) 97 09 22 G2 (G2 ) 98 08 26 JF (JF ) 98 12 01 62
( ) 1. ( 1 ) (2) (3) ( 4 ) 2. (1) (2) (3) (4) ( ) 1. 2. ( ) ( ) 1. 2. ( ) ( ) 1. 2. 3. 4. 90 55 5 10 3 10 ( ) 63
87 3 8 % 87 3 1 2. 3 % ( 94 5 2 %) 10 % 4 % ( ) ( ) ( ) 88 7 1 4 3 % ( ) 0 920003199 92 7 1 ( ) 1. 87 ( ) 10 % 2. 95 3. ( ) 39 ( 96 ) 052 ( ) ( ) 64
( 96 ) 052 ( ) ( ) ( ) JF Asset Management Limited ( ) ( ) ( ) ( ) 1. 98 97 (%) (%) $ 36,291,146 2 $ 46,008,169 3 2. JF Asset 98 97 (%) (%) Management Limited $121,496,997 11 $151,052,273 11 72,484,236 6 71,204,836 5 $193,981,233 17 $222,257,109 16 3. 98 97 (%) (%) $ 312,840 $ 312,840 65
15. 8 4. 98 97 (%) (%) $ 1,019,533 - $ 1,090,000-5. 98 97 (%) (%) $130,424,881 12 $146,999,425 11 29,715 59,405 $130,454,596 12 $147,058,830 11 6. 98 12 31 97 12 31 (%) (%) $ 14,528,967 8 $ 4,300,000 4 7. 9 8 0.06%~ $1,000,000,000 $1,000,000,000 0.20% $ 876,380 $ 35,660 9 7 0.8%~ $ 750,000,000 $ 750,000,000 1.85% $6,731,583 $ 78,012 8. JF Asset 98 12 31 97 12 31 (%) (%) Management Limited $ 10,370,347 7 $ 6,432,512 3 10,300,131 3 2,572,171 1 $ 20,670,478 7 $ 9,004,683 4 9. 98 12 31 97 12 31 (%) (%) $ 36,000,000 13 $ 29,000,000 12 66
98 12 31 97 12 31 $ 70,000 $ 70,000 25,007,414 49,783,527 193,384,988 103,847,164 1,070,000,000 870,000,000 $1,288,462,402 $1,023,700,691 98 97 1 2 3 1 0. 06 % ~ 0. 20 % 0.40%~1.93% 98 12 31 97 12 31 $ 157,376,314 $ 97,860,954 17,487,060 5,816,181 46,932 198,332 189,335 146,512 $ 175,099,641 $ 104,021,979 98 12 31 97 12 31 $7,000,000 0.35% $7,000,000 0.35% 98 12 31 97 12 31 $ 113,739,584 $ 113,739,584 78,779,788 78,779,788 52,686,364 49,343,638 242,986,415 256,252,439 2,975,069 4,094,012-540,000 64,329,217 66,556,933 555,496,437 569,306,394 ( 315,628,870) ( 284,683,827) $ 239,867,567 $ 284,622,567 $ 25, 000, 000 98 $ 25, 000, 000 98 97 1 2 31 $ 50, 000, 000 $ 25, 000, 000 0.14% 1.98% 67
1. 98 97 1 2 3 1 ( ) ( ) 98 12 31 97 12 31 ( ) $ 2,467,078 $ 493,416 ($ 1,206,298) ($ 301,575) 98 12 31 97 12 31 ($ 2,671,645)($ 534,329) $ 24,908,230 $ 6,227,058 110,386,460 22,077,292 96,201,575 24,050,394 196,245,025 39,249,005 196,245,025 49,061,256 1,568,628 313,726 2,270,733 567,685 $305,528,468 61,105,694 $319,625,563 79,906,393 ( 39,249,005) ( 49,061,256) $ 21,856,689 $ 30,845,137 2. 98 97 98 97 $ 142,974,282 $ 141,498,373 7,787,822 ( 9,650,288) ( 15,981,279) - ( 7,794,458) ( 4,830,960) ( 59,889,209) ( 33,799,226) $ 67,097,158 $ 93,217,899 3. 98 12 31 97 12 31 $ 221,766,754 $ 171,382,514 97 96 (%) 36.52 36.25 98 1 2 3 1 10% 4. 98 12 31 97 12 31 87 $ 734,733,870 $ 468,754,247 5. 96 97 1. 94 7 1 68
6 15 ( ) 15 4 2 % 98 9 7 $2,332,883 $2,688,816 2. 94 7 1 6 % 98 97 $ 8, 100, 687 $9,680,042 1. 10 % 2. 50 % 3. ( ) 94 6 3 0 0940002859 93 ( ) 20 % 20 % 100 % ( ) 4. 5. 98 6 1 8 97 1 0 2 9 97 9 6 97 96 97 96 $ 27,286,262 $ 17,123,691 $ - $ - - 154,113 - - $ 27,286,262 $ 17,277,804 $ - $ - 97 $245,576 6. 87 ( ) 10 % 69
70 98 97 $ 408,631,505 $ 427,761,046 344,700,637 388,957,168 14,283,068 15,856,385 10,585,380 12,368,858 39,062,420 10,578,635 56,365,733 51,330,536 JF 1.20% JF 1.20% JF 1.50% JF 1.50% JF 0.20% JF 1.75% JF 0.15% JF 1.75% JF 1.75% 1.75% JF 1.60% JF 1.60% 1.80% JF 1.20% 1.80% JF 0.50% 1.50% JF 1.60% 1.75% JF 1.50% 0.90% 35 2.00% JF 2.00% 0.15% 1.65% JF 1.50% 2.00% JF 2.00% JF 1.80% JF 1.50% G2 1.80% JF 1.80%
1. JF Asset Management Limited G 2 ( ) 2. 94 1 1 ( ) 3. 93 50 % ( ) 4. 95 ( ) 101 1 2 3 1 98 1 2 3 1 $36,153,185 ( ) 97 98 ( ) 1. 98 9 7 98 12 31 97 12 31 $1,573,948,503 $ - $1,573,948,503 $1,223,924,245 $ - $1,223,924,245 50,000,000-50,000,000 25,000,000-25,000,000 18,570,348-18,570,348 3,468,432-3,468,432 71
485,863,621-485,863,621 442,995,071-442,995,071 ( 1 ) ( 2 ) (3) 2. 3. (1) (2) (3) (4) 98 9 7 98 98 72
1. 98 12 31 2. 3. 4. 5. 98 1 2 3 1 98 ( ) 50 % ( 1 ) ( 2 ) ( ) 50 % ( ) ( ) 100% 100% - 100% 100% - 100% 100% - 73
99 6 18 (1) 0990028024 (2) 12 50 (3) (4) 74
( ) 65 17 (02) 2755-8686 205 8 3 (03) 336-7878 447 5 A (04) 2292-4488 7 6 A (07) 335-1799 307 17 1 (06) 241-0888 ( ) 285 25 (02) 2252-2665 ( ) 71 17 (02) 2755-8989 3 (02) 2722-2002 38 (02) 2371-3111 30 (02) 2559-7171 7 1 (02) 8722-6666 117 (02) 2719-1313 77 (02) 2311-8811 30 (02) 2348-1111 38 (04) 2222-2001 36 (02) 2506-3333 100 (02) 2563-3156 44 (02) 2568-3988 2 (02) 2581-7111 207 (02) 2378-6868 246 2 (02) 2752-5252 120 (02) 2349-3456 46 (02) 2348-3456 506 (06) 214-1271 11 (02) 2962-9170 87 (04) 2223-6021 225 (02) 2820-8166 168 (07) 557-0535 32-1 (04) 2221-1186 66 26 27 (02) 2389-5858 28 30 66 1 3(02) 2380-1888 5 8 68 1 2 158 1(02) 2718-9999 156 2 327 (07) 287-1101 101 4 (02) 8789-8888 209 1 3 (02) 2325-5818 20 2 3 (02) 2321-8200 698 3 700 3 (02) 2181-8888 111 3 (02) 2504-8888 75
7 51 (02) 2545-9988 2 8 (02) 8161-5000 7 1 5 13 (02) 8722-7888 ( ) 1 1 2 12 13 (02) 8726-9600 14 15 16 333 10 12 (02) 8722-5000 106 (03) 524-3151 ( ) 333 13 14 (02) 2723-0088 52 2~6 (02) 2716-1167 7 28 (02) 8101-0598 10 1 (02) 2561-5888 2 (02) 8786-9888 39 1 2 (02) 8023-9077 2 137 3 (02) 2504-4066 55 (02) 2392-1310 ( ) 65 17 (02) 2755-8686 205 8 3 (03) 336-7878 447 5 A (04) 2292-4488 7 6 A (07) 335-1799 285 25 (02) 2252-2665 307 17 1 (06) 241-0888 ( ) 71 17 (02) 2755-8989 ( ) ( ) ( ) ( ) 38 (04) 2222-2001 36 (02) 2506-3333 101 4 (02) 8789-8888 209 1 3 (02) 2325-5818 111 3 (02) 2504-8888 698 3 700 3 (02) 2181-8888 ( ) 20 2 3 (02) 2321-8200 JF 76
77
78
99 3 19 ( ) ( ) 1. 2. 3. 4. 5. 79
( ) ( ) 1. (1) (2) ( 3 ) (4) (5) (6) (7) (8) (9) ( 1 0 ) 2. ( ) 1. 2. 3. 4. (1) (2) (3) 5. ( ) ( ) ( ) 1. 2. 3. ( ) JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc 80
81 JF ( ) ( ) ( ) ( ) ( ) ( ) ( ) J F ( ) ( ) ( ) J F J F
82 JF ( ) ( ) ( ) ( )
83 JF J F J F ( ) ( ) ( )
JF ( ) ( ) ( ) ( ) ( 1 ) ( 1 ) ( 2 ) ( 2 ) ( 3 ) ( 3 ) ( 4 ) ( 4 ) 84
JF (%) ( 1. 5 %) (%) ( 0. 22 %) ( ) ( ) 85
86 JF ( ) ( ) ( ) ( )
JF 96 6 1 5 09600234261 ( ) 96 4 ( ) 0960013605 95 1 2 14 ( ) 30 0950150873 87
88 97 ( ) ( ) ( ) 1. 2.
89 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 3.
90 ( ) ( ) ( ) ( ) ( ) ( ) 1. 2.
91 ( ) ( ) ( ) ( )
92 ( )
93 98 JF ( ) ( ) ( ) ( ) ( ) ( ) 2
( ) ( ) ( 1 ) ( 1 ) ( 2 ) ( 2 ) ( 3 ) (3) ( 3 1 ) ( 3 1 ) ( 4 ) ( 4 ) ( ) ( ) 94
1. 9 7 7 1 4 0 970035064 ( ) ( ) ( ) ( ) ( ) 1. Standard & Poor's C o r p o r a t i o n BBB ( ) 2. Moody's Investors S e r v i c e Baa2 ( ) ( ) 97 7 1 4 0970035064 2. 95
3. Fitch Ratings L t d. B B B ( ) a. b. ( ) ( ) 1. ( ) ( ) 2. ( ) ( ) ( ) 3. 4. 96
97 1 0 1 1 7 8 3 17 1 1 1 0 1 4
10 ( 10 ) ( ) ( ) 10 1 9 97 7 1 4 0 9 7 0 0 3 5 0 6 4 1 5 1 8 17 1 2 3 10 1 13 98
10 1 14 10 1 10 10 1 11 22 10 1 17 99
100 ( ) ( ) ( ) 1 0 1 8 1 7 1 2 3 1 5 1 2 4 1 5 1 3 4 1 5 2
( ) 16 1 2 6 16 1 3 6 16 1 4 16 1 5 16 2 101
( 1. 5 %) ( ) 72 10 ( 1. 5 %) 1 20 102
( ) ( B l o o m b e r g ) ( R e u t e r s ) 1. 1. / 2. 2. ( B l o o m b e r g ) ( R e u t e r s ) Te l e k u r s Te l e k u r s ( B l o o m b e r g ) (Reuters) (Reuters) Te l e k u r s (Bloomberg) ( B l o o m b e r g ) 1 23 ( R e u t e r s ) ( B l o o m b e r g ) ( R e u t e r s ) ( B l o o m b e r g ) 103
( R e u t e r s ) ( I n d i c a t i v e P r i c e ) Te l e k u r s B l o o m b e r g ) ( R e u t e r s ) 3. / 4. ( ) ( ) ( ) ( ) 104
105