银国际固定研 中银国际固定益究 收
Fixed Income Research
BOCI Fixed Income Research
Rates, Currencies & Credits
China Corporate Credit Research
2012 . 03 . 16
(Steve Wang) + (852) 3988-6925 steve.wang@bocigroup.com
NWS The diversified infrastructure and service subsidiary of HK's New World Development
/ Str en g th :
(Qiong Wu) , CFA +(852) 3988-6926 qiong.wu@bocigroup.com
/ A d i v er s i fi ed in fra s tru ctu r e an d s er v ic e su b sid ia ry of N e w Wo rld D e v el op me n t, en joy in g th e b ran d a war en e s s o f "N e w Wor ld D e ve lop m e n t" / A ss et s an d in v e st m en t s co v e r a d i ve r si f ied i n d u stry p r of il e an d g eo gr ap h i c d i str ib u t ion
(Vivian Zhang) +(86) 10-66229195 vivian.zhang@bocigroup.com
(Lucy Liu) +(86) 21-20328025 xi.liu@bocigroup.com
/ Op er atin g p r o fi ts ar e we ll b alan c ed b et w e en it s in fra s tru ctu r e an d s er v ic e b u s in e s s li n e s, a s w el l a s b y g eo grap h i cal lo cat ion s / Stab l e ca sh f lo w fro m it s cu r r en t in fra st r u ctu r e an d s er v ic e b u s i n e s s e s / Ad eq u at e liq u id i ty
/Weakness:
/ I n cr ea s ed e x ecu ti on ri sk an d fin an c ia l p re s su r e fr om con t in u ed n e w a cq u i si tio n s
/ St rat eg ic sto ck in v e st m e n t in n e w i n d u st ri e s cou ld p os e ch all en g e s an d d i st ra cti o n s on it s cor e b u s in es s e s
/ B o n d r el at iv e va lu e : 6.5% 5 5 83 168
/ Th e r e c en tly i s su e d 6. 5 % 5 -y ea r b on d s f r om N S W o ff e r sp r e ad 83 - 16 8b p s mor e th an th at o f s om e oth e r 5 -y ea r b on d s is su ed r e c en t ly b y H on g K on g c orp orat e s, sh o w in g an at tra c ti v e r e lat i ve valu e
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This report only represents analysts' personal viewpoints, which don't necessarily represent those of BOCI Group and any of its affiliated entities.
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