标准普尔中国周刊


     ! " #$% &' ()*
 + ",- /. 0 
 +12 3 *465789:; / <=>42010? @AB C©6DEFG HIKJMLNOPQRKSMTUVWXYDEFG HIKJMLNOPQRKSMTUVWXYDEFG HIKJMLNOPQRKSMTUVWXYDEFG HIKJMLNOPQRKSMTUVWXYZZZZ[[[[\\\\]]]]K^^^^/____EEEE````aaaabbbbccccddddeeeeffffgggg4hhhh^^^^ ikjmlonprqrsrtikjmlonprqrsrtikjmlonprqrsrtikjmlonprqrsrtvuuuu2010wwww4xxxx19yyyy zzzz 4xxxx23yyyym{{{{ y4|y4|y4|y4| }r~}r~}r~}r~ r€r€r€r€ }r~}r~}r~}r~ srtsrtsrtsrt  ‚‚‚‚ ƒonprqƒonprqƒonprqƒonprq uuuu…„‡†„‡†„‡†„‡†{{{{ ˆnprqˆnprqˆnprqˆnprq uuuu…„‡†„‡†„‡†„‡†{{{{
‰Š‹Œ‡rŽr‘*** ****  
‰Š
‹ ’r“•”r–—r‘**** ***  
‰Š‹ ˜r™‡šm–r‘*** *****  
‰Š‹
›rœ‡Ÿž •¡*** ***   
‰Š‹ Œ‡£¢m¤•Žk¥m¦•§ •¡*** *** 
 
‰Š
‹
Œ‡© ̈kª •¡**** ****    
‰Š
‹ «r¬‡­•®• ̄—r‘*** **




   °Ÿ±³²μ ́·¶ ̧m¹º¦¼»¼½Ÿ¾¼¿º¦¼»ºÀÂÁróIJrÅμƷǷȟɼÊÌËrͼμϳÐkѺҦ¼½º®º ̄¼¦¼ÓÔÌÕmÖk×kØkÙ·Ú¼ÛkÜkݳ²mޗ·ß‡àºák⍣ãÞ¼äkÑkÒkåºæº²›¼ç‡®ŸèÑ·Ò¦k·éՌ¼£ê¼ëì·í·îºï‡ðμËòñ¼óŸ²—kôk½¼õkö·¦·»·÷·økùÕmúß¼¢‡û·¦k»kü·ýkþ¼ÿ²
ø
‡ÀÉ·Ê Ë ¼Õ μ²m°·±¿k¦k»‡ ̈k1.1%² —‡ô·¦k»ké k›²4.7%Õ ±Ÿ²¦·»·ÀŸÁË  !¥ "#ã$%&')(+*μ²,-./$şÆrÇ·Í0μË 12º²3$°45678³Ë9ç² :;¿·“<7 8=?>kË @£ëAÕBDCE56FGHIμ²JKϺÐ
,-μËLMº²NOP QRÀμÁòê·ëìk‘Ë SUT¼ÕV10‰WëX YGDPZFG0.2%²òÔC» [\]Ë FG0.4%²^ JKÞ1‡ÅŸÆrÇμËòÍkÎ _`³Õ õ·ö·½ÌŒ¼m¦·»¼¤·À²10‰WëXYa!–b./$ÅμƇÇc dÌË 1U2μÕ»[Èe–a! fË
g hJKiȇÀÉ·Ê Ë
g hëAäjμՐ±º²Œ¼
k1lP mn¦‡ãºok–b²pqŒrs²Œ rt²
Ñ·Òvuxw·ÒUyz·Ò{|½}~‡–գşƇÇ÷kãc
d¼°¼±Œ€‚ƒ„ …ˆ
‡†Ÿ² ˆk» [‰Š\] ‚ƒã‹ Œ  ‡¡Õ/ Lorraine Tan 



Standard & Poor’s LLC Equity Research Services 17th Floor, Prudential Tower 30 Cecil Street, Singapore +65-6438 2881  2010ŽŽŽŽ423



 ‘“’”’–• —“˜“™›š“œ ‘“’)Ÿž¡ ¢‘¤£ ‘)¥§¦© ̈ ‘“’«ª›¬”•®­° ̄“±² ³ª›•¤£ ‘“’) ́”μ ‘)¶ ̧·Ÿ¹” ̄”± º”»·½¼ ¾“¿ŸÀ“Á ̄”± ¦§’›Ãļ–Å› ̄“± ƔǟȞ ɰʤË?ÌÀ ‘“’–Í ̧ΠϔР̧ў ҔӛԞ 2 2010‰4Š23‹   !"




ÕÖ× ØÕÖ× ØÕÖ× ØÕÖ× Øu˜k™|Ùu00669²7.19öÚ|2009‰–b ÛÜÝ
Þ²mÞß12ຊ©áãâó8.00öÚuå䌼 k¡|‡Ë—溥>ߖç²èéãNOUPBëêíìî)ïðuäjñò|¼‘óêõôî–ïöuŒkß|‡Õ2009‰˜k™‡–b ÛÜÝ
Þ²‰÷!Z4.907øöÚ²ù+èéË\úÔ28%²ù» [‰Š\]Ô26%ÕòÖUû\=ŸËDüýþ‡½ÿ'
k°$
Ë  ?¼ÕBDC
–   9.9% !²—‰Ëëˆá²2009‰5
÷!‰  50%Õèé\ú5  !"‰ã‡ß#$%²&èé'(^¦‡ýó ́+5úò*)›
+
,J\-Ë!ÿ"³Õ/ Sharon Wong 



èé‹ Œ/.10243.10243.10243.10243uŒ65|Ùu01898, 11.84öÚ|“7î”OPuxñ ò)|½12ຊ«áãâó14.00öÚ¼ k¡Õ89Œ¼K:;
<—ðμ²

=5óãäŒ
>
?²èé'(Œ15·ãø
@*ABÕDèéã2010‰½2011‰a!\],
Ckk‘5.9%½3.7%²úò5D
ElμË  ²4FG
ò2012‰÷!\úÜ/HI115.4øÚÕ/ Chok Wai, Lee 



JC2009‰–bK
L\=Ÿ² èéãMNO
P
QMNO
P
QMNO
P
QMNO
P
Qu«k¬·­|Ùu03383²8.87öÚ|+OPBëêSRî)ïðuUT)û|—k‘óêõôî)ïðuŒ·ß|•²&‹Œ12àŸŠ«áâó11.00öÚ¼ ¡ÕŒ·ò®k ̄·» [ÉkÊV
W11Ÿ²2010‰·‰XY=^¦k¦óß
#·²&–1Z=μË !)" ̧ ́5 t[\²]ýó=^³²
èé'(«¼¬º­_`*abÕ6cdLElÂ˕Þef'
gŸ² èéã2010‰½2011‰
h¦a!\]
,
C·—k‘16.4%½22.6%²4FGò2012‰
h¦a!\]1.35öÚÕ/ Kah Ling, Chan



JC^¦i°)
"ºä
j̲_`kLl²
èé‹Œm.knokp.knokp.knokp.knokpu ̈Ÿª|ðu02318²67.30öÚ|½ê7î–ïöuxñò)|OPº²1&!—·‘a!\]‡½rqtsó`\]gŸ²ã12ຊ«áãâó—k‘ó77öÚuu(75öÚ|‡ÕYcd"μ² èéã2010‰½2011‰a!\]
,Ck—k‘25.9%½15.3%v(i) 2010‰½2011‰wäýòFG
xy,
Ck—k‘ó20% 18%uu(18% 17%|z(ii) [%
{
|æl}~²mÞ·äråºæº²UT½ÿT,
+Ë{
|‡½ä
€ŒkßÜ!@
 Õ/ Samuel Seah 



JC.nn6.nn6.nn6.nn6u00753, 8.31öÚ|¦ókð
‚kƒ1„³² èéãNOP)Bëê7î–ïöuxñò)|·‘óêõôî)ïöuŒkß|‡ÕBýó=^Ÿ²èé'(^¦_`…†‡/ˆ‰
a
bÕ2009‰Œ··£Ž1ˆa!Š‹μ²Œ
÷!Ü/HI48.5øÚu2008‰
Ž

vÜHI92.6øÚ|r²wò‘Ü/HI513.9øÚuu‰*’2.9%|‡Õ–b“ûèé³Ë\= » [‰Š\]²ÿ'·° ”4•–  ²— a!ièéμË\ú
˜kßÜ/HI40øÚËÂÕ1!—·‘™
šlFe ·‘ÿ'
·°xy
gμ²èéã2010‰ 2011‰÷!\]u ú2010‰3ŠËdºÆú›|,Ck—k‘84% 35%Õ89™šlœkì—ð @$%² èé\ú2010‰ 2011‰
šlužýaŸú
|ã,
CFG19% 6%uu(10 % 9%|‡Õ/ Samuel Seah 3 2010‰4Š23‹



cdN2009‰½10‰WëX‡–b² èé‹ Œ/.n4¡¢
£}
¤.n4¡¢
£}
¤.n4¡¢
£}
¤.n4¡¢
£}
¤u¢rŽ|Ùu00670²3.83öUÚ|êíôUî«ïuŒºß|O?P³²&k!—º‘a!\]gã12ೊ›áâ󗺑ó4.10öÚuu(2.90öÚ|‡ÕJC=
¥lã‡äjFG½ÿ'
k°xyk‘² èéã2010‰½2011‰**¥l?Fe\?]*,*Cμ—μ‘ó51%½10%u¦(19%½8%|•²1§ã ̈©‰Ëa!\]
,
C·—k‘236%½177%ÕDèé‹Œ2010‰š
ª@FG5%½ÜHIÈâÚð`2%Ë6xy³Õ/ Samuel Seah



.«¬­}¤.«¬­}¤.«¬­}¤.«¬­}¤uŒ•ô³¼¶|u01138²12.60öUÚ|10‰UWëXYŒ÷!ÜmH*I4.58øÚu®‰FG44.77%|‡²KLèéÂË\=ÂÕ?BCšlFó621.9ø* ̄ôŸuž‰FG28.6%|•²ò‰FG27.9%óÜHI27.2øÚÕDèéd°±s·°÷k›r—沉—æ56.2%Õ\úBDIãŒ
²
³ ́²4μ èé#‡È
Z=¶
‚Œ
· ̧¹YÕ]2010‰º² 5 »¼ã·ÿ
½²1&JCã·ß·›¾¿
Àz[μ²\úšó ‡äj?gÁÂÕ4ŒºÈkÂüË;<kÄ׳²Œ²Å ́^·Ò–Ÿ·¶²4&$
šó#‡³ ́