标准普尔-中国周刊


        "!#$% &' ()*+
, # -. /0
, 12 3 + 465789:;< = >? @42010ABC DE©6FFFFHGGGGHIIIIHJJJJKKKKHLLLLNMMMMPOOOOHQQQQRRRRHSSSSUTTTT VVVVXWWWW YYYYZZZZH[[[[\\\\H]]]]_^^^^````aaaaHbbbbcccc<dddd"eeeeGGGGffffgggghhhhiiiijjjjkkkkllllHmmmm_nnnndddd oqpsrutUvxwzyx{oqpsrutUvxwzyx{oqpsrutUvxwzyx{oqpsrutUvxwzyx{}||||2010~~~~719€€€€  723€€€€ ‚‚‚‚ €Uƒ€Uƒ€Uƒ€Uƒ „q…„q…„q…„q… †q‡†q‡†q‡†q‡ „q…„q…„q…„q… yx{yx{yx{yx{ ˆˆˆˆ ‰‰‰‰ ŠtUvqwŠtUvqwŠtUvqwŠtUvqw ||||Œ‹s‹s‹s‹s‚‚‚‚ ŽtUvqwŽtUvqwŽtUvqwŽtUvqw ||||Œ‹s‹s‹s‹s‚‚‚‚
‘’s“q”q•–s—*** ***   
‘
 ˜š™q›sœ–s—**** ****
 

‘˜šsžsŸ x¡**** ***
  

‘
 ˜x¢¤£z¥§¦z ̈x©«ª–s—*** ***   
‘˜x¢¤¬z¥§¦z ̈x©«ª–s—*** *** 

‘ ˜x¢q¢§¦–s—*** ***    

‘­«®< ̄š°x±–s—***** *****   
  ² ³˜z¢s ́q› μ ¶ ·< ̧s¹zº »<¼x½4¾ ¿zÀ¼zÁs ÃzÄÆÅÈÇsÉÊqËzÌ ÍÆÅÏΠИz¢q©zÑ ÒzÓ6%ÔÖÕz×zØsÙÁ ÚqÛzÜÝÅÒzÞ2.8%ÔÉsßÆÅÏà4¢zázâx㠕säzåzæ10 ç èsézê•së<ìíÅî4ï ðzñ ² ò óz² ô õ özï ðÅø÷4ù ú û<üqÑ ýz4þÔÖÿ
Å

4 ́s›

˜¢z©ÅʳŘ4¢z©¼
4¿z½ÔßÅ !"#$Ù%ð ñ<²òÅÏÐ& ÌzÍ © Ñ ÒÔà<¢x㠕î4ï ï ðÅ'
(<üsÑ ýz¿4à<¢)#$Ù%*
+ó,.-/0
12£3så44¼65.78.9<¼;:<Ô Ð ºÆÅ=
!">
?4•
@ôABC óD¢GDPÙ%EFGÑ ý
HIÔD¢ç4èzé êGDPzé
J
K1.1%LM .J
K1.6%NÅPO< ̧qÑzý² ô¼zé.JK0.6%Ô÷Q.R
ST
U
VWXÇs¹ ºz» ÒŖYZ.[@ôA¼B
CS\
]^ÝÅP_ Ì Í
`.ab4© Ñ ÒÅPc Éds›ä4Ð º Ì Í
ef ©zÑ ÒÔä#gh
i¼sºzÐ ÜÆÅÎ Ð4à4¢Eåzæ4ºj
k
#$Ù%ÅPlmnoUs<þqp rst;uvóç èzézêGDPwÔ x.y㠕Ez.{å æç4èsé êî4ïŖ
Y
xy|
}~
s
€ •sã4•‚så æ<¼s•z냄 ́s›–R4¿ Ñzý…× †
‡ˆÆŲ ³÷‰sã4•<¼î ïEä Ñzý²
Š‹˜Ô Œ Lorraine Tan 







Standard & Poor’s LLC Equity Research Services 17th Floor, Prudential Tower 30 Cecil Street, Singapore +65-6438 2881  20107ŽŽŽŽ23



 ˜x¢q¢§¦ ˜š™q›sœ ˜x¢))‘6’;“L˜”N ˜x¢¤¬z¥§¦z ̈x©«ª `;•.–6— ˜x¢¤£z¥§¦z ̈x©«ª ˜šsžsŸ ­«®< ̄š°x± ˜™˜6š ’s“q”q• 2 2010723‘  




ÿ
›œž
Ÿ ž
Ÿ ž
Ÿ ž
Ÿ ¡L00669Å6.30y!N£¢M¤
¥§¦© ̈
ª¡LMœ½NÅP_E12«¬®­
 ̄¡°7.00y!L²±
8.00y!NÔÈÿ

ÅPT

Uz¿
.
#$s¶
³
́μ4¼6:<ó¶à’·Ñý ̧¹Ñ¼º» ́ ›¼½¾©¿À4ÆÔÂÁ.éÅÄÆÂ}ųžz©.
Ç
ÈÁ”é.
h
É.ÊhÌË11Í 11.8ÎÑîÔÐÏÑz s¡î ïs²4ôÅÒÓÔÁ”é. ̄Õqó#$4¼–
Ö×ÀÆÅÿ
Eج®­
 ̄¡ÔÙ Sharon Wong 



ÿ
ÛÚ
ܔÝÞßܔÝÞßܔÝÞßܔÝÞßL˜¤™NàL01898Å11.28y!N£¢âá;¥§¦© ̈
ª¡L²ã
äåNÅÒÊÿ
æç

èÙÅâéE12«¬®­
z¡º°13.00y! (±14.00)ÔÖÿ

›œî ïz²ô–4—Ô˜¤™z› œ10z êz
±™…
ë6,230ìíîLPÁ6ï;J26.9%NÅâð
ñ² òÅP_ò.ó
ô…ë¬õ­¼50.4%Ô10 êzØö…z™¢÷)(ë
ø4,550ìíùLÁ.ï6J26.0%NÅÁ)úøô¬®­ÔÙ Chok Wai, Lee



ÿ
²z³†6ûyÅü™ýš.þ
ÿ

€–R ¿ÛÜÜÜÜL00857Å8.54y!N2010î ï ô †‡ˆÔ¬w – ½á
±š  ̧ÝÅÒ% 
ƒÿÅÈ ́z›11,000FGÅñ2009˜6˜š ü
†8.29 ±šÅï‹
̄÷«4Ùë< ́–³Ôÿ›Åœ¢&¥¦™ ̈ªL! ÛãäNó12«§¬”­12.00y!–—ÆÔÙ Ahmad Halim 



ÿ
›œ "#$%"#$%"#$%"#$%¡L01109Å16.24y!N£¢&¥§¦© ̈ª¡L& ã.äåNó12«¬®­22.00y!–4—Åî4ïz²4ôù
'œ –4—Ô`
•–—<¼î4ï ́(zÀ)* +,ÆÅ0-.Y² /¥
0
1×ÆäÔ`
•–—2 ½2,300ìh<¥34—-5Åöæ¢÷ÅÁìsä67¼98œ ̄Å;:<.:4þ4
—=>@?BAÔÙ Kah Ling, Chan 



ÿ›œÜ
C CBDÜ
C CBDÜ
C CBDÜ
C CBDL00753Å8.52y!N¢²¤¥å¦qL²œ½N© ̈ªÅÏäEòâE³°2011¡LM±
2010åN_ s¡î ïs² ôÜÝÅE12«¬®­
4 s¡°9.50y!LM±9.00y!NÔÈÿ

›œ2010î ïs² ôFΖ —ÅÒE2011ó2012³
G H s¡23%ó4%ÔÙ Samuel Seah



ÿ
›œÜC9IJKLÜC9IJKLÜC9IJKLÜC9IJKLL˜;NàL01800Å7.39y!N¢M¤.¥§¦© ̈
ªLMœ½Nó12«¬õ­
8.00y!–4—ÔÈÿ

˜;
Mw
NÅÑzýÄ9O
PQyÅüT
ó
Rßñ
=>J
KSzê¼BT
³ÔÈÿ

›œî ïs² ô– —ÔÙ Hooi Tow, Chew



ÿ›œÜ
CU@VD@W„
XÜ
CU@VD@W„
XÜ
CU@VD@W„
XÜ
CU@VD@W„
XL¬z¦N£L00670Å3.77y!Nq¢²¤
¥¦Lœ½N® ̈ªÅÒE12«Û¬®­
 s¡°4.30y!LM±
4.10y!NÔÈÿ
E2010ó2011î ïz² ôGH z¡115%ó30.2%ÅÒE2012³ ̄¡12%ÔÙ Samuel Seah 3 2010723‘



ÿ›œ¿ØÜ@CYZV
DZW„@XÜ@CYZV
DZW„@XÜ@CYZV
DZW„@XÜ@CYZV
DZW„@XL£<¦NqL01055Å3.57y!N¢P¤¥¦L✽Nõ ̈ªÅäE
òâE³°2011ùL²±
2010NÜÝÅE12«¬õ­
 ̄¡°3.90y!Lâ±4.30y!NÔÿE2010ó2011îï4²ô GH 4¡12.7%ó21%ÅÒE2012³ ̄¡26.8%Ô[Z2010 ̧/
\
̄›æ
]^B_
`¼qº
aYÆbÅ2011cï½@dz.J
K35%ÔÈÿ
E2010ó2011
e.ýÆbf
“G HgÞ4 s¡1%F
GÅÒO
P
Qhö,S±
i<¼9j
k

lÆÅÿ
̄¡ü2012Æb²ôÔÖÿ
m
E2011ó2012\ n9o
p4à.!Ò²z³ s¡°5%LM±
2%NÅPcÉzº hq@rE
s`tá
u9pÆbÔ֖Ysÿ
ÁìsùE2010-2012¼x¦4 ̈s™š
vf“ z¡5%-14%ÔÙ Samuel Seah



Fzñ
±ÊÅÿ
EÜxw yzÜxw yzÜxw yzÜxw yzL00267Å15.26y!N ̈
ª
{¢M¤
¥§¦£LMœ½NX s¡°¢á6¥¦qLPãäNԏ|°}¾<©Ä ̄ ~27%ÅÐ4 ñÕ<×4Ø ÙL ̄~6%-7%NÅ{Mw© €Åÿ¾ ©z½
 ̈4âÔOPQqrxä‚f ¹
?¼Ù ƒà
!4¼x±
„˜
…¬_†¼9‡ˆó˜z¢‰† ¼Šz•.(/Åÿ
E2010-2012î ïs²ô s¡8%-46%ÔÒ‹ÅŒñ
?VW zÒÅÿ
E12«¬®­
 ̄¡4y!°18y!ÔÙ Vincent Ng 



ÿ›œŽ‘’ “Ž‘’ “Ž‘’ “Ž‘’ “L­s® ̄N£L00323Å3.36y!N¢&¥å¦® ̈ªL”
ãäNN–—ÅÒä ̄¡
cï³ 󬮭