China Banking Sector (Part 1) : Very Attractive? Cheap Valuation ? (Table 1)

Current Price (06-10-2011)	ICBC 3.77	BOC 2.32	CCB 4.70	PFH 2.96	ABC 2.45	BCOMM 4.46
EPS 2007	0.26	0.24	0.32	0.61	-	0.45
EPS 2008	0.37	0.28	0.45	0.33	-	0.65
EPS 2008 (Growth %)*	44%	19%	40%	-46%		45%
EPS 2009	0.43	0.35	0.52	0.25	0.28	0.67
EPS 2009 (Growth %)*	16%	25%	16%	-23%		3%
EPS 2010	0.5672	0.46	0.6617	0.41	0.3899	0.8626
EPS 2010 (Growth %)*	31%	31%	26%	63%	37%	28%
Average EPS Growth Rate	31%	25%	28%	-2%	37%	25%
Dividend Payment (2010)	0.20	0.17	0.24	0.21	0.14	0.24
Dividend Yield	5.4%	7.3%	5.2%	7.1%	5.8%	5.4%
Dividend Payment (2011)	0.22	0.18	0.26	0.05	0.07	0.02
Dividend Yield	5.9%	7.6%	5.4%	1.7%	2.7%	0.5%
52 weeks High	6.90	5.02	8.47	6.25	4.85	9.51
53 weeks Low	4.67	2.88	5.02	3.52	3.22	5.15
Current Price (06-10-2011)	3.77	2.32	4.70	2.96	2.45	4.46
Current PE Ratio	6.65	5.03	7.10	7.22	6.28	5.17
EPS Half of 2011	0.38	0.24	0.37	0.19	0.21	0.43
Expected EPS (2011)	0.76	0.48	0.74	0.38	0.42	0.86
PE ratio (end of 2011)	4.98	4.83	6.35	7.83	5.83	5.19
Expected PE ratio (2011)	10	10	10	10	10	10
Fair Value	7.57	4.80	7.40	3.78	4.20	8.60
Potential Upside	101%	107%	57%	28%	71%	93%
*All figures were converted to HKD from CNY