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An Overview of Financial Trends in Corporate China Oct 04
Standard & Poors, Oct 2004
Abstract
Two thousand and three was another year of strong growth for many of mainland China's top corporations. The average financial ratios for the companies covered in this report were stronger, with robust earnings growth, stronger financial coverage ratios, lower debt leverage levels, and stable liquidity. However, it is dangerous to generalize. Not all companies are experiencing strong market conditions and for some downstream producers, the rising cost of raw material and intense competition has exerted pressure on profit margins. A variety of industries are included in this report, although most companies are in the heavy industry sector. The largest sectors include the steel and metals industries with 22 companies, followed by the IT and electronics sector with 18 companies, and...
Companies mentioned in this report are: Baosteel Group Corp.,China Mobile Ltd.,China Petroleum & Chemical Corp.,CNOOC Ltd.,Aluminum Corp. of China Ltd.,Baoshan Iron & Steel Co. Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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