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单项选择题We are in receipt of your letter of 1 st September, in forming us of the establishment of your L/C No. 894 ______ our S/C No. 90US9094.A.against
B.underC.covered
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Bank of China (Group)-A:Remains our top pick:main beneficiary of rising US interest rates and OBOR strategy
14% of total assets are denominated in US dollars.Given that expectations for rising US interest rates are likely to cause the RMB toweaken further in the short and medium term, we maintain our view that BOC has themost differentiated investment case among Chinese banks. Bank of China is not onlyless affected by a weakening RMB (24% of its earnings come from abroad), but itsUSD-denominated assets are also likely to enjoy a better NIM in the medium term. Withsimilar dividend yields among the big four banks, we reiterate our bullish stance onBank of China.cUS$87bn OBOR loan support in the pipeline.According to its annual report, in 2015, Bank of China extended US$28.6bn in loans(equivalent to 28% including loans, letters of guarantee and letters ofcredit) to "One Belt, One Road" (OBOR) countries, covering about 330 major projects.The bank expressed its intent to lend about US$87bn in total (about 29% of ourforecast for total new loans in 2016 and 2017). As of end-2015, BOC had overseasorganisations in 46 countries and regions, including 18 in OBOR. Given that demandfor loans is still sluggish in China, this driving force for loans is positive for BOC.Extending forecast period to 2020.Given the deteriorating asset quality (rising credit costs) and interest rate liberalisation(narrowing NIM), we estimate Bank of China's net profit after tax will fall 1% YoY in2016. We believe earnings momentum is unlikely to pick up prior to 2018.Valuation: Maintain B lowering PT to Rmb4.20.We base our price target on a target P/BV multiple of 0.9x applied to 2016E BVPS ofRmb4.49. We assume a long-term sustainable ROE of 9.9%, a cost of equity of 10.2%and a long-term growth rate of 5% to derive our target P/BV multiple. The stock istrading at 0.7x 2016E P/BV and the dividend yield is 5.3%. Our price target impliesc30% upside for the stock.
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英语翻译By providing us with definitions of situations,they elicit from our behavior that conforms to group-devised meanings.我想知道,这个that从句 是修饰behavior 还是动词elicit 引出的内容.如果是引出的内容为何that后面没有谓语.如果是behavior的补充,那么动词elicit导出了什么呢?通常是elicit sth from sb.还是别的.求翻译和解释别拿电脑翻译混分好吗,我提了好几个问题,您也有点责任感好不。
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翻译:通过让我们认清所处立场,他们引导出我们和群体设定一致的行为.我认为应该是在that之前省略了that从句真正要修饰的词“the behavior”,省略的理由是与前面的behavior一词重复.完整的应该是这个样子:they elicit from our behavior (the behavior) that...括号里的这个the behavior就是你所说的elicit从our behavior导出来的东西(elicit sth from sth),同时用that从句来修饰这个导出来的the behavior.
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通过提供我们定义的情况下,他们从我们的行为引起符合group-devised意义。
前面分析的有一些不清晰,应该是:通过提供给我们的几种情境的定义,他们得出了一个结论,即我们的行为是符合集体设定的意图的。that从句是修饰behavior的,其实只要把句子意思翻译出来,楼主就完全明白了
通过给我们提供的几种情境的解说,他们从我们的行为中得出结论,即我们的行为是符合团队设定的意义的。that是修饰 behavior 的,是一个同位语从句,that实际上指的就是behaviour,behaviour是关系代词。elicit,引出真理,得出结论等的意思,elicit from表示从某事物上引出一个什么事实或道理,这里是从我们的行为中得出一个结论。仅供参考...
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