Citigroup 花旗——汇丰控股深度研究报告

Citigroup Global Markets | Equity Research

(32页)　　12.０6 英文

Numbers, recommendation and price target downgraded — We lower 2007 EPS
in US$ by 7% and in £ terms by 14% and 2008 by 8% (16% in £), lower our
price target from HK$167 to HK$153 and lower our Buy/Medium Risk (1M)
recommendation to Hold/Medium Risk (2M).

　　　　　　　　　　　　　　　　　　　Contents
Why we upgraded… 4
And why we have now downgraded… 4
Why isn’t HSBC a sell? 5
Operating trends weakening 6
US mortgage credit quality deteriorates 8
Correspondent mortgages the problem area 8
CIBM's operational efficiency slips back 11
Forecast changes 12
Update to our fundamental valuation model 13
HSBC 26
Company description 26
Investment thesis 26
Valuation 26
Risk 26
Analyst Certification Appendix A-1 30

[此贴子已经被作者于2007-1-1 22:59:25编辑过]