HSBC Global Research - China Coal Sector
Language: English
Date: 7 Feb 2012
Page: 84

Investment summary 3
Earnings growth intact 3
Stable at high levels 4
Earnings forecast revisions 4
Thermal vs. coking coal PE valuations 5
Valuation summary 6
Sector risks 7
Industry outlook 13
Stable at high levels 13
Global coal outlook 19
Thermal coal price cap limits near-term upside 19
Coking coal – Prices easing 20
Company highlights 25
China Coal (1898) 26
China Shenhua (1088) 30
Yanzhou Coal (1171) 34
Shougang Fushan (639) 43
Hidili Industry (1393) 47
Appendix 51
Disclosure appendix 78
Disclaimer 83

HSBC Global Research - HSBC Auto Sector Speedometer
Language: English
Date: 6 Feb 2012
Page: 160

Sector scorecard 3
Company profiles 13
BMW 14
Daimler 25
Peugeot 34
Porsche 43
Renault 50
Volkswagen (Ords/Prefs) 59
Data and forecasts 71
Macro indicators: Visibility is poor 72
Unit sales trends by region 79
Unit sales by car maker 96
Pricing 113
Segment mix trends 124
Model launches in Europe 131
Raw material prices,
currencies, interest rates 138
Earnings and valuation 146
Disclosure appendix 156
Disclaimer 159







HSBC Global Research - The Hidden Risk & Gold Outlook
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