AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
Hsbc correcion
1. 28 May 2010 Equity Strategy
Global abc
Global Research
EI – Equity Insights
A normal correction, not a new bear market
The recent correction is typical of year two of a bull market
as the first phase of growth ends
We still believe earnings growth will remain strong and
structural problems are not as bad as the market fears
Indiscriminate selling presents some attractive opportunities
With the US market down 12% (and global stocks 16%) from April’s peak, this is now
officially a correction. While superficially stocks fell because of worries about European
debt, to our mind the drop was more because of a convergence of negative factors such as
a peaking of US earnings momentum and shrinking liquidity, exacerbated by investment
funds that had chased markets up in March and held too low levels of cash.
But this looks to us very much like the sort of correction typical in the second year of a
bull market. True, questions raised by the recent hiatus (How badly hurt are European
banks? Will consumer and business sentiment now deteriorate? How will Chinese policy
change?) and long-term structural concerns could keep markets weak for a while.
In our view the cyclical upswing remains strong and the advantage of the recent wobble is
that interest rates, even in emerging markets, will not go up soon. Also, we don’t believe
this situation is similar to late 2008. While measures of bank risk have risen a little, the
rise is insignificant compared to back then.
Garry Evans*
Strategist
We would use this as an opportunity selectively to buy equities. Indiscriminate selling
The Hongkong and Shanghai Banking throws up investments that have got oversold. Some emerging markets now look
Corporation Limited (HK) decidedly cheap (Russia on a PE of 5x, Korea on 8x), as do dividend yields for some
+852 2996 6916
garryevans@hsbc.com.hk developed market stocks.
View HSBC Global Research at:
http://www.research.hsbc.com
*Employed by a non-US affiliate of
HSBC Securities (USA) Inc, and is not 1. MSCI indexes y-t-d 2. MSCI country performance y-t-d (USD terms)
registered/qualified pursuant to NYSE
110 0
and/or NASD regulations ACWI EM -5
105
Issuer of The Hongkong and Shanghai -10
report: Banking Corporation Limited 100 -15
Disclaimer & 95 -20
-25
Disclosures 90
-30
This report must be read 85 -35
with the disclosures and
Jan-10
Feb-10
Mar-10
Apr-10
May-10
-40
HK
WO
IT
SW
TW
IN
CH
NL
JP
US
CA
MX
SA
UK
GE
SP
SG
EM
SZ
KR
RU
AU
BR
FR
the analyst certifications in
the Disclosure appendix, Source: HSBC, Bloomberg Source: HSBC, Bloomberg
and with the Disclaimer,
which forms part of it
2. Equity Strategy
Global abc
28 May 2010
What happened 3. ISM and ISM new orders – inventories
Before considering what might happen next, it is ISM New orders-inv ent (RHS, 3MMA)
65 30
essential to analyse thoroughly why equity 60
20
markets fell so sharply from mid-April. 55
50 10
While worries about Greek and other European
45 0
sovereign debt were the immediate cause, in our 40
view the decline was triggered rather by a -10
35
convergence of several negative factors. The 30 -20
decline was exacerbated by technical factors such 1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
as the positioning of institutional funds at the
Source: HSBC, Datastream
beginning of April.
Logically, this has to be the case. Greece is only Specifically, earnings momentum has
the 26th-largest economy in the world and its started to slow. Forecast earnings growth has
stock market comprises only 0.1% of MSCI been accelerating since mid-2009, but the first
World. How could worries about the sustainability signs are coming through of the momentum
of its debt cause global stocks to correct by 16%? peaking. This happened in Asia ex Japan at
the end of last year (see Chart 4) – one reason
The negative factors, besides European sovereign
why we went underweight the region. In the
risk, we are talking about include:
US and Europe, earnings momentum looks to
The end of the first phase of growth. Global have peaked in March. The Q1 US earnings
growth began to bottom early in 2009. The US season was extremely strong, with 11% y-o-y
manufacturing ISM, for example, troughed in revenue growth and 78% of S&P500
December 2008 and rose above 50 for the first companies beating forecasts at the bottom
time in August 2009 (Chart 3). Economists line. But, with expectations now somewhat
began to revise up 2010 US GDP forecasts higher than before, earnings can hardly go on
starting in June last year. But in most cycles, beating consensus forecasts at the same pace.
after an initial spurt, the acceleration of 4. Forecast earnings momentum*
growth inevitably slows. That is likely to
50% US AEJ
happen over the coming months. The lead
40%
indicator of the ISM – new orders minus 30%
inventories – for example (also shown in 20%
Chart 3) points to the headline ISM falling to 10%
52 over the next few months. That, don’t 0%
forget, still implies that business is expanding, -10% 00 02 04 06 08 10
but just at a slower pace. The same thing -20%
-30%
happened after the initial leg of the recovery in
-40%
1995 and 2005. Stock markets simply started
to discount this slowing of momentum. Source: HSBC, Datastream (*Change in the 12-month forward IBES EPS forecast over
the past six months)
2
3. Equity Strategy
Global abc
28 May 2010
Drying-up of liquidity. With the Fed’s members. Signs of this included Germany’s
purchases of securities over, the impact of unilateral ban on naked short-selling of
earlier liquidity injections wearing off, and the certain securities including government
money multiplier still low, money supply bonds, and clear disagreements within the
growth has slowed sharply in the US over the European Central Bank on its programme to
past few months. It is the same story in the rest purchase Eurozone government bonds.
of the developed economies, and even in Asia
Panic buying and selling
(Chinese M1 growth has fallen to 30% from
The degree of decline in stocks was also probably
39% over the past two months, for example).
exacerbated by how investors were positioned in
After such a strong liquidity-driven rally over
early April. Our conversations with fund managers
the past 12 months, that worries investors.
suggest that many were cautious in mid-February
5. US money supply growth (%, y-o-y) after the sharp decline in markets early in the year
25 and so missed the early part of the rally from
M1 M2 MZM February to April when MSCI World rose by 14%.
20
Many were forced to buy into the momentum –
15
rather against their better judgement given long-
10
term structural worries – towards the end of Q1.
5
That left them longer equities than they wanted to
0 be in early April, and Greece’s problems gave them
-5 85 89 93 97 01 05 09 a convenient excuse to take profits.
-10
6. Cash holdings of US mutual funds (% of total assets)
Source: HSBC, Bloomberg
7.0
6.5 All mutual funds
US bank regulation. The Senate version of the 6.0
regulatory reform bill came out at the last 5.5
minute much tougher on banks than initially 5.0
4.5
expected. Not only did it incorporate the full
4.0
“Volcker rule” (forcing banks to spin off prop
3.5
trading operations and sell stakes in hedge funds 3.0
and private equity funds), but it also obliges 98 99 00 01 02 03 04 05 06 07 08 09 10
banks to spin off their derivatives operations
Source: ICI
into separately capitalised units. How much of
this will survive when the bill is combined with
It is also clear that equity funds had very
the House’s version remains to be seen.
significantly lowered their cash holdings since
Confused messages out of Europe. While early 2009. Data for US mutual funds, for
there are genuine worries about the debt instance (Chart 6), shows they had cash equal
levels of some European countries, the only to 3.4% of assets at the end of March, lower
EUR750bn package put together by the even than at the peak of the 2003-7 bull market. In
European Union and IMF should have calmed April and May we suspect that cash holdings have
the markets. The main reason it did not was been built up significantly again.
the apparent disunity among Eurozone
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4. Equity Strategy
Global abc
28 May 2010
And, as markets came down, we have seen signs of began right on cue after 410 days. There has been
institutions liquefying their funds as a precaution a wide variation, but on average the correction has
against redemptions. Understandable, given that in lasted 121 days. That would put the bottom this
the week ending 19 May, for example, equity time around August.
mutual funds globally saw outflows of USD12bn,
What happens next
according to EPFR data. Hedge funds, too, have
started to worry about a new wave of redemptions After such a sharp dislocation and rise in risk
and are also looking to raise cash levels to prepare aversion, there are obviously a large number of
against that eventuality. uncertainties. For example: how much will
European growth slow next year as a result of
Correction came right on cue
austerity programmes? How will consumer and
We have argued previously that the second year
business sentiment in Europe and the rest of the
of a bull market almost always sees a correction
world be affected by the falls in stock markets?
(which we would define as a 10-20% decline in
How big are the risks for European banks? Can the
US stocks, which equates to a decline of about 15-
US economic recovery remain resilient in the face
30% in higher-beta emerging markets).
of Europe’s problems? With Spain already seeing
The reason for this is that exactly the factors declining prices and US inflation slowing sharply,
described above start to kick in: the initial spurt of how big a worry is deflation? When do investors
growth peters out, and markets begin to wonder start to get nervous about sovereign risk in bigger
whether the recovery is sustainable. In every economies, such as the UK, the US or Japan?
recovery, there is also always a phase when the
It will take some time before it is clear what are
measures taken to end the recession (for example,
the answers to these questions. Moreover, how the
fiscal stimulus, rate cuts, bank rescues) are
situation with European government debt will pan
unwound. It is just that this time the magnitude of
out is also extremely hard to forecast with
the damage was that much bigger.
confidence. When and how will the EUR750bn
As shown in Table 7, the first correction in package be used? Will the ECB eventually move
S&P500 over the past 70 years came on average towards quantitative easing?
421 days after the bull market started. This time, it
7. US bull markets and initial correction
Started Ended Months Change % First correction Period until 1st Percent Length of
correction correction correction
(days) (days)
27-Jun-32 10-Mar-37 57 320% 7-Sep-32 72 -39% 176
28-Apr-42 30-May-46 50 158% 15-Jul-43 443 -11% 139
13-Jun-49 2-Aug-56 87 267% 13-Jun-50 365 -13% 34
22-Oct-57 12-Dec-61 50 86% None
26-Jun-62 9-Feb-66 44 80% 13-May-65 1052 -10% 46
7-Oct-66 29-Nov-68 26 48% None
26-May-70 11-Jan-73 32 74% 29-Apr-71 338 -14% 210
3-Oct-74 28-Nov-80 75 126% 15-Jul-75 285 -14% 64
12-Aug-82 25-Aug-87 61 229% 10-Oct-83 424 -14% 289
5-Dec-87 23-Mar-00 150 582% 3-Jan-90 760 -10% 27
9-Oct-02 9-Oct-07 61 101% 2-Dec-02 54 -14% 100
9-Mar-09 15 80% 23-Apr-10 410 -12% 27
Average 63 188% 421 -15% 121
Average (ex 1932-7) 64 175% 465 -12% 114
Source: HSBC, Bloomberg
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28 May 2010
The timeline for developments in China over the It is not clear that Europe’s travails will affect
next few months is equally hard to predict. Even US growth. As we have argued previously,
Premier Wen Jiabao admitted recently that “we for the next few quarters at least growth
are facing a few dilemmas in macro-adjustment”. should be boosted by (1) the remnants of last
Will the authorities continue to tighten policy to year’s USD787bn fiscal package, only 50%
prevent overheating, or has the economy begun to of which has so far been spent, (2) rebuilding
slow and therefore the authorities will need of inventories, which have increased only 1%
quickly to unwind policies to, for example, slow since the bottom last September despite
the rise in property prices? having been reduced by 14% during the
recession, (3) the ultra-low level of activity
This suggests that uncertainty is likely to continue
currently throughout the economy, as seen for
for a while and that stock markets will not
example in housing starts which, despite a
rebound strongly and investor confidence return
recent pick-up, are still 16% below the all-
until there is more clarity on some of these issues.
time low point of the past 50 years (Chart 9),
A correction, not a bear market (4) a modest rebound in capex, (5) short-term
Nonetheless, it still seems more likely to us that interest rates that are likely to remain close to
this will turn out to be a correction in a bull zero until the second half of next year.
market and not a new bear market. Some reasons:
9. US housing starts (SAAR)
8. US consumer expectations vs GDP consumption 3000
7 120 2500
6 110
5 100 2000
4
3 90 1500
2 80
1 70 1000
0 60
-1 500
1990
1993
1996
1999
2002
2005
2008
-2 50
-3 40 0
-4 30 63 68 73 78 83 88 93 98 03 08
GDP consumption (LHS) Consumer ex p
Source: HSBC, Bloomberg
Source: HSBC, Bloomberg
Corporate earnings growth is likely to remain
So far (at least), there are no signs that consumer strong. Companies, especially in the US, cut
or business confidence has been affected by the costs so drastically during the recession that
troubles in Europe. US consumer confidence, margins are likely to remain high for some
published on Tuesday and with data collected time to come. This means that only a small
up to 18 May, for example (Chart 8), surprised amount of top-line growth is sufficient to
on the upside (and is consistent with produce strong bottom-line numbers.
consumption growth of 2.5-3%). Even in Moreover, in many sectors, particularly
Europe, the German IFO survey published on retailing, companies that saw competitors go
21 May showed expectations higher than bust during the recession are enjoying
economists were forecasting. stronger pricing power.
5
6. Equity Strategy
Global abc
28 May 2010
Investors are already extremely bearish. Our recent drop in commodity prices. One of the
visits to fund managers recently, most notably negative factors for investing in emerging
in the US over the past two weeks, suggest markets – that they would almost all have to
there is a very strong consensus that Europe is raise rates in coming months – has disappeared,
a disaster-zone, with the Euro system likely to in our view.
collapse any time soon, and that the US’s
Things aren’t that bad
high and rising government debt/GDP ratio
It is also easy to exaggerate how much of a
means that it is only a matter of time before
negative impact the recent turmoil has had on
the US (and the UK and Germany) follow the
markets. While measures of bank risk have risen a
same path as Greece. Given this degree of
little, the rise is insignificant compared to the past
bearishness, we would argue that much of the
two years. The spread between three-month Libor
bad news is priced in.
and interest-rate swaps, for example (Chart 10),
How big are Europe’s problems really? While has risen to 29bps from a normal level of about
southern European countries clearly have a 8bps over the past six weeks. That represents an
problematical level of debt, and there are increase in risk aversion towards banks, but is
fundamental design flaws with the Euro, it is nowhere near that reached even in the summer of
wrong to underestimate the determination of 2007 when the credit crisis first started.
the European authorities to prop the system up.
10. Libor-OIS spread
They have done a lot already to at least
4.0
postpone the pain. The EUR110bn bailout
3.5
package for Greece should be enough to allow 3.0
it to fund itself until at least the end of 2011. 2.5
The EUR750bn general package and ECB 2.0
1.5
bond-buying scheme should ward off any
1.0
further immediate problems. On the positive 0.5
side, the whiff of crisis has pushed countries 0.0
Oct-06
Oct-07
Oct-08
Oct-09
Jan-06
Apr-06
Jul-06
Jan-07
Apr-07
Jul-07
Jan-08
Apr-08
Jul-08
Jan-09
Apr-09
Jul-09
Jan-10
Apr-10
such as Spain to begin to take the necessary
steps to make their economies more
competitive. The weakness of the Euro will Source: HSBC, Bloomberg
also help European exporters, such as
Germany. European growth is likely to slow The same is true of the Euro. We see many
next year, but the situation may not be anything headlines declaring that it has collapsed. While it
like as dire as investors have priced in. is true it has fallen by 19% against the dollar since
the peak in November last year, it is worth
The recent hiatus is likely to ward off remembering that this was almost an all-time high
premature monetary tightening. It seems for the currency. Look at the currency from a
unlikely that any major central bank will raise longer perspective (Chart 11), and it is still at the
rates over the next few quarters (and some, high end of the range it has traded in since its
such as Australia, which have already raised inception in 1999, and even well above the 30-
rates several times, may now be regretting that). year average of the theoretical Euro.
Notably, in emerging markets the risk of
inflation is likely to have receded with the
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7. Equity Strategy
Global abc
28 May 2010
11. Trade-weighted Euro 12. Valuation data for major markets
130 Region 12M PE 2010 DY 10yGB
ACWI 11.3 2.7
120 Developed World 11.6 2.7
Emerging World 9.6 2.8
110 US 12.2 2.0 3.2
Canada 13.2 2.5 3.4
100 Brazil 9.1 3.4 12.6
Mexico 12.9 2.6 7.5
Europe 9.7 3.9
90
Europe ex UK 10.1 3.8
UK 9.0 4.1 3.6
80 France 9.9 4.1 2.9
81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 Germany 10.4 3.4 2.7
Switzerland 11.1 3.3 1.5
Spain 8.2 6.4 4.1
Source: ECB Italy 9.1 4.5 3.9
Russia 5.1 2.3
Asia ex Japan 10.8 3.2
How to position yourself Japan 14.8 2.0 1.3
Australia 11.3 4.2 5.3
To us then, the mood of despondency is overdone. China 11.2 2.8 3.2
Korea 8.3 1.6 4.9
Most likely, what we have experienced over the Taiwan 11.5 4.3 1.4
past few weeks has been a normal second-year Hong Kong 13.9 3.4 2.5
India 14.8 1.2 7.4
stock market correction, exacerbated only by the Singapore 12.5 3.5 2.6
unprecedented nature of some of the long-term Source: HSBC, Datastream
structural imbalances in the global economy. That
suggests that, once the issues have been digested, Dividend yields are also starting to look attractive
the continuing cyclical rebound will represent and in some cases are above 10-year government
again an interesting time to buy equities. bond yields. Spain, for example, has a market
dividend yield of 6.4%, compared to government
An indiscriminate sell-off creates opportunities. We bonds yielding 4.1%. In Asia, Japan, Taiwan,
would already be looking to find countries, sectors Hong Kong and Singapore all offer higher DYs
and stocks where prices have fallen so low that than bond yields.
investors should be using this as an opportunity to
buy. In many cases, these will be investments that Among large-cap stocks, this is particularly the
have an attractive fundamental story but where case. Table 13, for example, shows stocks in the
valuations had run ahead of themselves. MSCI ACWI index with market cap greater than
USD10bn that have a forecast 2010 dividend yield
Consider country stock market valuations, for of 6% or higher and a dividend coverage ratio for
example (Table 12). Some markets are again this year of 1.5x or greater. It is notable how
offering extremely good value. Russia, for many blue-chip stocks, where one would think
example, is on a forward PE of 5x, Korea on 8x earnings should be well supported and where
and Brazil on 9x. dividend payout ratios are low, now offer highly
attractive dividend yields. In a low interest-rate
environment, these should look particularly
attractive to investors.
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8. Equity Strategy
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28 May 2010
13. Large-cap stocks with dividend yield over 6%
Mkt cap DY (%) Cover
(USDbn) ratio (x)
AVIVA 11.8 8.8 2.3
BP 130.8 7.9 1.9
ZURICH FINANCIAL SVS. 28.6 7.8 1.8
ENEL 40.6 7.6 1.7
GAS NATURAL SDG 12.8 7.4 1.7
BANCO SANTANDER 82.3 7.1 1.9
ROYAL DUTCH SHELL 155.4 6.9 1.8
ENI 71.6 6.9 1.8
TURKCELL ILETISIM HZM. 11.1 6.7 1.7
VODAFONE GROUP 97.8 6.7 1.8
ENERGIAS DE PORTUGAL 10.7 6.6 1.7
FIRSTENERGY 10.5 6.5 1.6
RWE 36.1 6.5 1.9
E ON 58.0 6.4 1.8
BT GROUP 13.3 6.3 2.2
MOBL.TELSMS.OJSC SPN.ADR 18.6 6.3 1.7
TOTAL 106.5 6.2 1.9
CEZ 21.9 6.2 1.7
ELI LILLY 37.8 6.2 2.2
TELECOM ITALIA 14.9 6.2 2.0
SAMPO 'A' 11.2 6.1 1.8
AXA 34.5 6.1 2.5
CREDIT AGRICOLE 24.9 6.0 2.3
SK TELECOM 10.4 6.0 2.0
Source: HSBC, Datastream
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9. Equity Strategy
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28 May 2010
Disclosure appendix
Analyst Certification
The following analyst(s), economist(s), and/or strategist(s) who is(are) primarily responsible for this report, certifies(y) that the
opinion(s) on the subject security(ies) or issuer(s) and/or any other views or forecasts expressed herein accurately reflect their
personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific
recommendation(s) or views contained in this research report: Garry Evans
Important disclosures
Stock ratings and basis for financial analysis
HSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, which
depend largely on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations.
Given these differences, HSBC has two principal aims in its equity research: 1) to identify long-term investment opportunities
based on particular themes or ideas that may affect the future earnings or cash flows of companies on a 12 month time horizon;
and 2) from time to time to identify short-term investment opportunities that are derived from fundamental, quantitative,
technical or event-driven techniques on a 0-3 month time horizon and which may differ from our long-term investment rating.
HSBC has assigned ratings for its long-term investment opportunities as described below.
This report addresses only the long-term investment opportunities of the companies referred to in the report. As and when
HSBC publishes a short-term trading idea the stocks to which these relate are identified on the website at
www.hsbcnet.com/research. Details of these short-term investment opportunities can be found under the Reports section of this
website.
HSBC believes an investor's decision to buy or sell a stock should depend on individual circumstances such as the investor's
existing holdings and other considerations. Different securities firms use a variety of ratings terms as well as different rating
systems to describe their recommendations. Investors should carefully read the definitions of the ratings used in each research
report. In addition, because research reports contain more complete information concerning the analysts' views, investors
should carefully read the entire research report and should not infer its contents from the rating. In any case, ratings should not
be used or relied on in isolation as investment advice.
Rating definitions for long-term investment opportunities
Stock ratings
HSBC assigns ratings to its stocks in this sector on the following basis:
For each stock we set a required rate of return calculated from the risk free rate for that stock's domestic, or as appropriate,
regional market and the relevant equity risk premium established by our strategy team. The price target for a stock represents
the value the analyst expects the stock to reach over our performance horizon. The performance horizon is 12 months. For a
stock to be classified as Overweight, the implied return must exceed the required return by at least 5 percentage points over the
next 12 months (or 10 percentage points for a stock classified as Volatile*). For a stock to be classified as Underweight, the
stock must be expected to underperform its required return by at least 5 percentage points over the next 12 months (or 10
percentage points for a stock classified as Volatile*). Stocks between these bands are classified as Neutral.
Our ratings are re-calibrated against these bands at the time of any 'material change' (initiation of coverage, change of volatility
status or change in price target). Notwithstanding this, and although ratings are subject to ongoing management review,
expected returns will be permitted to move outside the bands as a result of normal share price fluctuations without necessarily
triggering a rating change.
*A stock will be classified as volatile if its historical volatility has exceeded 40%, if the stock has been listed for less than 12
months (unless it is in an industry or sector where volatility is low) or if the analyst expects significant volatility. However,
9
10. Equity Strategy
Global abc
28 May 2010
stocks which we do not consider volatile may in fact also behave in such a way. Historical volatility is defined as the past
month's average of the daily 365-day moving average volatilities. In order to avoid misleadingly frequent changes in rating,
however, volatility has to move 2.5 percentage points past the 40% benchmark in either direction for a stock's status to change.
Rating distribution for long-term investment opportunities
As of 27 May 2010, the distribution of all ratings published is as follows:
Overweight (Buy) 50% (14% of these provided with Investment Banking Services)
Neutral (Hold) 37% (12% of these provided with Investment Banking Services)
Underweight (Sell) 13% (11% of these provided with Investment Banking Services)
Analysts, economists, and strategists are paid in part by reference to the profitability of HSBC which includes investment
banking revenues.
For disclosures in respect of any company mentioned in this report, please see the most recently published report on that
company available at www.hsbcnet.com/research.
* HSBC Legal Entities are listed in the Disclaimer below.
Additional disclosures
1 This report is dated as at 28 May 2010.
2 All market data included in this report are dated as at close 25 May 2010, unless otherwise indicated in the report.
3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its
Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research
operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier
procedures are in place between the Investment Banking and Research businesses to ensure that any confidential and/or
price sensitive information is handled in an appropriate manner.
10
12. abc
Global Equity Strategy Research Team
Global Asia
Garry Evans Garry Evans
Global Head of Equity Strategy +852 2996 6916 garryevans@hsbc.com.hk
+852 2996 6916 garryevans@hsbc.com.hk
Leo Li
Europe +852 2996 6919 leofli@hsbc.com.hk
Robert Parkes Steven Sun
+44 20 7991 6716 robert.parkes@hsbcib.com +852 2822 4298 stevensun@hsbc.com.hk
CEEMEA Jacqueline Tse
+852 2996 6602 jacquelinetse@hsbc.com.hk
John Lomax
Vivek Misra
+44 20 7992 3712 john.lomax@hsbcib.com
+91 80 3001 3699 vivekmisra@hsbc.co.in
Wietse Nijenhuis
+44 20 7992 3680 wietse.nijenhuis@hsbcib.com