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1、31FlashnoteIndustrialsAutosEquity IndiaOverweightTarget price (INR) 1600.00Share price (INR) 1362.20Potential return (%) 17.5Note: Potential return equals the percentagedifference between the current share price andthe target priceabcGlobal ResearchMaruti Suzuki India Ltd (MSIL IN)OW: 2Q13 Start of
2、the new beginning With peak competition and labour issues behind the company,we expect growth and operational performance to improve inthe coming quarter. Competitive intensity unlikely to go up again: Key reason to bePerformanceAbsolute (%)Relative (%)1M0.91.53M22.410.612M21.015.6positive on the lo
3、ng termIndexRICBloombergMarket cap (USDm)Market cap (INRm)Enterprise value (INRm)BOMBAY SE IDXMRTI.BOMSIL IN7,275393,553324938 We upgrade to OW and raise our target price to INR1,600 (fromINR 1,450) due to upward revision of FY14 estimates.2Q13 update and the 3QFY13 outlook: Maruti reported net reve
4、nue of INR 80.7b,Free float (%)Note: (V) = volatile (please see disclosure appendix)31 October 2012Yogesh Aggarwal*AnalystHSBC Securities and Capital Markets(India) Private Limited+9122 2268 1246yogeshaggarwalhsbc.co.inKarthik Subramaniam *AssociateBangaloreView HSBC Global Research at:http:/*Employ
5、ed by a non-US affiliate ofHSBC Securities (USA) Inc, and is notregistered/qualified pursuant to FINRAregulationsIssuer of report: HSBC Securities andCapital Markets(India) Private LimitedDisclaimer &DisclosuresThis report must be readwith the disclosures andthe analyst certifications inthe Disclosu
6、re appendix,and with the Disclaimer,which forms part of ittranslating to a 1.6% decline in realization q/q. This is encouraging in light of the declinein diesel sales in this quarter (due to the Manesar issue) and higher discounts during thequarter. EBITDA margins declined 120 bps q/q to 6.3%. We ex
7、pect volume growth topick-up to 6% y-o-y in 3Q (like-to-like basis) and EBITDA margin expansion in the rangeof c200bps due to better realization (+9% q/q), 50-100bps due to operating leverage, 75-100bps benefit from pricing increase and lower discounts. Pricing increase by most of theOEMs in the rec
8、ent past is encouraging and should lead to lower net discounts (table 2).Key reasons to be positive on the long termCompetitive intensity unlikely to go up again: In our analysis of the global productportfolio of top automobile companies in India, we could not identify many disruptivemodels that the
9、se companies could launch in India in the coming quarters as shown inchart7-8 (Please refer to our note Not much ammunition left with competition on27 September 2012). This would mean unless the OEMs develop models especially forIndian car market, the new model introductions in the coming years may
10、be lower than inthe past three to four years. Maruti has the highest exposure to first-time buyers in India andis well positioned to benefit from any revival in the car market in 2013. We expect thedisparity between the petrol and diesel car sales to moderate as well in the medium to longterm. Addit
11、ionally, CNG cars could add another layer of growth for the company.Labour issues behind the company: With most of the labour negotiations and wage inflationbehind the company. We believe it is unlikely that any labour disruption may reoccur in theforeseeable future (the net impact of wage inflation
12、 is in the range of 20-30bps on margins).Other upside risks: YEN depreciation and a further reduction in differential between petroland diesel price are further upside risks to our estimates.Estimates and Valuation: We are upgrading our FY14e margin estimates (EPS = c5%)owing to better margin outloo
13、k. Our DCF based TP is raised to INR1600 from INR 1450.Our estimates for FY14e earnings are 6% above consensus. Downside risks: Weakness inthe car market and YENMaruti Suzuki India Ltd (MSIL IN)Autos31 October 2012Financials & valuationFinancial statementsValuation dataabcYear to03/2012a03/2013e03/2
14、014e03/2015eYear to03/2012a03/2013e03/2014e03/2015eProfit & loss summary (INRm)EV/sales0.90.70.60.5RevenueEBITDADepreciation & amortisationOperating profit/EBITNet interestPBT355,87125,129-11,38313,7463,48425,498444,12233,887-15,43118,456-64722,776553,01049,201-18,60630,595-64737,397634,28858,218-21
15、,34136,877-64744,917EV/EBITDAEV/ICPE*P/Book valueFCF yield (%)Dividend yield (%)12.73.824.12.6-0.60.69.63.121.52.4-0.80.96.32.713.22.12.20.95.02.210.91.83.10.9HSBC PBTTaxationNet profitHSBC net profit21,462-5,11120,38816,35222,776-4,48618,29018,29037,397-7,47929,91729,91744,917-8,73636,18236,182Note
16、: * = Based on HSBC EPS (fully diluted)Price relativeCash flow summary (INRm)1634153416341534Cash flow from operationsCapexCash flow from investmentDividendsChange in net debtFCF equity26,891-23,125-33,531-2,5368,414-2,09227,959-30,336-30,336-4,0586,435-2,78849,978-32,435-32,435-4,058-13,4857,18658,
17、735-37,202-37,202-4,058-17,47610,4211434133412341134103493414341334123411341034934Balance sheet summary (INRm)Intangible fixed assets 0Tangible fixed assets 81,321Current assets80,227Cash & others24,362Total assets223,022Operating liabilities53,379Gross debt10,784Net debt-13,578Shareholders funds151
18、,873Invested capital83,808096,22680,63717,927238,33754,46210,784-7,143166,105104,4750110,055102,14631,412273,67463,94010,784-20,628191,965116,8490125,915125,72948,888313,11771,25910,784-38,104224,089131,4978342010Maruti Suzuki India LtdSource: HSBCNote: price at close of 29 Oct 20122011 2012Rel to B
19、OMBAY SE SENSITIVE INDEX8342013Ratio, growth and per share analysisYear to03/2012a03/2013e03/2014e03/2015eY-o-y % changeRevenueEBITDAOperating profitPBTHSBC EPS-3.9-31.4-48.1-16.2-28.624.834.934.3-10.711.924.545.265.864.263.614.718.320.520.120.9Ratios (%)Revenue/IC (x)ROICROEROAEBITDA marginOperatin
20、g profit marginEBITDA/net interest (x)Net debt/equityNet debt/EBITDA (x)4.614.211.310.27.13.9-8.9-0.54.715.711.58.27.64.252.4-4.3-0.25.022.116.711.98.95.576.0-10.7-0.45.123.917.412.59.25.890.0-17.0-0.7CF from operations/net debtPer share data (INR)EPS reported (fully diluted)HSBC EPS (fully diluted)
21、DPSBook value70.5456.587.50525.5163.2963.2912.00574.76103.52103.5212.00664.24125.20125.2012.00775.392Maruti Suzuki India Ltd (MSIL IN)Autos31 October 20122Q13 excerptsTable 1: Maruti 2Q13 SummaryOverview of 2Q13 results* Reported net revenues of INR 80.7b, up 7% y-o-y* Average selling price per vehi
22、cle declined 1.6% q-o-q owing to weaker product mix and lower diesel sales but partially helped by better exportrealizations.* EBITDA margins declined 120bps sequentially to 6.3% as impact of negative operating leverage and higher discounts was not fully offset bylower other expenses* Raw material c
23、osts as % sales increased to 81.9%(from 79.7% in 1Q13) .* Tax rate for the quarter declined to 18.7% from 19.4% in 1Q13* Royalty costs as % sales declined to 5.4% compared to 6.2% in 1Q13 owing to favourable currency which also resulted in a reversal of INR380m from the previous quarter.* EPS for th
24、e quarter was INR7.9, down 5.4% y-o-yDemand Update and Outlook* Trend of relative customer preference for diesel cars over petrol continues. Industry diesel car growth was up 40% compared to a decline of 20%for petrol* Over 70,000 diesel vehicles sold in the quarter compared to 1,00,000 units in 1Q1
25、3. Diesel models continue to enjoy high waiting periods. Marutihas customer wait list of nearly 125,000 units.* Inventory levels for petrol models are currently at 2-3 weeks. Average discounts for the quarter increased to INR 14,750 compared to INR11,650 in 1Q13 owing to lower diesel proportion.* Pr
26、oduction at Manesar plant has normalized to c1,600 units/day* Festive demand trends encouraging and management sees sales slightly higher on y-o-y basis* New Alto has seen a good response with over 30,000 bookings till date* Maintained the diesel vehicle sales guidance of 400,000 units for FY13* Dem
27、and from rural India up c20% YTD. Rural sales account for nearly 26% of domestic volumesPrice Hikes* Effected an average price increase of c1% in October, which should impact realizations for Q3 and Q4Margin Outlook* Management does not expect material benefits from RM costs going forward* Volume re
28、covery, improving mix and lower discounts expected to be supportive of margins* Royalty costs is expected to remain in the range of 5.5% -6% in the near term.Source: Source: Maruti, HSBCTable 2: Most of the OEMs hiked prices recentlyabcOEMMarutiHyundaiHonda SielToyota KirloskarGM IndiaM&MRenaultRece
29、nt Price hikes* Hiked prices across models in the range of INR 2500-5250, representing an averagehike of c1%* To hike prices of all models by up to INR 5,000* Hiked prices of Brio, Jazz and City models by up to 2.6% effective from 1st October* Hiked prices across all models by c1.5%* Hiked prices ac
30、ross models in the range of INR 8,000-20,000* Effected a price hike between 0.5-2.3% in the month of July for its automotive division* Hiked the price of the Duster model by upto INR40,000Effective date3rd October 20121st November 20121st October 20121st September 20128th October 2012Jul-121st Octob
31、er 2012Source: Press releases, News Articles3Aug-12May-12Dec-11Nov-11Feb-12Sep-12Mar-12Apr-12Jan-12Jun-12Oct-11Jul-122Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q121Q131Q132Q112Q133Q114Q111Q122Q123Q124Q122Q134Q091Q114Q103Q102Q101Q104Q113Q112Q112Q121Q121Q134Q123Q122Q1311% 11%Maruti Suzuki Indi
32、a Ltd (MSIL IN)Autos31 October 2012Maruti at a glanceChart1: Maruti has regained market share in September postnormalization of production at Manesar plantChart2: Net realizations declined 1.6% q-o-q on account oflower diesel sales and unfavourable product mixabc50%45%40%35%43%44%46%45%44%48%45%360,
33、000320,00030%25%30%27%280,00020%Maruti domestic passenger market car shareSource: Company data, SIAM, CRISILChart3: Product mix deteriorated in the quarter as Swift andDzire sales were hit by Manesar lockout240,000Net realization per vehicle(INR)Source: Company data, HSBCChart4: Other income contrib
34、ution to PBT100%80%60%40%20%11%25%62%13%29%56%14%29%55%22%34%44%17%25%57%80%60%40%20%16%16%15%24%35%61%37%21%56%0%0%2Q123Q124Q121Q132Q13A1:MiniA3: Super CompactA5: Ex ecuti veA2:CompactA4: Mid - SizeOther income as % Profit before taxSource: Company data, HSBCChart5: EBITDA margins in 2Q13 declined
35、120bpssequentially due to negative operating leverage impact andhigher discountsSource: Company dataChart6: Royalty expenses in 2Q13 declined by 80bpssequentially20%15%10%5%9%15%13%13%13%10%10% 10%5%7% 7%6%20%15%10%5%0%80%3%5%3%82%4%6%4%81%4%6%3%81%4%5%3%80%4%6%3%82%4%5%3%83%81%79%77%75%73%0%1Q122Q1
36、23Q124Q121Q132Q13S&M expensesOther ex pensesRoyaltyRaw Material(RHS)4Source: Company data, HSBCSource: Company dataMaruti Suzuki India Ltd (MSIL IN)Autos31 October 2012Table 3: Maruti 2Q13 resultsabc_ 2Q13 _ 2QFY121QFY13 _ Variance (%) _ActualHSBCe ConsensusVs. HSBCe ConsensusYoYQoQRevenues (INRm)EB
37、ITDA (INRm)EBITDA marginNet ProfitEPS80,7015,0856.3%2,2747.980,1004,3905.5%2,1377.480,5634,6515.8%2,0337.475,3754,9426.6%2,4048.3105,2927,8637.5%4,23814.70.8%15.9%0.8%6.4%6.4%0.2%9.3%0.5%11.9%6.6%7.1%2.9%-0.3%-5.4%-5.4%-23.4%-35.3%-1.2%-46.3%-46.3%Source: Company data, HSBCe, BloombergValuations and
38、 estimatesThe stock is currently trading at 13x our FY14e earnings. We increase our FY13/FY14 earnings estimate by1% and 5% respectively owing to pick up in operations, better margin outlook and lower tax rates. Maruti hasthe highest exposure to first-time buyers in India and is well positioned to b
39、enefit from any revival in the carmarket in 2013-14. CNG cars could add another layer of growth for the company over the long term.Factoring in the revised outlook our free cash flow estimate for the company has increased by 10% and 26%for FY14 and FY15 respectively. Our valuation is based on DCF an
40、alysis and validated by both PE andEV/EBITDA multiples. We use a WACC of 11% based on a risk-free rate of 3.5% and cost of equity of 11%.We revise upward our DCF based TP to INR1,600(from INR 1,450) and upgrade the stock to Overweight(from Neutral). Our Target price implies a PE multiple of 15x our
41、FY14 earnings estimate.Under our research model, for stocks without a volatility indicator, the Neutral band is 5ppt above andbelow the hurdle rate for Indian stocks of 11%. Our target price of INR1,600 implies a potential return of17%, which is above the Neutral band; therefore, we reiterate our ra
42、ting to Overweight. Potential returnequals the percentage difference between the current share price and the target price, including theforecast dividend yield when indicated.Risks: Slower pick-up in demand, yen appreciation and potential success of new rival launches remainthe key downside risks.56
43、MarutiSuzukiIndiaLtd(MSILIN)Autos31October2012abci30i40ClioAs highlighted in red text there are only few models which can be prospective threats to Maruti in the mini and compact segment. Most of the other cars are either tooexpensive for that segment or the OEMs like Fiat have very weak distributio
44、n and service reach. Furthermore, even in the identified cars, most the cars need to be redesigned/re-sourced to cut the price by nearly 30-40% to attract the mini- and compact segment. This would remain challenging for the global OEMs. VW recently has indefinitely delayedits plan to launch UP in In
45、dia due to its inability to reproduce the model at a lower price from the existing selling model.Chart 7:Prospective new launches by the global OEMs operating in India - IAverage price inOEMModelSegmentPictureglobal markets Fuel VariantsEngine Displacement(cc)Markets SoldComments(USD)HyundaiHyundaiC
46、ompactSuper-compact22,830 - 32,280 Petrol/Diesel27,400 - 39,200 Petrol/Diesel1600/1800(P)1600(D)1591/1999(P)1685(D)Europe, US , Canada, SouthKorea, AustraliaEurope, South Korea, Australiaand NZ* Expected to be launched in India in mid-2013* Has increased market share every year in UK since launch in
47、2008* Expected to be launched in India in mid-2013* The Renault Clio is a supermini car launched in 1990, it iscurrently in its third generation.Renault NissanCompact14,690 - 26,650 Petrol/Diesel1200/1400/1600(P)1500(D)Europe, Mexico and Japan* The Clio is being consistently one of Europes top-selli
48、ng carssince its launch* The Clio IV will be sold from October 2012, after being shownat the Paris Auto showRenault NissanScenicCompact$22,050 -$36,200Petrol/Diesel1200/1400/1600(P)1500(D)Europe, Africa, Russia andChina* Grand Scnic (length: 4.56m) is available in five- and seven-seat variants* Supe
49、r-mini car produced by Dacia, based on the LoganplatformRenault NissanSanderoCompact$22,050 -$36,200Petrol/Diesel1400/1600(P)1500(D)Brazil, Europe, South Africa,Russia* Sandero was first launched in Brazil in 2007 - first Renaultmodel to be launched outside Europe* Second generation Sandero to be un
50、veiled at Paris Auto Showin 2012* Currently sold only* The Volkswagen Up is a compact car, part of the VolkswagenGroup New Small Family (NSF) series of models, unveiled at theVolkswagenUp !Compact10,400 - 14,300 Petrol1000(P)Europe2011 Frankfurt Motor Show* Production of the Up started in December 2
51、011* Currently available only in Europe.Source: HSBC ResearchMarutiSuzukiIndiaLtd(MSILIN)Autos31October2012abc7Chart 8:Prospective new launches by the global OEMs operating in India - IISource: HSBC ResearchMaruti Suzuki India Ltd (MSIL IN)Autosabc31 October 2012Disclosure appendixAnalyst Certificat
52、ionThe following analyst(s), economist(s), and/or strategist(s) who is(are) primarily responsible for this report, certifies(y) that theopinion(s) on the subject security(ies) or issuer(s) and/or any other views or forecasts expressed herein accurately reflect theirpersonal view(s) and that no part
53、of their compensation was, is or will be directly or indirectly related to the specificrecommendation(s) or views contained in this research report: Yogesh AggarwalImportant disclosuresStock ratings and basis for financial analysisHSBC believes that investors utilise various disciplines and investme
54、nt horizons when making investment decisions, whichdepend largely on individual circumstances such as the investors 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 opportunitie
55、sbased 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
56、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 whenHSBC publishes a sho
57、rt-term trading idea the stocks to which these relate are identified on the website Details of these short-term investment opportunities can be found under the Reports section of thiswebsite.HSBC believes an investors decision to buy or sell a stock should depend on individual circumstances such as
58、 the investorsexisting holdings and other considerations. Different securities firms use a variety of ratings terms as well as different ratingsystems to describe their recommendations. Investors should carefully read the definitions of the ratings used in each researchreport. In addition, because r
59、esearch reports contain more complete information concerning the analysts views, investorsshould carefully read the entire research report and should not infer its contents from the rating. In any case, ratings should notbe used or relied on in isolation as investment advice.Rating definitions for l
60、ong-term investment opportunitiesStock ratingsHSBC 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 cost of equity for that stocks domestic or, as appropriate,regional market established by our strategy team. The
61、price target for a stock represents the value the analyst expects the stockto reach over our performance horizon. The performance horizon is 12 months. For a stock to be classified as Overweight, thepotential return, which equals the percentage difference between the current share price and the targ
62、et price, including theforecast dividend yield when indicated, 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 beexpected to underperform
63、its required return by at least 5 percentage points over the next 12 months (or 10 percentage pointsfor 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,
64、 change of volatilitystatus 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 necessarilytriggering a rating change.8Oct-0
65、7Oct-08Oct-09Oct-10Oct-11Oct-1245%16%Maruti Suzuki India Ltd (MSIL IN)Autosabc31 October 2012*A stock will be classified as volatile if its historical volatility has exceeded 40%, if the stock has been listed for less than 12months (unless it is in an industry or sector where volatility is low) or i
66、f the analyst expects significant volatility. However,stocks which we do not consider volatile may in fact also behave in such a way. Historical volatility is defined as the pastmonths average of the daily 365-day moving average volatilities. In order to avoid misleadingly frequent changes in rating
67、,however, volatility has to move 2.5 percentage points past the 40% benchmark in either direction for a stocks status to change.Rating distribution for long-term investment opportunitiesAs of 30 October 2012, the distribution of all ratings published is as follows:Overweight (Buy)(28% of these provi
68、ded with Investment Banking Services)Neutral (Hold)Underweight (Sell)39%(26% of these provided with Investment Banking Services)(19% of these provided with Investment Banking Services)Share price and rating changes for long-term investment opportunitiesMaruti Suzuki India Ltd (MRTI.BO) Share Price p
69、erformance INR Vs HSBCRecommendation & price target historyrating history1660146012601060860660460FromOverweight (V)OverweightN/AOverweightTarget PricePrice 1Price 2Price 3Price 4Price 5Price 6Price 7Price 8Price 9ToOverweightN/AOverweightNeutralValue1660.001450.001425.00N/A1200.001405.001650.001200
70、.001450.00Date31 January 201121 June 201128 November 201129 July 2012Date26 April 201029 July 201031 January 201121 June 201128 November 201106 February 201230 April 201229 July 201226 September 2012Source: HSBCSource: HSBC9412345678910111234Maruti Suzuki India Ltd (MSIL IN)Autos31 October 2012HSBC
71、& Analyst disclosuresDisclosure checklistabcCompanyMARUTI SUZUKI INDIA LTDTickerMRTI.BODisclosureSource: HSBCHSBC* has managed or co-managed a public offering of securities for this company within the past 12 months.HSBC expects to receive or intends to seek compensation for investment banking servi
72、ces from this company in the next3 months.At the time of publication of this report, HSBC Securities (USA) Inc. is a Market Maker in securities issued by thiscompany.As of 30 September 2012 HSBC beneficially owned 1% or more of a class of common equity securities of this company.As of 30 September 2
73、012, this company was a client of HSBC or had during the preceding 12 month period been a clientof and/or paid compensation to HSBC in respect of investment banking services.As of 30 September 2012, this company was a client of HSBC or had during the preceding 12 month period been a clientof and/or
74、paid compensation to HSBC in respect of non-investment banking securities-related services.As of 30 September 2012, this company was a client of HSBC or had during the preceding 12 month period been a clientof and/or paid compensation to HSBC in respect of non-securities services.A covering analyst/
75、s has received compensation from this company in the past 12 months.A covering analyst/s or a member of his/her household has a financial interest in the securities of this company, asdetailed below.A covering analyst/s or a member of his/her household is an officer, director or supervisory board me
76、mber of thiscompany, as detailed below.At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or insecurities in respect of this companyAnalysts, economists, and strategists are paid in part by reference to the profitability of HSBC which in
77、cludes investmentbanking revenues.For disclosures in respect of any company mentioned in this report, please see the most recently published report on thatcompany available at HSBC Legal Entities are listed in the Disclaimer below.Additional disclosuresThis report is dated as at 31 October 2012.All
78、 market data included in this report are dated as at close 29 October 2012, unless otherwise indicated in the report.HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with itsResearch business. HSBCs analysts and its other staff who are
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80、ive information is handled in an appropriate manner.As of 30 September 2012, HSBC and/or its affiliates (including the funds, portfolios and investment clubs in securitiesmanaged by such entities) either, directly or indirectly, own or are involved in the acquisition, sale or intermediation of,1% or
81、 more of the total capital of the subject companies securities in the market for the following Company(ies):MARUTI SUZUKI INDIA LTD10Maruti Suzuki India Ltd (MSIL IN)Autos31 October 2012Disclaimer* Legal entities as at 8 August 2012UAE HSBC Bank Middle East Limited, Dubai; HK The Hongkong and Shangh
82、ai Banking Corporation Limited,Hong Kong; TW HSBC Securities (Taiwan) Corporation Limited; CA HSBC Bank Canada, Toronto; HSBC Bank,Paris Branch; HSBC France; DE HSBC Trinkaus & Burkhardt AG, Dsseldorf; 000 HSBC Bank (RR), Moscow;IN HSBC Securities and Capital Markets (India) Private Limited, Mumbai;
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85、Mltiple, Grupo Financiero HSBC; HSBC BankabcIssuer of reportHSBC Securities and Capital Markets(India) Private LimitedRegistered Office52/60 Mahatma Gandhi RoadFort, Mumbai 400 001, IndiaTelephone: +91 22 2267 4921Fax: +91 22 2263 1983Website: Brasil SA Banco Mltiplo; HSBC Bank Australia Limited; HS
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99、Hongkong and Shanghai Banking Corporation Limited Singapore Branch is regulated by the Monetary Authority of Singapore. Recipients inSingapore should contact a Hongkong and Shanghai Banking Corporation Limited, Singapore Branch representative in respect of any matters arising from, or inconnection w
100、ith this report. In Australia, this publication has been distributed by The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970, AFSL301737) for the general information of its “wholesale” customers (as defined in the Corporations Act 2001). Where distributed to retail customers, th
101、is research isdistributed by HSBC Bank Australia Limited (AFSL No. 232595). These respective entities make no representations that the products or services mentioned in thisdocument are available to persons in Australia or are necessarily suitable for any particular person or appropriate in accordan
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103、R.In Japan, this publication has been distributed by HSBC Securities (Japan) Limited. In Hong Kong, this document has been distributed by The Hongkong and ShanghaiBanking Corporation Limited in the conduct of its Hong Kong regulated business for the information of its institutional and professional
104、customers; it is not intended forand should not be distributed to retail customers in Hong Kong. The Hongkong and Shanghai Banking Corporation Limited makes no representations that the products orservices mentioned in this document are available to persons in Hong Kong or are necessarily suitable fo
105、r any particular person or appropriate in accordance with locallaw. All inquiries by such recipients must be directed to The Hongkong and Shanghai Banking Corporation Limited. In Korea, this publication is distributed by TheHongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch (
106、HBAP SLS) for the general information of professional investors specified in Article 9of the Financial Investment Services and Capital Markets Act (“FSCMA”). This publication is not a prospectus as defined in the FSCMA. It may not be further distributedin whole or in part for any purpose. HBAP SLS i
107、s regulated by the Financial Services Commission and the Financial Supervisory Service of Korea.In Canada, this document has been distributed by HSBC Bank Canada and/or its affiliates. Where this document contains market updates/overviews, or similar materials(collectively deemed “Commentary” in Can
108、ada although other affiliate jurisdictions may term “Commentary” as either “macro-research” or “research”), the Commentaryis not an offer to sell, or a solicitation of an offer to sell or subscribe for, any financial product or instrument (including, without limitation, any currencies, securities,co
109、mmodities or other financial instruments). Copyright 2012, HSBC Securities and Capital Markets (India) Private Limited, ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in aretrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission ofHSBC Securities and Capital Markets (India) Private Limited. MICA (P) 038/04/2012, MICA (P) 063/04/2012 and MICA (P) 206/01/201211
