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1、FIGKorea BanksKorean banksWell-flagged earnings miss in 4Q1225 January 2013Todd Dunivant*Head of Banks Research, Asia-PacificThe Hongkong and Shanghai Banking Corporation LimitedabcGlobal Research One-off provisioning expenses andequity impairment losses to push 4Qprofits below consensus Expect no t
2、op-line surprises givencontinued NIM compression, flat loangrowth; core earnings to remain weak Weak trends likely to continue in 1H13;prefer Shinhan FinancialExpect 4Q12 earnings miss due to one-off costs. Banks underour coverage will release 4Q12 results on 6-7 February. Weexpect there to be no bi
3、g surprises in top-line growth, with tameloan growth and falling net interest margins, as anticipated bythe market. However, the bottom line is more uncertain, as one-off losses remain a swing factor. Losses on securities (Table 1)and provisions for shipbuilders (Table 2) should push 4Q profitbelow
4、consensus; worst case 46% below for Woori FHC.+852 2996 .hkWe expect the weak trend to persist until a turnaroundSinyoung Park*AnalystThe Hongkong and Shanghai Banking Corporation Limited,Seoul Securities Branchin 2H13. The outlook for core operating metrics remainsunexciting going into 1H13 (1) NIM
5、 compression: Weexpect 4Q NIMs to decline 9bp q-o-q on average, on the back+822 3706 of the Bank of Korea (BOK) rate cuts (Jul/Oct 2012) and dueSojung Park*AnalystThe Hongkong and Shanghai Banking Corporation Limited,Seoul Securities Branchto the ongoing regulatory pressure on loan spreads (Table 2)
6、.NIM compression is unlikely to stop in 1H13 until we see arate hike in 3Q13. (2) Lacklustre loan growth: Loan growth+822 3706 should slow in 4Q12 (0.5-1% q-o-q) for the sector due to adelayed recovery in the domestic property market, tightenedrisk management, and corporates looking to strengthen th
7、eirbalance sheet at the year-end. (3) Costs seasonally higher in4Q: Credit costs and SG&A expenses are seasonally higherin 4Q. As the Financial Supervisory Service (FSS) has guidedthat banks should apply more stringent provisioning criteriafor shipbuilders, higher provisioning is likely, and Woorish
8、ould be hit the hardest.View HSBC Global Research at: http:/*Employed by a non-US affiliate of HSBC Securities (USA) Inc,and is not registered/qualified pursuant to FINRA regulationsIssuer of report: The Hongkong and Shanghai BankingCorporation Limited, Seoul Securities BranchDisclaimer & Disclosure
9、sThis report must be read with thedisclosures and the analyst certificationsin the Disclosure appendix, and with theDisclaimer, which forms part of itPrefer Shinhan 055550 KS, OW, TP KRW50,000.Korean bank share prices are up c14% since mid-November2012. Asian economic data look increasingly positive
10、, and themarket has begun to understand the scale of 4Q provisioningby Korean banks. Shares have risen to 0.65x the 1yr forwardbook from 0.57x in this period. Higher-beta names Hana andWoori have outperformed. We believe Shinhan offers morecore earnings stability; with a muted 2013 growth outlook, i
11、tappears the best longer-term option at this point.(KRWbn)FIGKorea Banks25 January 20134Q earnings preview One-off costs from equity impairment losses on securities andprovisions for shipbuilders push 4Q profits below consensus Expect no top-line surprises on lacklustre loan growth andcontinued NIM
12、compression; core earnings remain weak Weak operating trends likely to continue in 1H13abcExpect 4Q12 earnings missdue to one-off costs andseasonalityWe expect Korean banks to post lacklustreearnings in 4Q (20% lower than consensus),primarily because of one-off costs and seasonality.Provisioning hik
13、e on shipbuildersWe expect another quarter of high provisioningfor Korean banks in 4Q12, which is likely todisappoint the market. This is due mainly tofinancial regulators pressure to set aside furtherprovisions on the shipbuilding sector. There aresome shipbuilders with impaired shareholdersequity
14、(e.g. SPP Shipbuilding and Sung DongShipbuilding), and the FSS has guided that banksFig 1. Net profit in 4Q12e: HSBC vs consensus500should apply more stringent provisioning criteriabased on individual credit evaluation rather thanpreviously held group evaluation.Woori Finance Holdings is known to ha
15、ve thelargest exposure to those shipbuilders, and otherlarge-cap banks also have exposures of more thanKRW200bn each. Thus, the additional provisioningimpacts 4Q earnings by 10-60% across the sector.Equity impairment lossesIn 3Q12, Korean banks earnings were hit by theequity impairment losses on sec
16、urities (POSCOand Kumho Industrial). Under IFRS, banks arerequired to realize equity impairment losses on theincome statement if the share price falls below30% of the purchase price. As those stocks fellFig 2. Net profit in 4Q12e: HSBC vs consensus0%400300400300-10%-20%200100-1651301206040-30%-40%Sh
17、inhan KBIBK Woori HanaBSDGB-50%DGBBSShinhan IBKKBHanaWoori2HSBCNote: Consensus as of 12-Jan-2013Source: Bloomberg, HSBC estimatesConsensusNote: Consensus as of 12-Jan-2013Source: Bloomberg, HSBC estimatesFIGKorea Banks25 January 2013Table 1. Korean banks: Impairment losses on securities holdings in
18、4Q12eabc(KRWbn)_ Impairment losses _ _ Additional provisioning _POSCO Kumho Hyundai MM Taesan LCD Shipbuilders KEB severanceIndustrialbenefitsTotalKBHana2614774030100254950173175Shinhan0IBK77WooriBSDGB1224025200Source: Company data, HSBC estimatesfurther in 4Q12, we expect Korean banks to seeadditio
19、nal write-offs. Details in Table 1.Weak core earningsWe expect lacklustre loan growth and continuedNIM compression; the core earnings driversremain muted for the banks. However, thesefactors should not surprise to the market.1. NIM compressionWe expect 4Q NIM to decline 9bp q-o-q onaverage, on the b
20、ack of two BOK rate cuts (Julyand October 2012) and ongoing regulatorypressure on loan spreads (Table 2).NIM compression is unlikely to stop or reverse in1H13 until we see a rate hike in 3Q13, whichcould be a potential catalyst for NIM recovery.According to HSBC economist, Bank of Koreawill keep rat
21、es low to support growth and it willrestart its rates normalisation process by graduallyraising rates from 3Q13 to 3.75% by 4Q14.Among banks, we think IBKs NIM will be hit thehardest in 4Q, by -10bp (Shinhan has a high baseTable 2. Korea banks: HSBC projections for 4Q12e NIMeffect). We believe IBKs
22、NIM is unlikely to recovereven in 2014, despite the rate hikes expected in3Q13, as it has lowered its SME lending ratessince January 2012, as suggested by regulators.2. Lacklustre loan growthWe expect the loan growth to further slow downin 4Q12 (0.5-1% q-o-q) for the sector. We believethat the trend
23、 will persist through 2013 due to adelayed recovery of the domestic property market,and tightened risk management.As shown in Figures 3-4, in terms of corporateloans, we expect Korean banks lending attitudesare expected to turn more conservative, while theloan demand remains high, especially from th
24、eSMEs, according to the BOKs survey on banklending practices. Also, on the household loanside, lenders attitudes are improving after 2011,but still weaker than corporate loans. Moreimportantly, the trajectory of loan demands has adownward slope due to delayed recovery of thedomestic property market.
25、(%)KBHanaKEBShinhanIBKWooriBSDGBAverage4Q112.391.742.522.102.392.482.883.022.441Q122.271.722.472.092.372.512.842.932.402Q122.231.792.422.022.182.362.792.842.333Q122.121.702.302.002.082.292.702.702.244Q12e2.081.642.261.861.982.252.612.652.17Q-o-q (bp)-0.04-0.06-0.04-0.14-0.10-0.04-0.09-0.05-0.07Sourc
26、e: Company data, HSBC estimates3IBKFIGKorea Banks25 January 2013Fig 3. Korean Banks: Loan Demand IndexFig 4. Korean Banks: Lending Attitude Indexabc50403020100-10-204Q074Q084Q094Q104Q114Q123020100-10-20-30-404Q074Q084Q09Total4Q104Q114Q12TotalLarge corpSMEHousehold (ex -mortgage)Household (mortgage)S
27、ource: Survey on Bank Lending Practices (BOK), HSBCAs asset growth slows across the sector, focus willshift to liability structure and difference betweenthe banks deposit mix.Earnings previews, by bankHana FinancialWe expect Hana Financial to report (7-Feb-2013)KRW120bn in net profit for 4Q12 (down
28、82% q-o-q). Our 16% lower-than-consensus earningsforecast is based mainly on projected one-offcosts for (1) severance benefits (-KRW50bn),expected (2) impairment losses on securitiesholdings (-KRW44bn), and (3) our forecast ofKRW49bn in additional provisioning on itssubsidiary KEB to match the provi
29、sioningstandards to Hana Bank.KB FinancialWe expect KB Financial to report (7-Feb-2013)KRW300bn of net profit in 4Q12 (-32% q-o-q).Our 16% lower-than-consensus earnings forecastis driven by (1) projected impairment losses onsecurities holdings (-KRW66bn) and (2) expectedadditional provisioning expen
30、ses on shipbuilders(-KRW100bn), as per the regulators request.We expect IBK to report (7-Feb-2013) KRW165bnin net profit for 4Q12 (15% lower than consensus).This is due mainly to a projected decline in NIM(down 10bp versus the sector down 7bp q-o-q),4Large corpSMEHousehold (ex -mortgage)Household (m
31、ortgage)Source: Survey on Bank Lending Practices (BOK), HSBCled by continued loan yield cuts for SMEs. Weexpect KRW7bn in impairment losses onsecurities holdings to drag down the bottom lineearnings further.Shinhan FinancialWe expect Shinhan Financial to report (7-Feb-2013) KRW400bn in net profit fo
32、r 4Q12. Thiswell-rounded number is 11% lower than theconsensus. We expect no one-off factors inShinhan Financial to drag down earnings in 4Q.Note that Shinhan will post the largest contractionin NIM in a q-o-q basis, but this is attributablemainly to high base effect. (3Q NIM: Shinhan -2bpvs sector
33、-9bp q-o-q).Woori Finance HoldingsWe expect Woori Finance to report (7-Feb-2013)KRW130bn in net profit for 4Q12, which is likelyto miss the consensus estimate (by -46%). Thelacklustre earnings are due to the additionalprovisioning on shipbuilders (-KRW240bn).BS FinancialWe expect BS Financial to rep
34、ort (6-Feb-2013)KRW60bn in net profit for 4Q12, lower thanconsensus (7% loss). Loan growth should remainrobust at 2% q-o-q, but we expect NIM to fall by9bp q-o-q.FIGKorea Banks25 January 2013DGB FinancialShinhan Financial Group: SOTP valuationabcWe expect DGB Financial to report (6-Feb-2013)net prof
35、it of KRW40bn in 4Q12, in line withconsensus. Loan growth should remain robust at(KRWbn)Shinhan BankCard subsidiariesValuation Impliedmethod PB (x)PB 0.849x PEEquity20,860Adj. Fairequity value15,215 12,7296,9951.5% q-o-q, and we expect NIM to fall by 5bpShinhan Inv CorpShinhan LifePB10x PE0.802,1192
36、,119 1,6952,369q-o-q.Valuation and risksValuation methodologyWe use ROE and price-to-book-based valuationsfor the banks under our coverage and sum-of-the-parts valuations for the diversified bank holdcos(Shinhan and Woori Financial Group). For ourROE/PB method, we value the main subsidiariesusing PB
37、 and ROE, with our target PB derivedfrom the equation (ROE g) / (COE g), whereROE stands for normalised return on equity, gstands for the long-term growth rate and COEstands for cost of equity. Although Hana Financialis strictly a financial holdco, we also value itbased on ROE and PB, as it accounts
38、 for morethan 90% of group earnings.Under HSBCs Equity Research model, theNeutral rating band equals the local hurdle rate(average cost of equity) set by our Global EquityStrategy Team (10% for South Korea), plus orminus 10ppt for volatile stocks or 5ppt for non-volatile stocks. At the time we set o
39、ur target prices,they implied potential returns above, below, orwithin these bands; accordingly, we rate the stocksOverweight, Underweight, or Neutral, with a (V)if the stock is volatile (see Disclosure appendix forHSBCs definition of volatility). Potential returnequals the percentage difference bet
40、ween thecurrent share price and the target price, includingthe forecast dividend yield when indicated.Shinhan Financial Group055550 KS KRW40,150; OW, TP: KRW50,000We value Shinhan on a sum-of-the-parts analysis.Consolidated EV 23,788Shares outstanding 0.474Target price (KRW) 50,000Notes: (1) We calc
41、ulated adjusted equity by subtracting reserves for credit losses and PFexposures are net of provisions from the BV; (3) We calculated banks implied PB with thefollowing assumptions (COE of 12.55%, ROE of 10.5%, growth rate of 0%)Source: HSBC estimatesHana Financial Group086790 KS KRW39,350; N(V), TP
42、 KRW39,000We value Hana Financial on a PB and ROEmethodology, as bank subsidiaries (Hana Bankand KEB) take up more than 95% of groupearnings. Our key assumptions are as follows: COE of 14.3% (unchanged) calculated from arisk-free market rate of 3.0%, a market riskpremium of 7.5%, and a beta of 1.5;
43、Sustainable ROE of 9%, based on our 2013eROE estimate for Hana (unchanged) Terminal growth rate of 0% (unchanged)KB Financial Group105560 KS KRW39,400; OW, TP: KRW45,000We value KB Financial using PB and ROE basedon a 2013e adjusted book value. Our valuationassumptions are as follows: COE of 14.1% c
44、alculated from a risk-freemarket rate of 3.0% and a market riskpremium of 7.5%, and a beta of 1.5 Sustainable ROE of 9.7% derived by ourFY14 ROE estimate of 8.8% plus 80bp toreflect potential ROE accretion viacapital management Terminal growth rate of 0% PB of 0.75x, derived from the equation(ROE g)
45、 / (COE g)Our assumptions are shown in the following table.5FIGKorea Banks25 January 2013BS Financial Group138930 KS KRW14,050; N(V); TP: KRW14,500We value BS Financial using PB and ROE basedon 2013e adjusted book value, with our target PBderived from the equation (ROE g) / (COE g).Our valuation ass
46、umptions are as follows: COE of 10.6% calculated using a risk-freemarket rate of 3.0%, a market risk premiumof 7.5%, and a beta of 1.0 Sustainable ROE of 12.0% based onaverage ROE of 2012 and 2013e; terminalgrowth rate of 2%DGB Financial Group139130 KS KRW14,150; N(V), TP: KRW16,300We value DGB Fina
47、ncial using a simple growthmodel. Our target PB is set using the equation(ROE g) / (COE g), as the majority ofearnings are driven by the bank subsidiary (DaeguBank). Our valuation assumptions are as follows: Sustainable ROE of 12.3%, terminal growthrate of 0% COE of 11.2%, based on a risk-free rate
48、of 3%,equity risk premium of 7.5%, and beta of 1.1 End-2013e adjusted book value ofKRW2,004bnWoori Finance Holding053000 KS KRW12,200; N, TP KRW11,300See sum-of-the-parts valuation table below.Woori Finance Holdings: SOTP valuationIndustrial Bank of Korea (IBK)024110 KS KRW11,800; N, TP: KRW13,600Ou
49、r valuation is based on FY13e PB and ROE,with assumptions are as follows: COE of 14.4% calculated from a risk-freemarket rate of 3.0%, market risk premium of7.5%, and beta of 1.52 Sustainable ROE of 9.8%, calculated from theaverage ROE of FY13-14e; terminal growthrate of 0% End-2013e adjusted book v
50、alue ofKRW12,035bnabc(KRWbn)Woori BankKyongnam BankKwangju BankWoori I&SValuation methodpostPBPBPBPBImplied PB (x)post0.460.460.460.80Equitypost19,8372,1391,4763,480Adj. equitypost15,5001,1771,017Fair valuepost7,143542468973ConsolidatedShares outstandingTarget price (KRW)9,1260.80611,300Notes: (1) A
51、s of 2013e; (2) We calculated adjusted equity by subtracting reserves for credit losses and PF exposures are net of provisions from the BV; (3) We calculated banks implied PB withthe following assumptions (COE of 17.6%, ROE of 8% calculated by average ROE of FY13e and FY14e (down from 9.5% previousl
52、y), growth rate of 0%)Source: HSBC estimates6IBKFIGKorea Banks25 January 2013Risks to our viewsShinhan Financial GroupKey downside risks include (1) suddendeterioration in the macro economy; (2) adownturn in debt capital markets, which couldraise liquidity concerns for highly leveragedfinancial comp
53、anies like Shinhan; and (3) anynew regulatory restrictions on credit cardcompanies in which Shinhan has the largestmarket share.Hana Financial GroupDownside risks include (1) asset qualitydeterioration on the back of a renewed economicslowdown; (2) delay of pending KEB acquisition;pressure from exce
54、ssive capital raised in February2011; and (3) any potential sector consolidation.Upside risks include: (1) faster-than-expectedclosure of KEB deal; (2) a sudden recovery in themacro economy, which could lead to strong top-linegrowth via robust loan growth; and (3) potentialactive capital management
55、via treasury buybacks.KB Financial GroupKey downside risks include: (1) a significantlyhigher-than-expected increase in write-downs onproblematic sectors (shipbuilding andconstruction) or PF exposure; and (2) a sudden,sharp deterioration in the macro economy, whichDGB Financial GroupThe key downside
56、 risks include (1) a suddendeterioration in asset quality owing to property-related project financing and (2) share pricevolatility due to lower share liquidity (13x lowerthan those of large cap banks). Key upside risksinclude greater-than-expected improvement in theregional economy and in fee incom
57、e.Woori Financial HoldingKey upside risks include (1) successful executionof government privatisation and (2) a suddenmacro recovery, which could lead a greater creditcost recovery and benefit Woori more than itspeers as it has the most NPLs in the sector. Keydownside risks include: (1) a sudden det
58、eriorationof asset quality, (2) any value destruction toexisting shareholders on the process of thegovernments privatisation, and (3) a marked dropin NIM due to fierce competition.Key upside risks are (1) easing regulatory risks; (2) asudden recovery in the macro economy, which couldlead to strong t
59、op-line growth (via robust loangrowth). Key downside risks are (1) overhang risksrelated to government privatisation plans; (2) adeterioration of SME finances on the back of arenewed economic slowdown.abccould lead to a rise in provisioning costs.BS Financial GroupThe key downside risks include (1)
60、an aggressiveM&A strategy, which could impact capitalmanagement; (2) unexpected regional economicslowdown in the Busan area; (3) unstable debtcapital market conditions, which could raisefunding costs; and (4) higher-than-expected write-backs from its NPLs, given lower exposure towork-out loans. Key
61、upside risks include higher-than-expected write-backs from NPLs owing tolow exposure to work-out loans.7FIGKorea Banksabc25 January 2013Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), and/or strategist(s) who is(are) primarily responsible for this report, certifies(y)
62、 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 of their compensation was, is or will be directly or indirectly related to the specificrecommendation(s) or views contained in
63、this research report: Todd Dunivant, Sinyoung Park and Sojung ParkImportant disclosuresStock ratings and basis for financial analysisHSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, whichdepend largely on individual circumstances such
64、 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 opportunitiesbased on particular themes or ideas that may affect the future earnings or cash flows of compani
65、es on a 12-month horizon; and(2) from time to time to identify short-term investment opportunities that are derived from fundamental, quantitative, technicalor event-driven techniques on a 0- to 3-month horizon and which may differ from our long-term investment rating. HSBC hasassigned ratings for i
66、ts 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 HSBCpublishes a short-term trading idea the stocks to which these relate are identified on the website at of these short
67、-term investment opportunities can be found under the Reports section of this website.HSBC believes an investors decision to buy or sell a stock should depend on individual circumstances such as the investorsexisting holdings and other considerations. Different securities firms use a variety of rati
68、ngs 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 research reports contain more complete information concerning the analysts views, investorsshould carefully
69、 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 long-term investment opportunitiesStock ratingsHSBC assigns ratings to its stocks in this sector on the fol
70、lowing basis:For each stock we set a required rate of return calculated from the cost of equity for that stocks domestic or, as appropriate, regionalmarket established by our strategy team. The price target for a stock represents the value the analyst expects the stock to reach overour performance h
71、orizon. The performance horizon is 12 months. For a stock to be classified as Overweight, the potential return,which equals the percentage difference between the current share price and the target price, including the forecast dividend yieldwhen indicated, must exceed the required return by at least
72、 5ppt over the next 12 months (or 10ppt 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 5pptover the next 12 months (or 10ppt for a stock classified as Volatile*). Stocks between these bands
73、are classified as Neutral.Our ratings are re-calibrated against these bands at the time of any material change (initiation of coverage, change ofvolatility status or change in price target). Notwithstanding this, and although ratings are subject to ongoing managementreview, expected returns will be
74、permitted to move outside the bands as a result of normal share price fluctuations withoutnecessarily 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 12months (unless it is in an industry or
75、sector where volatility is low) or if 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 past845%18%1234567891011FIGKorea Banksabc25 January 2013months average of the daily 365-da
76、y moving average volatilities. In order to avoid misleadingly frequent changes in rating,however, volatility has to move 2.5ppt past the 40% benchmark in either direction for a stocks status to change.Rating distribution for long-term investment opportunitiesAs of 24 January 2013, the distribution o
77、f all ratings published is as follows:Overweight (Buy)(28% of these provided with Investment Banking Services)Neutral (Hold)Underweight (Sell)37%(27% of these provided with Investment Banking Services)(22% of these provided with Investment Banking Services)Information regarding company share price p
78、erformance and history of HSBC ratings and price targets in respect of its long-term investment opportunities for the companies the subject of this report,is available from & Analyst disclosuresDisclosure checklistCompanyBS FINANCIAL GROUPDGB FINANCIAL GROUPHANA FGLINDUSTRIAL BANK OF KOREAKB FINANC
79、IAL GROUPSHINHAN FGLWOORI FHCTicker138930.KS139130.KS086790.KS024110.KS105560.KS055550.KS053000.KSRecent price13900.0014000.0039550.0011900.0039500.0040550.0012200.00Price Date23-Jan-201323-Jan-201323-Jan-201323-Jan-201323-Jan-201323-Jan-201323-Jan-2013Disclosure4, 771, 2, 5, 6, 7, 111, 2, 5, 6, 7,
80、112, 111, 2, 5, 6, 7, 111, 2, 5, 6, 7, 11Source: 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 services from this company in the next3 months.At the time of
81、 publication of this report, HSBC Securities (USA) Inc. is a Market Maker in securities issued by thiscompany.As of 31 December 2012 HSBC beneficially owned 1% or more of a class of common equity securities of this company.As of 30 November 2012, this company was a client of HSBC or had during the p
82、receding 12-month period been a clientof and/or paid compensation to HSBC in respect of investment banking services.As of 30 November 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-investment bank
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90、 the subject companies securities in the market for the following Company(ies): BSFINANCIAL GROUPAs of 11 January 2013, HSBC owned a significant interest in the debt securities of the following company(ies):INDUSTRIAL BANK OF KOREA10FIGKorea Banks25 January 2013Disclaimer*Legal entities as at 8 Augu
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117、038/04/2012,MICA (P) 063/04/2012 and MICA (P) 110/01/201311abcGlobal Financial Institution Group Research TeamCarlo DigrandiGlobal Head of Financial Institutions Research+44 20 7991 6843BanksEAsiaJames GarnerAnalyst, Head of Asian InsuranceRobin DownAnalyst, Global Sector Head, Banks+44 20 7991 6926
118、 Monica Patrascu+44 20 7991 6828 Peter Toeman+44 20 7991 6791 Rob Murphy+852 2822 4321Michael Chang+852 2996 6555Grace Zhou+852 2822 3053Sinyoung Park+822 3706 +44 20 7991 6748Iason Kepaptsoglou+44 20 7991 6722Lorraine QReal EstateEuropeJohn Fraser-AndrewsHead of Real Estate Equity Research, Europe+
119、44 20 7991 +44 20 7991 6732john.fraser-Johannes ThormannGlobal Head of Exchanges+49 211 910 3017 johannes.thormannhsbc.deCEEMEAGyorgy OlahHead of Ceemea Banks Research+44 20 7991 6709 Aybek Islamov+44 20 7992 3624 Tamer Sengun+90 212 376 46 15 .trThomas Martin+49 211 910 3276 thomas.martinhsbc.deStp
120、hanie Dossmann+33 1 56 52 43 01 AsiaDerek KwongHead of Real Estate Equity Research, Asia+852 2996 6629 .hkAshutosh Narkar+91 22 2268 1474 ashutoshnarkarhsbc.co.inJan Rost+27 11 676 4209Latin AmericaVictor Galliano+1 212 525 5253Mariel SantiagoFinancials+1 212 525 Michelle Kwok+852 2996 6918Phillip Z
121、hong+852 2996 6535Perveen Wong+852 2996 6571Stanley Cheung+852 2822 .hkFelipe Rodrigues+55 11 3847 9029 .brAsiaTodd DunivantAnalyst, Head of Banks, Asia-PacificPratik Burman Ray+65 6658 0611David Choo+65 6658 .sg+852 2996 .hkAbel LeeYork Pun+8862 6631 .tw+852 2822 .hkRuth LeungEric Mak+852 3941 .hk+
122、852 2996 6585Kathy P.hkCEEMEALevent Bayar+82 2 3706 +90 212 376 46 .trSachin Sheth+91 22 2268 1224Tejas Mehta+91 22 2268 1243Kar Weng Loo+65 6658 0621Xiushi Cai+65 6658 0617Bruce Warden+8862 6631 2868I.twCredit ResearchBanks and InsuranceAsiaDilip ShahaniAnalyst, Head of Global Research, Asia-Pacifi
123、c+852 2822 4520 .hkDevendran MahendranSovereigns and Financial Institutions+852 2822 4521 .hkNorth AmericaVan HesserEuropeKailesh MistryAnalyst, Head of European InsuranceGlobal Head of Credit Research, US Banks+1 212 525 3114 Arjun Bowry+44 20 7991 AssociateDhruv Gahlaut+1 212 525 +44 207 991 6728Steven Haywood+44 207 991 3184Thomas Fossard+33 1 56 52 43 Specialist SalesNigel Grinyer+44 20 7991 5386Martin Williams+44 20 7991 Juergen Werner+49 211 910 4461Jonathan Weetman+44 20 7991 5939Matthew Robertson+44 20 7991
