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1、912.10764.002.6Bloomberg PNB INCompany reportFIGCommercial BanksEquity IndiaabcGlobal ResearchPunjab National Bank (PNB IN)UnderweightTarget price (INR)Share price (INR)Forecast dividend yield (%)Potential return (%) -13.6Note: Potential return equals the percentagedifference between the current sha
2、re price andthe target price, plus the forecast dividend yieldMar 2012 a 2013 e 2014 eUW: 3QFY13 Temporary relief on asset quality 3QFY13 PAT was helped by lower provisions due to stableasset quality; Gross slippages at 4% are likely to be peaking We upgrade EPS by 12-15% for FY13e/14e/15e as absolu
3、teslippage run rate is stabilising, implying incremental creditcosts should stabilise at current levelsHSBC EPSHSBC PE148.91 145.505.6 5.7150.815.5 We still remain UW on the stock with a revised target price ofPerformanceAbsolute (%)Relative (%)1M-1.1-3.83M14.45.412M-12.7-26.4INR764 (INR670)3QFY13 e
4、arnings at INR 13.06 bn (14% YoY) were higher than our estimates mainly1 February 2013Tejas Mehta*AnalystHSBC Securities & Capital Markets(India) Private Limited+9122 22681243tejasmehtahsbc.co.inSachin Sheth*AnalystHSBC Securities & Capital Markets(India) Private Limited+91 22 2268 1224sachinshethhs
5、bc.co.inTodd Dunivant*Head of Banks Research, Asia PacificThe Hongkong and Shanghai BankingCorporation Limited+852 2996 .hkView HSBC Global Research at:http:/*Employed by a non-US affiliate ofHSBC Securities (USA) Inc, and is notregistered/qualified pursuant to FINRAregulationsIssuer of report: HSBC
6、 Securities andCapital Markets(India) Private LimitedDisclaimer &DisclosuresThis report must be readwith the disclosures andthe analyst certifications inthe Disclosure appendix,and with the Disclaimer,which forms part of itdue to lower provisions. QoQ improvement in asset quality was the key takeawa
7、y, whichalso resulted in the stock closing c9.4% above the previous close.Operational review: Loan book growth remained sluggish, growing just 1.2% YTD;YoY growth too was low at 13% with international book the largest contributor at 52%YoY growth. In the domestic business, home and car financing seg
8、ment grew well at 21%and 28% YoY, respectively. Liabilities structure has also improved with CASA ratioimproving marginally and bulk deposits ratio declining to 15.3% (vs 23.3% in 4QFY12).NIM was broadly stable at 3.5%. Stable Gross NPLs QoQ was positive, but mainly due tosubstantially higher recove
9、ries. Gross slippages stood at 4% and seem to be peaking.Restructured book added INR25bn during 3Q with the net outstanding book now standingat INR303bn, c10% of loans.Earnings outlook: We upgrade EPS by 12-15% for FY13e/14e/15e to factor in stablecredit costs against rising credit costs built earli
10、er as we see absolute slippage run ratestabilising, implying incremental gross slippage ratio to be in 3-3.5% range, which is stillhigh enough to keep us cautious on the stocks fundamentals.Valuations: PNB is trading at 12-month forward multiples of 6.1x PE and 0.9x PB vs its5-yr average of 6.2x PE
11、and 1.2x PB and versus peer valuation of 7.1x PE and 0.9x PB.We maintain our target multiples at 5x PE and 0.8x PB (Jan 2015 base). Like in theprevious quarter, we continue to adjust the book value for the unprovided NPLs (30% ofbook value) and give a further 15% discount to PB multiple to factor in
12、 potential stressthat is likely to come from the power sector and restructured loans. This, coupled withrolling forward our earnings, results in our revising our 12-month target price to INR764(INR670), implying a potential negative return of 13.6%. Retain UW. Key upside risks:1) turnaround in macro
13、 environment and 2) potential resolution of power sector issues.Index BOMBAY SE SENSITIVE INDEX Free float (%) 37Index level 20,005 Market cap (USDm) 5,314RIC PNBK.BO Market cap (INRm) 282,756Source: HSBCSource: HSBC-Punjab National Bank (PNB IN)Commercial Banks1 February 2013Financials & valuationa
14、bcYear to3/2012a3/2013e3/2014e3/2015eYear to3/2012a3/2013e3/2014e3/2015eP&L summary (INR m)Growth (YoY %)Net Interest IncomeNon-interest IncomeNet fees/commissionTrading profitsOtherTotal Operating incomeOperating expenseStaff costsOther oper expensesPPOPProvisionsBad debtOtherOther non-oper profit(
15、loss)HSBC PBTExceptionalsProfit-before taxTaxationPATMinorities + pref dividendAttributable profitHSBC attributable profitBalance sheet summary (INRm)Total assetsCustomer loans (net)I Investment assetsOther assetsTotal LiabilitiesCustomer depositsBorrowings134,14442,02629,5273,4699,030176,17070,0284
16、7,23522,793106,14335,77324,03111,74270,370-70,37021,52848,842-48,84248,8424,581,9402,937,7481,226,295417,8984,318,2653,795,885372,643148,99542,76129,8553,4699,437191,75781,72655,27626,451110,03039,52933,3866,14370,501-70,50121,15049,351-49,35149,3515,187,2353,325,5611,371,704489,9704,883,2744,326,23
17、0398,717168,73547,02333,3293,64210,052215,75895,43964,92530,514120,31947,24740,3086,93973,072-73,07221,92251,151-51,15151,1516,008,1203,871,5521,565,754570,8155,662,2705,058,179433,134194,28552,53238,0013,82410,707246,818111,51176,15035,361135,30654,24245,0449,19881,065-81,06524,31956,745-56,74556,7
18、457,018,9444,555,4711,830,651632,8226,626,2025,969,166474,894Net interest incomeNon-interest incomeOperating expensePPOPProvisionsPBTPATCustomer loans (net)Total AssetsRWACustomer depositsRatios (%)NIMGross yieldCost of fundsSpreadNPL/gross loansCredit costCoverageNPL/RWAProvision/RWANet write-off/R
19、WANPL/NTENet loans/total assetsRWA/total assetsLoans/depositsAvg IEA/avg total assetsAvg IBL/avg total liab13.616.310.017.243.67.210.221.321.117.421.33.329.016.052.972.90.9048.03.01.4-33.164.163.777.496.691.011.11.716.73.710.50.21.013.213.216.614.03.169.036.212.824.71.0745.04.72.1-52.764.165.676.996
20、.491.013.210.016.89.419.53.63.616.415.819.716.93.148.946.092.855.71.1246.05.52.565.264.467.876.595.991.315.111.716.812.514.810.910.917.716.819.718.03.128.845.962.886.21.0746.56.02.874.164.969.476.395.591.6Other liabilitiesTotal capitalOrdinary equityMinorities + other capitalIIEA (avg)IIBL (avg)Capi
21、tal adequacy (%)RWA (INRm)Core tier 1Total tier 1Total capital149,737 158,327 170,957 182,141263,675 303,961 345,850 392,742263,675 303,961 345,850 392,742- - - -4,042,261 4,708,848 5,368,630 6,223,6153,806,706 4,446,737 5,108,130 5,967,6872,918,100 3,401,325 4,070,623 4,872,1248.6% 8.9% 8.5% 8.1%9.
22、3% 9.5% 9.0% 8.5%12.6% 12.2% 11.2% 10.4%Cost/incomeNon-int income/total incomeROAA (including goodwill)ROAE (including goodwill)Return on avg tier 1Leverage (x)Valuation dataPE (diluted EPS)P/PPOPP/BVPSP/NTEDividend yield (x)39.723.91.1721.120.318.06.12.91.21.22.442.622.31.0117.416.617.26.32.81.01.0
23、2.544.221.80.9115.714.817.26.02.60.90.92.645.221.30.8715.414.617.65.52.30.80.82.7Per share data (INR)EPS reported (fully diluted)148.9145.5150.8167.3P/DepositP/Asset0.10.10.10.10.10.10.10.0HSBC EPS (fully diluted)148.9145.5150.8167.3DPSNAV22.0777.423.0896.223.51,019.725.01,157.9Price relativeNAV (in
24、cluding goodwill)777.4896.21,019.71,157.913791379ROAA deconstruction1279117912791179Net interest incomeTotal interest incomeTotal interest expenseNet fees & commission3.218.715.500.713.058.705.650.613.018.575.560.602.988.455.460.5810799798797791079979879779Other incomeOperating incomeOperating expen
25、sesStaff costsOther oper expPPOPProvisions0.304.211.671.130.542.540.860.263.931.671.130.542.250.810.243.851.701.160.552.150.840.223.791.711.170.542.080.836795792011Punjab National BankSource: HSBC2012 2013Rel to BOMBAY SE SENSITIVE INDEX6795792014Non-op itemsNote: price at close of 31 Jan 2013PBTTax
26、ationPAT1.680.511.171.440.431.011.310.390.911.240.370.873Q132Q081Q094Q093Q102Q111Q124Q123Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q133Q071Q092Q113Q132Q084Q09 3Q101Q12 4Q123Q072Q081Q094Q093Q102Q111Q124Q123Q131Q063Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q13Punjab Nationa
27、l Bank (PNB IN)Commercial Banks1 February 2013PNB : Riskier segments driving loan growthPNB: Loan Growth (y/y)abcGrowth drivers -Industry wise (yoy)Metal (ex &Iron andSteel)Iron & SteelPowerRoads &PortsOverseas Advances4Q12119%37%43%29%69%1Q1327%19%40%25%81%2Q1332%19%69%47%62%3Q1333%19%29%39%52%160%
28、140%120%100%80%60%40%20%0%-20%-40%Housing17%19%21%21%R etail Adv anc esFarm creditTotal adv ancesSME Adv anc esC orporate Adv ancesSource: Company data, HSBCPNB: Margin AnalysisSource: Company data, HSBCPNB: Margin dynamics : Yields witnessing pressure withchanging loan mix55%50%45%40%35%30%25%4.5%4
29、.0%3.5%3.0%2.5%12%10%8%6%4%Low c ost deposit m ixN IM (RHS)Yields on adv anc esC ost of depos itsSource: Company data, HSBCPNB: Non Interest Income witnessing pressure with slowingcorporate creditSource: Company data, HSBCPNB : Cost to Asset ratio30%25%20%15%10%5%0%80%60%40%20%0%-20%2.80%2.60%2.40%2
30、.20%2.00%1.80%1.60%1.40%Core N on-Interest Incom e/C ore R ev enuesCore N on-Interest Incom e Grow th (R HS)Optg Cost /av g Assets Asset(li d)Source: Company data, HSBCSource: Company data, HSBC1Q101Q113Q111Q123Q123Q133Q101Q133Q104Q101Q11 2Q113Q114Q11 1Q122Q123Q124Q12 1Q132Q133Q131Q101Q113Q123Q13Jan
31、-12Jan-131Q121Q133Q103Q11Jan-10Jan-114Q12 1Q13 2Q13 3Q133Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q122Q10Jan-05Jan-06Jan-07Jan-02Jan-03Jan-08Jan-09Jan-04Punjab National Bank (PNB IN)Commercial Banks1 February 2013PNB : Credit CostPNB GNPL ratio and PCRabc2.00%1.50%1.00%0.50%0.00%7.00%6.00%5.00%4.00%3
32、.00%2.00%1.00%0.00%90%80%70%60%50%5.5%4.5%3.5%2.5%1.5%Gross NPL ratio % (R HS)LLP/Loans (%)Source: Bloomberg, Company data, HSBCPNB : Slippages and RecoverySlippages (%) RHSPCRSource: Company data, HSBCPNB: Restructured Loans and slippages from restructuredbook6.5%5.5%4.5%3.5%2.5%1.5%0.5%Slippages R
33、atio (annualiz ed)U pgradation + Recov erySource: Company data, HSBCPNB: Major sectors witnessing uptrend in restructuring12%10%8%6%4%2%0%Res tructured Loans/T otal LoansSlippages in restructured book (R HS)Source: Company data, HSBCPNB: PB 12m forward2.0x16%14%12%10%8%6%4%Restructured loans o/s(INR
34、m)AgricultureAviationPowerCementOthersTotal restructured o/s3Q121,5008,67025,5805,47017,320168,8702Q132,40029,98085,0005,76046,390278,5203Q132,35024,68096,8506,81035,310303,2901.5x1.0x0.5x0.0xSource: Company Data , HSBCRolling PBAv erage 5 y ear4Source: Company DataSource: HSBC Estimates, Company Da
35、taPunjab National Bank (PNB IN)Commercial Banks1 February 2013PNB: 3Q FY13 results summaryabc(INRbn)Q3FY13y-o-y %q-o-q %Income StatementInterest incomeInterest on AdvancesIncome on InvestmentsInterest on Balances with RBI & other inter bank fundsOther interestInterest expenseNet interest incomeOther
36、 income - ex treasuryTreasury gainTotal other incomeOperating incomeCore operating incomeOperating expenseEmployee expensesOperating profitCore operating profitLoan loss provisionsOther provisionsTotal provisionsPre tax profitTaxNet profitBalance sheetAdvancesDepositsCASA mixGross NPLsNet NPLsTotal
37、AssetsAverage Total AssetsRatios (%)LDRIncremental LDRMargins (reported)NII / Avg DepositsCost-income ratioCore cost income ratioLLP/Avg loansGross NPL ratioNet NPL ratioCoverage ratioCoverage ratio (RBI guidelines)Tier 1 ratioTotal CAREffective tax rateTax/Operating ProfitROA105.4878.9125.181.130.2
38、768.1537.338.980.739.7147.0446.3120.2214.0726.8226.094.663.368.0218.805.7513.06Q3FY132,9733,85836.9%139.9875.864,7004,710Q3FY1377.1118.63.473.8043.043.70.634.612.5645.856.08.611.730.621.41.0911%8%24%40%-35%15%6%4%-16%2%5%5%11%11%0%1%-20%-9%-15%9%-1%14%y-o-y %13%8%159 bps117%161%11%14%y-o-y %pnts3.45
39、7.5(41) bps(0.3)2.62.5(0.3)2.21.5(9.2)(14.0)0.80.2(3.0)(0.3)(0.0)1%-1%9%105%-60%1%2%6%24%7%3%3%0%-1%6%5%-59%607%-25%29%46%23%q-o-q %1%-4%113 bps0%-4%0%1%q-o-q %pnts3.541.0(3) bps0.1(1.4)(1.3)(0.9)(0.0)(0.1)2.01.7(0.1)(0.1)3.65.90.2Source: Company data, HSBC5-Punjab National Bank (PNB IN)Commercial B
40、anks1 February 2013PNB: Earnings outlookabc(INRm)FY13ey-o-y %FY14ey-o-y %FY15ey-o-y %Income StatementInterest IncomeInterest ExpensesNet Interest Income (NII)P/(L) on sale of InvestmentsP/(L) on Exchange TransactionsFee & Other IncomeNon-interest income ex-treasuryTotal Non-Interest IncomeTotal Inco
41、meOperating ExpensesPre-provisioning ProfitsProvisions for NPAsTotal ProvisionsPBTTaxPAT425,151276,156148,9953,4696,89832,39539,29342,761191,75781,726110,03033,38639,52970,50121,15049,35116.7%20.0%11.1%0.0%19.4%-1.2%1.9%1.7%8.8%16.7%3.7%38.9%10.5%0.2%-1.8%1.0%479,924311,189168,7353,6428,14035,24143,
42、38147,023215,75895,439120,31940,30847,24773,07221,92251,15112.9%12.7%13.2%5.0%18.0%8.8%10.4%10.0%12.5%16.8%9.4%20.7%19.5%3.6%3.6%3.6%550,161355,876194,2853,8249,34139,36748,70852,532246,818111,511135,30645,04454,24281,06524,31956,74514.6%14.4%15.1%5.0%14.8%11.7%12.3%11.7%14.4%16.8%12.5%11.7%14.8%10.
43、9%10.9%10.9%Balance Sheety-o-y %y-o-y %y-o-y %DepositsNet AdvancesTotal AssetsBPSEPS4,326,2303,325,5615,187,235896.17145.5014.0%13.2%13.2%15.3%-2.3%5,058,1793,871,5526,008,1201,019.67150.8116.9%16.4%15.8%13.8%3.6%5,969,1664,555,4717,018,9441,157.92167.3018.0%17.7%16.8%13.6%10.9%Ratiosy-o-y %pntsy-o-
44、y %pntsy-o-y %pntsNet Interest MarginROAROETax rateCost IncomeCore Cost Income3.2%1.0%17.4%30.0%42.6%43.4%(0.15)(0.16)(3.66)(0.59)2.872.863.1%0.9%15.7%30.0%44.2%45.0%(0.02)(0.10)(1.64)1.611.593.1%0.9%15.4%30.0%45.2%45.9%(0.02)(0.04)(0.38)0.950.90Source: Company data, HSBC estimatesPNB: Estimates Cha
45、nges(INRm)FY13e%ChangeFY14e%ChangeFY15e%ChangeIncome StatementTotal Interest IncomeInterest ExpensesNet Interest Income (NII)Non-interest income ex-treasuryTotal Non-Interest IncomeTotal IncomeOperating ExpensesPre-provisioning ProfitsTotal ProvisionsPBTTaxPAT425,151276,156148,99539,29342,761191,757
46、81,726110,03039,52970,50121,15049,351-1.2%-1.6%-0.4%-2.4%-1.2%-0.6%-0.9%-0.3%-19.7%15.3%15.3%15.3%479,924311,189168,73543,38147,023215,75895,439120,31947,24773,07221,92251,151-2.2%-2.8%-1.1%-1.3%-0.2%-0.9%0.3%-1.9%-20.0%15.0%15.0%15.0%550,161355,876194,28548,70852,532246,818111,511135,30654,24281,06
47、524,31956,745-2.3%-3.6%0.1%1.5%2.4%0.5%1.9%-0.6%-15.0%12.1%12.1%12.1%Balance SheetDepositsNet AdvancesTotal AssetsBPSEPS4,326,2303,325,5615,187,235896.17145.50-3.9%-1.5%-3.1%2.1%15.3%5,058,1793,871,5526,008,1201,019.67150.81-4.3%-1.4%-3.6%3.7%15.0%5,969,1664,555,4717,018,9441,157.92167.30-4.5%-1.5%-
48、4.1%4.7%12.1%RatiosNet Interest MarginROAROE3.16%1.0%17.4%0.040.152.143.14%0.9%15.7%0.070.151.653.1%0.9%15.4%0.120.121.09Tax rate30.0%30.0%30.0%Cost IncomeCore Cost Income42.6%43.4%(0.14)(0.03)44.2%45.0%0.540.6645.2%45.9%0.610.70Source: Company data, HSBC68%Punjab National Bank (PNB IN)Commercial Ba
49、nks1 February 2013Valuation and risksUnderweight, Target price INR 764We value PNB using a weighted average combination of PE, PB, and economic profit model (EPM)methodologies. We assign a 20%, 50% and 30% weight each to the PE, PB, and EPMcomponents, respectively.The three-stage EPM uses explicit f
50、orecasts until FY15e, followed by 10 years of semi-explicit forecasts.The final stage of 12 years (fade period) assumes convergence of ROE and COE. EPM is based on theassumptions in the following table:PNB : EPM assumptionsSemi-explicit forecasts for 10 yrsLoan CAGRabcDividend payoutFade period of 1
51、2 yrsRisk free rateBetaEquity risk premiumCost of EquityEPM value18%8%1.06%14%1,042Source: HSBC estimatesWe are increasing our 12-month target price to INR764 from INR670; see also the tables below. Underour research model, for stocks without a volatility indicator, the Neutral band is 5 ppts above
52、and belowthe hurdle rate for Indian stocks of 11%, or 6-16% around the current share prices.We maintain our target multiples at 5x PE and 0.8x PB (Jan 2015 base). Like in the previous quarter , wecontinue to adjust the book value for the unprovided NPLs (30% of book value) and give a further 15%disc
53、ount to PB multiple to factor in potential stress that is likely to come from the power sector andrestructured loans. This, coupled with rolling forward our earnings, results in our revising our 12-monthtarget price to INR764 (INR670), implying a potential negative return of 13.6%. We retain ourUnde
54、rweight rating.PNB: Valuations summary (INR)PEPE-based TPP/BABV based TPDCF value Weighted TargetmultiplemultiplePriceNewOld5x5x8377080.8x0.8x5694771042966764670Source: HSBCKey upside risk: 1) turnaround in macro environment and 2) potential resolution of the power sector. issues7Punjab National Ban
55、k (PNB IN)Commercial Banksabc1 February 2013Disclosure appendixAnalyst CertificationThe 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 fore
56、casts 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 this research report: Tejas Mehta, Sachin Sheth and Todd DunivantImportant disclosuresEquiti
57、es: Stock 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 as the investors existing holdings, risk tolerance and other considerations.Given
58、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 companies on a 12 month time horizon;and 2) from time to time to identify short-term invest
59、ment 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
60、only the long-term investment opportunities of the companies referred to in the report. As and whenHSBC publishes a short-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 t
61、hiswebsite.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 ratings terms as well as different ratingsystems to describe their recommendati
62、ons. 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 read the entire research report and should not infer its contents from the
63、 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 following basis:For each stock we set a required rate of return calculated fro
64、m the cost of equity for that stocks domestic or, as appropriate,regional market established by our strategy team. The 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
65、as Overweight, thepotential return, which equals the percentage difference between the current share price and the target 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
66、stock classified as Volatile*). For a stock to be classified as Underweight, the stock must beexpected to underperform 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 a
67、s Neutral.Our ratings are re-calibrated against these bands at the time of any material change (initiation of coverage, 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 mov
68、e outside the bands as a result of normal share price fluctuations without necessarilytriggering a rating change.8Jan-08Jan-09Jan-10Jan-11Jan-12Jan-1345%18%Punjab National Bank (PNB IN)Commercial Banksabc1 February 2013*A stock will be classified as volatile if its historical volatility has exceeded
69、 40%, if the stock has been listed for less than 12months (unless it is in an industry or 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
70、pastmonths 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 stocks status to change.Rating distribution for long-term investment o
71、pportunitiesAs of 31 January 2013, the distribution of all ratings published is as follows:Overweight (Buy)(28% of these provided with Investment Banking Services)Neutral (Hold)Underweight (Sell)37%(28% of these provided with Investment Banking Services)(23% of these provided with Investment Banking
72、 Services)Share price and rating changes for long-term investment opportunitiesPunjab National Bank (PNBK.BO) Share Price performance INR Vs HSBCRecommendation & price target historyrating history12921092892692492292Source: HSBCFromNeutral (V)Overweight (V)NeutralOverweightNeutralTarget PricePrice 1
73、Price 2Price 3Price 4Price 5Price 6Price 7Price 8Price 9Price 10Source: HSBCToOverweight (V)NeutralOverweightNeutralUnderweightValue1163.001226.001375.001294.001244.001039.00847.00782.00733.00670.00Date19 February 201029 October 201024 January 201131 January 201219 September 2012Date19 February 2010
74、10 June 201029 October 201024 January 201101 November 201131 January 201209 May 201229 July 201219 September 201226 October 201291234567891011123Punjab National Bank (PNB IN)Commercial Banks1 February 2013HSBC & Analyst disclosuresDisclosure checklistabcCompanyPUNJAB NATIONAL BANKTickerPNBK.BORecent
75、 price833.65Price Date30-Jan-2013Disclosure6, 7Source: 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 t
76、ime of 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 31 December 2012, this company was a client of HSBC or had during
77、 the preceding 12 month period been a clientof and/or paid compensation to HSBC in respect of investment banking services.As of 31 December 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-investmen
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113、MICA (P) 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
114、 7991 6926 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 Researc
115、h, Europe+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.martin
116、hsbc.deStphanie 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 691
117、8Perveen Wong+852 2996 6571Stanley Cheung+852 2822 4395Pratik Burman Ray+65 6658 .sgFelipe Rodrigues+55 11 3847 9029 .brAsiaTodd DunivantAnalyst, Head of Banks, Asia-PacificDavid Choo+65 6658 0612Abel Lee+8862 6631 .tw+852 2996 .hkRuth LeungYork Pun+852 3941 .hk+852 2822 .hkCEEMEAEric Mak+852 2996 6
118、585Kathy P.hkLevent Bayar+90 212 376 46 17Credit R.tr+82 2 3706 8755Sachin Sheth+91 22 2268 1224Tejas Mehta+91 22 2268 1243Kar Weng Loo+65 6658 .sgBanks and InsuranceAsiaDilip ShahaniAnalyst, Head of Global Research, Asia-Pacific+852 2822 4520 .hkDevendran MahendranSovereigns and Financial Instituti
119、onsXiushi Cai+852 2822 .hk+65 6658 0617Bruce Warden+8862 6631 .twNorth AmericaVan HesserGlobal Head of Credit Research, US BanksInsuranceEuropeKailesh MistryAnalyst, Head of European Insurance+1 212 525 3114Arjun BowryAssociate+1 212 525 +44 20 7991 6756Dhruv Gahlaut+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 5381Juergen Werner+49 211 910 juergen.wernerhsbc.deJonathan Weetman+44 20 7991 5939Matthew Robertson+44 20 7991
