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1、703.30765.001.7Company reportTelecoms, Media & TechnologyIT ServicesEquity IndiaabcGlobal ResearchHCL Technologies (HCLT IN)NeutralTargetprice (INR)Share price (INR)Forecast dividend yield (%)Potential return (%)10.5N: 2Q13 Strong positive surprise on margins 2Q margin expansion was noteworthy and m
2、ay influencesignificant consensus upgrades. But we see partial marginreversal in the coming quarters.Note: Potential return equals the percentagedifference between the current share price andthe target price, plus the forecast dividend yield Further, growth remains polarised towards IMS and continue
3、dto trend downwards and may restrict further re-ratingJun2012 a 2013 e2014 eHSBC EPSHSBC PEPerformanceAbsolute (%)Relative (%)36.0519.51M11.17.152.3313.43M21.112.954.6612.912M65.336.4 Remain Neutral, but raise our target to INR765 (from INR610)HCLT surprised positively with 40bps expansion in margin
4、s (versus a 140 bps declineNote: (V) = volatile (please see disclosure appendix)17 January 2013Yogesh Aggarwal*AnalystHSBC Securities and Capital Markets(India) Private Limited+9122 2268 1246yogeshaggarwalhsbc.co.inView HSBC Global Research at:http:/*Employed by a non-US affiliate ofHSBC Securities
5、(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 Disclosure appendix,and with the Disclaimer,which f
6、orms part of itexpected). The key highlight of the result was an upgrade of margin guidance by the companyto 18-19% (EBIT) from the earlier 16%.We raise our margin estimates as well, but only partially and expect 200bps margincompression in FY14 (from the 2Q13 level): Headcount increase in the core
7、softwarebusiness has consistently lagged the volume growth in the past four quarters (refer chart 2) andgoing forward headcount increase should precede volume growth in our view, therebyimpacting margins. Furthermore, increasing competitive intensity in the IMS space and scale-up of large deals may
8、exert margin pressure in the coming quarters. We therefore build in a200bps margin decline in FY14, although still better than our previous estimates, leading to17% earnings upgrade.Growth remains polarised towards IMS: In our report, India IT Services The next bigthing, 3 December 2012, we highligh
9、ted the significant opportunity in the IMS market andHCLT in the forefront of that. However, the weakness in the Core IT services business (c70%to the total business) still persists with growth slowing down to 5% y-o-y now (refer chart 1).While the extraordinary strength in the IMS market has oversh
10、adowed the weakness in rest ofthe business, increased competition from peers in the IMS space may strengthen headwinds forHCLT. Our growth estimates for the core software business remains lower than rest of theindustry (refer chart 3).Investment thesis: Overall, we believe the long-term fundamentals
11、 of the company arerobust, but the stock may undergo volatility in the near term as IT spending recoveryremains patchy or margin compression starts in earnest. We therefore look for corrections tobe more constructive on the stock. Valuation: We revise our FY14e EPS by +17% to factorin the better mar
12、gin outlook and roll over our valuation target to FY14e EPS (from Mar-2014e) to arrive at a target price of INR765 (from INR610) and remain Neutral. We are 7%above consensus.Index BOMBAY SE IDX Enterprise value (INRm) 445841Index level 19,964 Free float (%) 23RIC HCLT.BO Market cap (USDm) 8,935Bloom
13、berg HCLT IN Market cap (INRm) 488,668Source: HSBC Source: HSBCHCL Technologies (HCLT IN)IT Services17 January 2013Financials & valuationFinancial statementsValuation dataabcYear to06/2012a06/2013e06/2014e06/2015eYear to06/2012a06/2013e06/2014e06/2015eProfit & loss summary (INRm)EV/sales2.21.71.51.3
14、RevenueEBITDADepreciation & amortisationOperating profit/EBITNet interestPBT210,31240,040-5,65334,38771933,262256,42155,766-7,04048,72673148,473284,20457,066-7,80949,2572,05250,706314,56962,384-8,69553,6893,70656,792EV/EBITDAEV/ICPE*P/Book valueFCF yield (%)Dividend yield (%)11.66.419.55.14.01.78.04
15、.913.43.75.51.77.44.312.93.07.21.76.33.711.92.57.61.7HSBC PBTTaxationNet profitHSBC net profit33,262-8,15125,06125,06148,473-11,51236,96136,96150,706-11,15539,55139,55156,792-13,96142,83142,831Note: * = Based on HSBC EPS (fully diluted)Price relativeCash flow summary (INRm)717667717667Cash flow from
16、 operationsCapexCash flow from investmentDividendsChange in net debtFCF equity23,900-9,058-11,631-7,979-4,50418,59237,356-12,821-12,821-8,456-16,52825,51947,165-14,210-14,210-8,490-24,52133,55850,662-15,728-15,728-8,524-26,40935,341617567517467417367617567517467417367Balance sheet summary (INRm)Inta
17、ngible fixed assets 44,984Tangible fixed assets 22,558Current assets85,678Cash & others23,171Total assets172,339Operating liabilities57,127Gross debt17,502Net debt-5,669Shareholders funds97,709Invested capital72,92248,54130,122112,22941,082211,52258,69618,886-22,196133,94091,11448,66236,599142,92465
18、,651248,86764,59818,933-46,717165,33697,93748,66243,632175,98992,060288,96570,38918,933-73,126199,643105,8353172011HCL TechnologiesSource: HSBCNote: price at close of 17 Jan 20132012 2013Rel to BOMBAY SE SENSITIVE INDEX3172014Ratio, growth and per share analysisYear to06/2012a06/2013e06/2014e06/2015
19、eY-o-y % changeRevenueEBITDAOperating profitPBTHSBC EPS32.447.054.052.757.321.939.341.745.745.210.82.31.14.64.410.79.39.012.08.0Ratios (%)Revenue/IC (x)ROICROEROAEBITDA marginOperating profit margin2.936.327.515.719.016.43.145.331.919.321.719.03.040.626.417.220.117.33.139.723.515.919.817.1EBITDA/net
20、 interest (x)Net debt/equityNet debt/EBITDA (x)-5.8-0.1-16.6-0.4-28.3-0.8-36.6-1.2CF from operations/net debtPer share data (INR)EPS reported (fully diluted)HSBC EPS (fully diluted)DPSBook value36.0536.0512.00139.0152.3352.3312.00190.0854.6654.6612.00233.7059.0559.0512.00281.062HCL Technologies (HCL
21、T IN)IT Services17 January 20133Q13 results excerptsHCL Tech reported revenues of USD1,154m up3.6% q-o-q (3.1% in constant currency), beatingour estimate of USD 1,144m. Overall volumes forthe company grew 3% better than its peers TCS(1.3% q/q) and Infosys (1.5% q/q excludingLodestone). The volume gr
22、owth has been largelyled by growth in the IMS division. Excluding IMSand BPO, volume growth in IT services was only0.4% q-o-q, while blended realization for thedivision was up 0.5% largely on account of crosscurrency benefit.The IT services (excluding BPO and IMS): Thecore software division has been
23、 underperformingthe company average growth over the last fourquarters. The EBITDA margin has althoughconsistently improved over the last six quartersdespite low volume growth. The company has beenfocusing on improving operational efficiency, asoffshore utilisation (excluding trainees) improvedfrom 6
24、9.6% in 2Q12 to 75.6% in 2Q13 and offshoremix went up from 42% in 2Q12 to 45% in 2Q13.The management remains very optimistic on theRTB spending environment, but remains cautiouson discretionary spending.Revenue profile trends for HCLTInfrastructure division continued its stronggrowth momentum up 10.
25、9%q-o-q on back of astrong growth in 1Q13 and 4Q12 (with sequentialgrowth rates of +10.4% and 6.6% respectively).IMS divisions grew by 22% in 2012 (CY12)contributing to 26% of total revenues and 42% ofincremental growth in the year.We recently highlighted in our note The next bigthing on 3 December
26、2012 that Infrastructureservice (IMS/RMS) is the most under-penetratedtraditional IT service and consequently the fastestgrowing in the recent times. In our view, IMSgrowth outlook continues to be strong and weexpect HCLT to be a key beneficiary althoughincreased competition from Infosys and Wipro i
27、nthe IMS space is a key downside risk.Positively, EBITDA margin for the division hasbeen consistently above 21% in the last threequarters. As new delivery models such asmanaged services/ private hosting gain moreprominence, margins may shrink temporarilyowing to initial investments.abc1QFY122QFY123Q
28、FY124QFY121QFY132QFY13CommentsOnsite volume growth (Core4.9%5.7%-3.7%5.7%-1.2%0.4%software)Offshore volume growth3.7%4.6%5.4%0.5%3.8%0.4%(Core software)Total volume growth (Core4.0%4.9%2.9%1.8%2.5%0.4%Overall volume growth of 3% y-o-ysoftware)Pricing (Core software)INR topline growthUSD topline grow
29、thMargin LeversEBITDA MarginEBIT MarginNet MarginsUtilisation (including trainees)Utilisation (excl. trainees)Attrition - LTM (%)Offshore percentage of0.5%8.0%4.1%1QFY1217.1%14.3%10.3%69.7%76.5%15.9%42.3%-1.0%12.8%2.0%2QFY1218.5%15.8%10.5%69.6%76.1%15.7%42.1%-1.4%-0.6%2.5%3QFY1218.4%15.7%11.2%72.2%7
30、9.0%17.0%43.8%0.4%13.5%3.0%4QFY1222.0%19.4%14.2%72.4%75.1%14.0%42.8%-1.9%2.9%3.2%1QFY1322.2%19.4%14.2%74.2%77.4%13.6%44.3%0.5%3.0%3.6%2QFY1322.6%19.8%15.0%75.6%77.6%13.6%44.9%Cross currency benefit of 50bpsIMS grew 10.9% and Core software grew 1%CommentsFixed price projects increasing consistentlyre
31、venuesFixed price contractsPeriod end headcountIncrease in headcount44.0%80,5203,47446.1%83,0762,55649.0%82,464(612)50.8%84,3191,85551.2%85,3351,01651.4%85,194(141)Source: Company Data , HSBC3HCL Technologies (HCLT IN)IT Services17 January 2013Revenue mix trendsabcProportion2QFY123QFY124QFY121QFY132
32、QFY13CommentsGeographyUS56.9%7.4%-1.1%2.8%3.9%3.4%EuropeAPACTotal28.5%14.6%100%2.7%-16.6%2.0%5.6%11.8%2.5%4.5%1.7%3.0%2.8%0.5%3.2%5.8%0.2%3.6%Continental Europe led the growth for HCLTVertical BreakdownBFSI25.8%2.8%-2.7%2.2%4.5%10.9% Deal wins in the first half of 2012 ramped up in thequarterManufac
33、turingTelecomRetailMPELS (Healthcare)OthersTotal27.2%7.1%9.0%7.0%11.9%11.8%100%3.7%-4.0%5.6%-4.0%15.4%-7.1%2.0%0.8%10.2%0.2%7.4%8.5%7.9%2.5%0.9%-4.2%3.0%3.0%22.3%0.1%3.0%0.3%-3.3%10.4%7.8%14.7%-4.4%3.2%2.1%-1.9%1.4%3.6%2.8%-3.0%3.6%Horizontal breakdownEnterprise Application19.0%4.5%4.6%3.5%-1.3%-1.1
34、%Discretionary spending remains conservativeServicesEngineering and R&D17.6%3.6%0.4%3.6%0.4%0.8%ServicesCustom Application (Industry30.6%3.2%0.4%0.5%2.2%2.3%Solutions)Infrastructure Services28.4%-3.0%5.2%6.5%10.7%10.6% HCLT continues to have a strong deal pipeline inIMS owing to deal renewalsBPO Ser
35、vicesTotal4.4%100%-0.3%2.0%7.1%2.5%-3.6%3.0%5.5%3.2%1.3%3.6%Source: Company Data , HSBCBPO services performance improving asEBITDA margins improved to 11.6% in the quartercompared to 8.7% in 1Q and -2.2% in 2Q12.Overall margin improvement surprisedpositively: EBITDA margin expanded by 40bpdespite wa
36、ge increase in the quarter that had animpact of 90bps on the margins. Marginimprovement was largely on account ofoperational efficiency and lower SG&A costs.There seems to be a serious focus in the firm oncost rationalization.4Growth outlook: Management guided for astrong deal pipeline. The company
37、won 12 largemulti million- multi year deals in the quarter,while the total contract value of deals won amountto USD 1billion.3Q114Q111Q122Q123Q124Q121Q134Q111Q122Q123Q124Q121Q131Q122Q123Q124Q121Q132Q133Q134Q13e1Q14e2Q14e2Q133Q14e2Q13HCL Technologies (HCLT IN)IT Services17 January 2013Chart 1: Growth
38、 in the IMS division has been outperforming the overall company growthabc50%40.8%42.9%40%36.8%37.2%30%33.5%35.2%30.5%20%10%28.9%24.7%23.2%21.4%18.3%19.2%17.6%14.6%14.8%13.5%12.1%12.5%20.1%11.2%13.0%0%8.2%5.3%HCLT- Total grow th (y -o-y )Core Softw are - grow th (y -o-y )IMS- grow th (y -o-y )Source:
39、 Company Data, HSBCeChart 2: Headcount growth has been lagging revenue growth rate over the last few quarters in the IT services division35%30%28.9%25%20%15%10%5%22.1%23.2%17.2%19.2%16.4%14.8%14.4%12.5%10.4%8.2%5.3%0%-5%Core Softw are - grow th (y -o-y )3.7%-1.2%Headcount grow th in core softw are (
40、y -o-y )Source: Company Data, HSBCeChart 3: HCLT core software divisions growth expected to underperform the top 4 Indian IT service in the coming few quarters.25%24.7%23.2%We e xpe ct Core s oftwa re to20%21.0%l a g top 4 Indi a n IT growth15%10%16.5%13.6%14.6%12.5%12.1%9.6%11.2%8.3%13.0%9.7%13.8%1
41、2.2%14.0%14.7%12.0%14.5%10.8%12.4%11.9%10.1%5%8.2%5.3%6.4%6.7%6.4%7.2%6.5%0%HCLT- Total grow th (y -o-y )Core Softw are - grow th (y -o-y )Top 4 - USD rev (y -o-y )Source: Company Data, HSBCe. Please note that the quarters denoted in the chart belong to FY ending March 31st inline with other Indian
42、IT companies.5HCL Technologies (HCLT IN)IT Services17 January 2013ValuationOverall, we believe the long-term fundamentals ofthe company are robust, but the stock may gothrough volatility in the near term as IT spendingrecovery remains patchy or margin compressionstarts in earnest. We therefore look
43、for correctionsto be more constructive on the stock. We reviseour FY14e EPS by +17% to factor in the bettermargin outlook. We maintain our target PE of14x, and now apply to FY14e earnings (fromMarch 2014 previously) to arrive at a target priceof INR765 (from INR610) and remain Neutral.We are 7% abov
44、e consensus FY14e EPS.Under our research model, for stocks without avolatility indicator, the Neutral band is fivepercentage points above and below the hurdle ratefor India stocks of 11%. Our target price implies apotential return of 10.5% (including forecastdividend yield), within the Neutral band;
45、 therefore,we rate the stock Neutral. Potential return equals thepercentage difference between the current shareprice and the target price, including the forecastdividend yield when indicated.6Downside risks: 1) Macro uncertainty remains theprimary downside risk to our estimates; 2) INRappreciation
46、vs. USD (every 1% appreciationaffects margins by 30-40bp) remains a concern.Upside catalysts: 1) continued deal wins may leadto better-than-sector average growth and a furtherre-rating of the stock. 2) Better than expectedmargins from in the new deal wins is an upsiderisk as well.abcHCL Technologies
47、 (HCLT IN)IT Servicesabc17 January 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 forecasts
48、 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: Yogesh AggarwalImportant disclosuresStock ratings and basis for financial a
49、nalysisHSBC 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 these differences, HSBC has two principal a
50、ims 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 investment opportunities that are derived from fu
51、ndamental, 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
52、 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 thiswebsite.HSBC believes an investors decis
53、ion 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 recommendations. Investors should carefully read the de
54、finitions 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 rating. In any case, ratings should notbe
55、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 from the cost of equity for that stocks domest
56、ic 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 as Overweight, thepotential return, which e
57、quals 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 stock classified as Volatile*). For a stock
58、 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 as Neutral.Our ratings are re-calibrated aga
59、inst 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 move outside the bands as a result of normal s
60、hare price fluctuations without necessarilytriggering a rating change.7Jan-08Jan-09Jan-10Jan-11Jan-12Jan-1345%18%HCL Technologies (HCLT IN)IT Servicesabc17 January 2013*A stock will be classified as volatile if its historical volatility has exceeded 40%, if the stock has been listed for less than 12
61、months (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 pastmonths average of the daily 365-day moving aver
62、age 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 opportunitiesAs of 17 January 2013, the distribution
63、 of all ratings published is as follows:Overweight (Buy)(29% of these provided with Investment Banking Services)Neutral (Hold)Underweight (Sell)37%(26% of these provided with Investment Banking Services)(22% of these provided with Investment Banking Services)Share price and rating changes for long-t
64、erm investment opportunitiesHCL Technologies (HCLT.BO) Share Price performance INR Vs HSBC ratingRecommendation & price target historyhistory589489389289FromOverweight (V)OverweightTarget PricePrice 1Price 2Price 3Price 4Price 5Price 6Source: HSBCToOverweightNeutralValue495.00545.00585.00490.00570.0
65、0610.00Date20 October 201003 October 2012Date20 October 201002 January 201120 April 201123 August 201118 April 201203 October 201218989Source: HSBC8412345678910111234HCL Technologies (HCLT IN)IT Services17 January 2013HSBC & Analyst disclosuresDisclosure checklistabcCompanyHCL TECHNOLOGIESTickerHCLT
66、.BORecent price673.80Price Date16-Jan-2013DisclosureSource: 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
67、the time 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 30 November 2012, this company was a client of HSBC or had d
68、uring the preceding 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-inve
69、stment banking securities-related 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-securities services.A covering analyst/s has received compensation from this company in
70、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 member of thiscompany, as detailed below.At the tim
71、e 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 includes investmentbanking revenues.For disclosures
72、 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 17 January 2013.All market data included in this report are dated as
73、 at close 16 January 2013, 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 involved in the preparation and dissemination of
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75、er.As of 31 December 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 more of the total capital of the subject companie
76、s securities in the market for the following Company(ies) :HCLTECHNOLOGIES9HCL Technologies (HCLT IN)IT Services17 January 2013Disclaimer* Legal entities as at 8 August 2012UAE HSBC Bank Middle East Limited, Dubai; HK The Hongkong and Shanghai Banking Corporation Limited,Hong Kong; TW HSBC Securitie
77、s (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; INHSBC Securities and Capital Markets (India) Private Limited, Mumbai; JP HSBC Securities (Japan) Limited, Tokyo;EG HSBC Securiti
78、es Egypt SAE, Cairo; CN HSBC Investment Bank Asia Limited, Beijing Representative Office; TheHongkong and Shanghai Banking Corporation Limited, Singapore Branch; The Hongkong and Shanghai BankingCorporation Limited, Seoul Securities Branch; The Hongkong and Shanghai Banking Corporation Limited, Seou
79、lBranch; HSBC Securities (South Africa) (Pty) Ltd, Johannesburg; HSBC Bank plc, London, Madrid, Milan, Stockholm,Tel Aviv; US HSBC Securities (USA) Inc, New York; HSBC Yatirim Menkul Degerler AS, Istanbul; HSBC Mxico, SA,Institucin de Banca Mltiple, Grupo Financiero HSBC; HSBC Bank Brasil SA Banco M
80、ltiplo; 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: Australia Limited; HSBC Bank Argentina SA; HSBC Saudi Arabia Limited; The Hongko
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105、ion ofHSBC Securities and Capital Markets (India) Private Limited. MICA (P) 038/04/2012, MICA (P) 063/04/2012 and MICA (P) 206/01/201210abcGlobal Telecoms, Media & TechnologyResearch TeamGlobalStephen HowardAnalyst, Global Sector Head+44 20 7991 6820 EuropeNicolas Cote-ColissonAnalystAsiaTucker Grin
106、nanAnalyst+852 2822 4686Yogesh AggarwalAnalyst+91 22 2268 .hkyogeshaggarwalhsbc.co.in+44 20 7991 6826nicolas.cote-Neale AndersonAntonin BaudryAnalystAnalyst+852 2996 .hk+33 1 56 52 43 Luis HiladoDan GrahamAnalystAnalyst+65 6658 .sg+44 20 7991 Rajesh RamanDominik Klarmann, CFAAnalystAnalyst+65 6658 .
107、sg+49 211 910 2769dominik.klarmannhsbc.deJenny LaiLuigi MinervaAnalyst+44 20 7991 6928 Olivier MoralAnalyst+33 1 5652 4322 Adam RumleyAnalyst+44 20 7991 6819 Dhiraj Saraf, CFAAnalyst+91 80 3001 3773 dhirajsarafhsbc.co.inAmericasRichard DineenAnalyst+1 212 525 6707 Sean GlickenhausAnalyst+1 212 525 4
108、131 Global Emerging Markets (GEMs)Herv DrouetAnalyst+44 20 7991 6827 Head of Research, Taiwan+8862 6631 2860 .twCarrie LiuAnalyst+8862 6631 2864 .twSteven C PelayoAnalyst+852 2822 4391 .hkRicky SeoAnalyst+822 37068777 Rajiv SharmaAnalyst+91 22 2268 1239 rajivsharmahsbc.co.inBrian SohnAnalyst+822 370
109、6 8765 Jerry TsaiAnalyst+8862 6631 2863 .twChi TsangAnalyst+852 2822 2590 .hkJean KaplanAnalyst+44 20 7991 6831Martin MabbuttAnalyst+44 20 7991 Yolanda WangAnalyst+8862 6631 2867Tse-yong YaoAnalyst+8862 6631 .twtse-.twEmerging Europe, Middle East & Africa (EMEA)Franca Di SilvestroHead of Research, SAJoyce ChenAnalyst+8862 6631 .tw+27 11 676 4223Blent YurdaglAnalyst+90 212 376 46 .trSpecialist SalesTim Maunder-Taylor+44 20 7991 5006tim.maunder-Gareth Hollis+44 20 7991 5124Myles McMahon+852 2822 4676Kubilay Yalcin+49 211 .hkkubilay.yalcinhsbc.de
