Flashnote

abc
Global Research

FIG
Real Estate
Equity – India
HDIL (HDIL IN)
Overweight (V) OW(V): Good numbers; recent price correction overdone
Target price (INR) 419.00  4Q earnings were 45% above our estimates, though in line
Share price (INR) 228.95 with consensus as TDR volumes surprised us on the upside
Potential return (%) 83.0
Performance 1M 3M 12M
 Debt/equity is comfortable at 0.45x; sustained cash flow
Absolute (%) -13.9 -24.3 -19.5
Relative^ (%) -10.6 -26.2 -30.2 improvement should allay market fears over balance sheet
Index^ BOMBAY SE IDX
RIC HDIL.BO  Reiterate OW(V) and TP of INR419. Successful start of
Bloomberg HDIL IN
airport project phase II could act as a share price catalyst
Market cap (USDm) 1,773
Market cap (INRm) 82,157
Enterprise value (INRm) 112827 4Q earnings surprised us on the upside. HDIL’s reported 4Q FY10 earnings of INR1.8bn (187%
Free float (%) 58
Note: (V) = volatile (please see disclosure appendix)
y-o-y) were 45% above our estimates, though in line with consensus. Our weak 4Q earnings growth
expectation was due to a) lower Transfer of Development Rights (TDR) sales volume and b) lower
TDR realizations. However, sales at INR4.3bn (21% y-o-y) and an EBITDA margin at 55% (33%
in 4Q FY09) were higher than our expectations by 12% and 500bps respectively.

At our current TDR price estimate, FY11 earnings have an upside risk. HDIL sold 1.5m sq ft
of TDR during 4Q FY09 at an average price of INR2,700psf. The company during its earnings call
31 May 2010
highlighted sustained volume at the current pricing during April-May as well. However, we have
Ashutosh Narkar* retained our volume estimates for FY11 and FY12 at 6m sq ft and 5m sq ft respectively, though
Analyst
HSBC Securities and Capital Markets
revised FY11 realization to INR2,350psf (+7%) and INR2,300psf (+5%) in FY12. However,
(India) Private Limited sustained high TDR prices could still have an upside risk to our earnings.
+9122 22681474
ashutoshnarkar@hsbc.co.in Market fears on balance sheet overdone. HDIL’s balance sheet strength remains healthy with net
Manisha Bihani* debt equity comfortable at 0.45x. Cash balance of INR7.8bn is sufficient to support the mandatory
Associate land payment of INR6bn for airport phase II. In addition cash flows from existing pre-sold
Bangalore
residential projects suggest funding inventory creation should not be a constraint. Debtor days at 41
in 4Q FY10 (51 in 3Q and 85 in 2Q) also suggest cash flows from TDR sales are healthy. We
View HSBC Global Research at: believe this should overcome investor apprehension on balance sheet strength and shareholding
http://www.research.hsbc.com
issues, which has led to the stock underperforming peers by c20%.
*Employed by a non-US affiliate of
HSBC Securities (USA) Inc, and is not Reiterate OW(V) and TP of INR419. HDIL is trading at a steep discount of 43% to its
registered/qualified pursuant to FINRA
regulations NAV and FY11e price to book of 1.1x. The stock historically traded within a range of a
Issuer of report: HSBC Securities and 50% discount and 10% premium to its NAV. Our target price of INR419 (at 10% discount
Capital Markets
(India) Private Limited
to its NAV of INR398 along with a terminal value of INR58), which implies an 83%
potential return. Successful start of the airport project phase II could act as a catalyst.
Disclaimer &
Disclosures 1. HDIL: key highlights
This report must be read Sales EBITDA margin HSBC EPS HSBC EPS growth P/BV ROE
with the disclosures and FY09 17,504 76.5 24.3 -62.9 1.4 16.6
the analyst certifications in FY10 15,021 84.3 17.2 -29.4 1.2 10.8
the Disclosure appendix, FY11e
FY12e
22,523
31,812
66.1
62.7
24.2
35.5
41.0
46.6
1.1
0.9
12.1
15.5
and with the Disclaimer, Source: Company data, HSBC estimates
which forms part of it
 HDIL (HDIL IN)
Real Estate abc
31 May 2010

Financials & valuation

Financial statements
Valuation data
Year to 03/2009a 03/2010e 03/2011e 03/2012e
Year to 03/2009a 03/2010e 03/2011e 03/2012e
Profit & loss summary (INRm)
Premium/ (discount) to NAV 1.4 1.2 1.1 0.9
Revenue 17,504 15,021 22,523 31,812 PE* 9.4 13.3 9.5 6.4
EBITDA 13,384 12,665 14,879 19,952 FCF yield (%) -15.1 -12.5 1.0 7.5
Depreciation & amortisation -41 -51 -146 -155 Dividend yield (%) 0.0 0.9 1.1 1.3
Operating profit/EBIT 13,344 12,614 14,733 19,797 Note: * = Based on HSBC EPS (fully diluted)
Net interest -5,949 -5,234 -3,421 -3,150 Note: All NAV estimates on this page refer to book value
PBT 7,656 7,052 11,134 16,458
HSBC PBT 7,656 7,052 11,134 16,458
Taxation 150 -955 -2,126 -3,253 Price relative
Net profit 7,801 6,097 9,007 13,206
HSBC net profit 6,707 6,164 9,007 13,206 1200 1200

Cash flow summary (INRm) 1000 1000

Cash flow from operations -12,340 -7,881 3,099 9,417 800 800
Capex -78 -1,283 -150 -125 600 600
FCF enterprise -6,319 -4,885 4,243 9,190
Cash flow from investment -78 -1,283 -150 -125 400 400
Dividends 0 -718 -930 -1,116 200 200
Change in net debt 13,114 -7,517 -601 -5,193
FCF equity -12,268 -10,119 823 6,040 0 0
Balance sheet summary (INRm) 2008 2009 2010 2011
Housing Development & Inf Rel to BOMBAY SE SENSITIVE INDEX
Tangible fixed assets 749 2,047 1,934 1,904
Current assets 90,081 114,561 126,971 136,697 Source: HSBC
Cash & others 2,186 9,287 3,871 9,064
Total assets 92,368 120,258 132,307 141,357
Note: price at close of 28 May 2010
Gross debt 41,433 41,017 35,000 35,000
Net debt 39,247 31,730 31,129 25,936
Shareholders funds 44,218 70,429 79,028 90,929
Invested capital 82,589 101,425 110,961 118,337

Ratio, growth and per share analysis

Year to 03/2009a 03/2010e 03/2011e 03/2012e
Y-o-y % change
Revenue -26.9 -14.2 49.9 41.2
EBITDA -21.6 -5.4 17.5 34.1
EBIT -21.7 -5.5 16.8 34.4
PBT -52.1 -7.9 57.9 47.8
HSBC EPS -62.9 -29.4 41.0 46.6
Ratios (%)
Revenue/IC (x) 0.2 0.2 0.2 0.3
ROIC 18.6 11.9 11.2 13.9
ROE 16.6 10.8 12.1 15.5
ROA 16.6 10.0 9.3 11.5
EBITDA margin 76.5 84.3 66.1 62.7
Operating profit margin 76.2 84.0 65.4 62.2
EBITDA/net interest (x) 2.2 2.4 4.3 6.3
Net debt/equity 88.8 45.1 39.4 28.5
Net debt/EBITDA (x) 2.9 2.5 2.1 1.3
CF from operations/net debt 10.0 36.3
Per share data (INR)
EPS reported (fully diluted) 28.32 16.99 24.22 35.51
HSBC EPS (fully diluted) 24.35 17.18 24.22 35.51
DPS 0.00 2.00 2.50 3.00
NAV 160.51 196.27 212.53 244.54

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31 May 2010

HDIL 4Q FY10 update

HDIL: quarterly results table
(INRm) 4Q FY09 1Q FY10 2Q FY10 3Q FY10 4Q FY10 y-o-y q-o-q Comment
Net sales 3,579 2,953 3,537 4,089 4,341 21.3% 6.2% 4Q sales of 1.5m sq ft @INR2,700psf
Other income 309 233 274 266 304 -1.7% 14.3%
Total Income 3,888 3,186 3,811 4,355 4,645 19.5% 6.7%
Expenses 1,538 492 813 1,238 893 -41.9% -27.8%
EBITDA 2,350 2,694 2,998 3,117 3,751 59.6% 20.4%
Depreciation 9 8 9 12 22 141.6% 83.8%
EBIT 2,341 2,685 2,988 3,105 3,730 59.3% 20.1%
Interest cost 1,372 1,469 1,112 1,153 1,421 3.6% 23.2%
PBT 969 1,216 1,876 1,952 2,309 138.3% 18.3% Higher tax rate is owing to revised
Tax 350 142 390 324 530 51.7% 63.5% MAT rate. Average tax rate in FY11
Adjusted PAT 619 1,075 1,486 1,628 1,778 187.2% 9.3% likely to @18-20% as company
Exceptional 0 0 0 0 - could claim new tax benefits on
Reported PAT 619 1,075 1,486 1,628 1,778 187.2% 9.3% slum projects introduced recently.

Margins
EBITDA - excl project interest 60.4% 84.5% 78.7% 71.6% 80.8% 20.3% 9.2% High TDR prices directly feeding
EBITDA - Inc project interest 32.8% 43.7% 54.3% 49.5% 55.4% 22.7% 6.0% into EBITDA margin
PAT 15.9% 33.7% 39.0% 37.4% 38.3% 22.4% 0.9%
Tax rate 36.1% 11.6% 20.8% 16.6% 23.0% -13.1% 6.4%

Balance sheet (INRm) 4Q FY09 1Q FY10 2Q FY10 3Q FY10 4Q FY10 Comment

Net worth 44,676 47,451 66,441 68,069 71,177 13m Warrants converted at INR240/ share
Debt 41,433 43,475 32,711 33,512 40,517 Company raised new non convertible debentures
Deferred tax liability (net) 24 27 30 40 53
Total 86,134 90,953 99,183 101,621 111,748

Net block 580 867 886 1,348 1,830

Capital WIP 147 111 123 65 -
Investments 3,029 4,871 5,078 5,032 5,965
Management has guided for INR4-4.5bn of quarterly
Inventory 64,417 68,053 71,795 75,577 80,337 inventory creation expense
Debtors 1,654 2,219 3,309 2,274 2,007 Debtors days at 41 were lower than 51days in 3QFY10
Loans and advances 21,850 21,601 23,431 23,361 22,081 and 85 days in 2Q FY10
Cash 752 582 1,103 1,006 7,874 Fresh debt raised in 2nd fortnight of March not yet deployed
Less: Creditors 6,115 7,070 6,532 7,002 8,023 INR1bn of fresh customer advances recd on pre-sold
Less: Provisions 181 282 10 40 323 inventory
Net working capital 82,377 85,103 93,096 95,177 103,953
Misc expenditure - - - - -
Total 86,134 90,953 99,183 101,621 111,748
Net Debt- Equity 0.91 0.90 0.48 0.48 0.46

Free cash flow summary

PBT 969 1,216 1,876 1,952 2,309
Add: Interest 1,372 1,469 1,112 1,153 1,421
Add: Depreciation 9 8 9 12 22
Cash before working cap changes 2,350 2,694 2,998 3,117 3,751
Less: Tax (350) (142) (390) (324) (530)
Less: Working capital changes (2,999) (2,896) (7,472) (2,178) (1,909) FCF mentioned includes advances towards new land
Less: Capex (67) (260) (40) (415) (439) purchases. However, despite this, FCF is reflecting an
Free Cash flows (1,066) (603) (4,904) 200 873 improving trend
Source: Company data, HSBC estimates

Leverage comfortable at 0.45x; Cash flow cycle sustained 3Q improvement

HDIL’s reported net debt/equity (FY10) is comfortable at 0.45x. The company has a cash balance of
INR7.8bn, as against its mandatory land payments for airport phase II of INR6bn. The promoters are
expected to infuse cINR1bn through remaining outstanding warrants conversion over the next 12 months. In
addition cash flows from existing pre-sold residential projects suggest funding inventory creation should not

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31 May 2010

be a constraint. Debtor days, at 42 during 4Q FY10 (51 in 3Q and 85 in 2Q), also show cash flows from TDR
sales are healthy.

We expect good response to new launches as HDIL adopts penetration pricing

HDIL plans to launch c4-5m sq ft of residential projects in the Mumbai suburbs (mainly slum rehabilitation).
We anticipate the company will achieve similar success as during FY10 (c90% of its launched inventory of
4.7m sq ft during FY10). The success in FY10 was attributed to the company’s strategy of product launches at
market penetration pricing (10-20% lower than existing prices). Management’s continued stance on
competitive pricing offers confidence in HDIL’s ability to sustain business momentum on new launches.

Airport phase II to be launched in next 3-5 months: Potential share price catalyst
HDIL has initiated the approval process for the launch of the second phase of the airport slum rehabilitation
(c20,000 families) and is expected to start work within the next 3-4 months. The company has outstanding land
payments of INR6bn, the majority of which is for land to be used for the second phase. We expect this to be
funded comfortably as the company has INR7.8bn in cash and cash flows from TDR sales remain stable. Our
investor interactions suggest there have been concerns over the execution timeline for its phase II of the airport
project. Hence a successful launch over the 3-4 months could act as a share price catalyst.

More clarity on promoter shareholding issue

Some of the members of the earlier promoter group no longer have a promoter interest in the company and in
line have been de-recognized from the promoter group. Post de-recognition of these entities/individuals, the
promoter shareholding in HDIL has fallen from 51.3% to 42.3% (see Figure 3). The de-recognized promoters
will own 9% of the outstanding shares and henceforth will be recognized as public shareholders.

3. HDIL: promoter shareholding trend

_______________________________________Shareholding________________________________________
Post de-recognition Pre de-recognition Mar-10 Dec-09 Sep-09
(May-10) (May-10)
Promoter group 42.30% 51.3% 50.2% 48.3% 48.4%
De-recognized promoters 9.0%
Source: Company data

Lowering earnings by 5% primarily due to goodwill amortization

We have revised our estimates for TDR prices for FY11 to INR2350 (+7%) and to INR2,300 (+5%) in FY12.
However, this been offset primarily by goodwill amortization of cINR650m (on assets acquired during FY10)
and higher interest expense. Consequently our earnings have come down by 4.7% in FY11 to INR9.0bn and by
4.5% in FY12 to INR13.2bn. We are 7% higher than consensus in FY11 and 9% lower in FY12.

4. HDIL: earnings changes

FY11e (New) Change FY12e (New) Change
Sales (INRm) 22,523 6.4% 31,812 2.8%
EBITDA margin 66.1% 3.0% 62.7% 1.7%
Interest exp (INRm) 3,421 21.6% 3,150 24.5%
Goodwill amortization (INRm) 648 100.0% 648 100.0%
Tax rate 19.1 2.10% 19.8 0.80%
PAT (INRm) 9,007 -4.7% 13,206 -4.5%
PAT relative to consensus 6.9% -8.6%
Source: HSBC estimates, Bloomberg

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Real Estate abc
31 May 2010

Stock underperformance seems overdone

HDIL has underperformed the BSE Realty index by 21%, the broad market index (BSE Sensex) by 27%
and its major large peers by 18-20% (Figure 5). In the light of HDIL’s strong earnings performance,
healthy balance sheet strength and improved clarity on promoter shareholding, most investor concerns
seem to have been addressed. While the stock did react to positive earnings (+10%), the
underperformance still seems overdone.

5. HDIL: 3-month share price performance with peers and BSE Realty index

1.3
DLF Unitech HDIL IBREL Anantraj BSE Sensex BSE Realty
1.2

1.1

1.0

0.9

0.8

0.7

0.6
Mar-10 Mar-10 Mar-10 Apr-10 Apr-10 May -10

Source: Company data

Reiterate OW(V) and target price of INR419

Investment summary
Housing Development and Infrastructure Ltd (HDIL) is India’s third largest real estate developer by market
capitalisation. We like HDIL’s land bank (195m sq ft) locations, which has a strong focus on the city of
Mumbai (36%, including TDR and FSI sales) and the Mumbai Metropolitan Region (43%). A direct play on
Mumbai, one of India’s most resilient property markets, the company is one of the few developers which has
met its project timelines during the recent business downcycle, highlighting the company’s strong execution
ability. Mumbai contributes c90% to HDIL’s NAV, more than any other large listed real estate company
operating in India’s two most important cities, Mumbai and Delhi.

Valuation
We value HDIL using a Net Asset Value approach using the discounted cash flows of its real estate projects.
Our NAV has been revised down marginally by 0.3% owing to FY10 (balance sheet changes) and our target
value to INR416 (however, our target price is maintained at INR419). Our target price consists of NAV at a
discount of 10% and terminal value of INR58. Our target NAV discount of 10% is in line with large sector peer
Unitech (10% discount to NAV) and lower than sector leader DLF (valued at par with NAV). We believe the
NAV discount is justified given the company’s business positioning and high exposure to the slum
rehabilitation projects which carry a delay risk. Our target price implies an FY11e PB of 1.9x, against the
company trading at 1.1x and large peers trading at a weighted average 1.4x. A PE comparison is not
particularly useful as HDIL follows a project completion method, while other peer coverage companies follow
the percentage of completion method of accounting.

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Real Estate abc
31 May 2010

Risks
 Slum rehabilitation projects have a longer gestation period and are prone to delays.

 Lower TDR volumes and pricing than estimated by us is also a downside risk.

6. HDIL: valuation table

INRbn Per share
Residential 50 140
Commercial 23 65
Retail 16 44
Gross Asset Value 90 250
Less: Net debt (excluding airport project debt) 15 43
Add: Airport Project (NAV) 38 105
Total Net Asset value 143 398
Less: NAV discount (14) (40)
Add: Terminal value 21 58
Target value 149 416
Source: HSBC estimates

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Real Estate abc
31 May 2010

Disclosure appendix
Analyst Certification
The following analyst(s), economist(s), and/or strategist(s) who is(are) primarily responsible for this report, certifies(y) that the
opinion(s) on the subject security(ies) or issuer(s) and/or any other views or forecasts expressed herein accurately reflect their
personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific
recommendation(s) or views contained in this research report: Ashutosh Narkar

Important disclosures
Stock ratings and basis for financial analysis
HSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, which
depend largely on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations.
Given these differences, HSBC has two principal aims in its equity research: 1) to identify long-term investment opportunities
based on particular themes or ideas that may affect the future earnings or cash flows of companies on a 12 month time horizon;
and 2) from time to time to identify short-term investment opportunities that are derived from fundamental, quantitative,
technical or event-driven techniques on a 0-3 month time horizon and which may differ from our long-term investment rating.
HSBC has assigned ratings for its long-term investment opportunities as described below.

This report addresses only the long-term investment opportunities of the companies referred to in the report. As and when
HSBC publishes a short-term trading idea the stocks to which these relate are identified on the website at
www.hsbcnet.com/research. Details of these short-term investment opportunities can be found under the Reports section of this
website.

HSBC believes an investor's decision to buy or sell a stock should depend on individual circumstances such as the investor's
existing holdings and other considerations. Different securities firms use a variety of ratings terms as well as different rating
systems to describe their recommendations. Investors should carefully read the definitions of the ratings used in each research
report. In addition, because research reports contain more complete information concerning the analysts' views, investors
should carefully read the entire research report and should not infer its contents from the rating. In any case, ratings should not
be used or relied on in isolation as investment advice.

Rating definitions for long-term investment opportunities

Stock ratings
HSBC assigns ratings to its stocks in this sector on the following basis:

For each stock we set a required rate of return calculated from the risk free rate for that stock's domestic, or as appropriate,
regional market and the relevant equity risk premium established by our strategy team. The price target for a stock represents
the value the analyst expects the stock to reach over our performance horizon. The performance horizon is 12 months. For a
stock to be classified as Overweight, the implied return must exceed the required return by at least 5 percentage points over the
next 12 months (or 10 percentage points for a stock classified as Volatile*). For a stock to be classified as Underweight, the
stock must be expected to underperform its required return by at least 5 percentage points over the next 12 months (or 10
percentage points for a stock classified as Volatile*). Stocks between these bands are classified as Neutral.

Our ratings are re-calibrated against these bands at the time of any 'material change' (initiation of coverage, change of volatility
status or change in price target). Notwithstanding this, and although ratings are subject to ongoing management review,
expected returns will be permitted to move outside the bands as a result of normal share price fluctuations without necessarily
triggering a rating change.

*A stock will be classified as volatile if its historical volatility has exceeded 40%, if the stock has been listed for less than 12
months (unless it is in an industry or sector where volatility is low) or if the analyst expects significant volatility. However,

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31 May 2010

stocks which we do not consider volatile may in fact also behave in such a way. Historical volatility is defined as the past
month's average of the daily 365-day moving average volatilities. In order to avoid misleadingly frequent changes in rating,
however, volatility has to move 2.5 percentage points past the 40% benchmark in either direction for a stock's status to change.

Rating distribution for long-term investment opportunities

As of 31 May 2010, the distribution of all ratings published is as follows:
Overweight (Buy) 50% (13% of these provided with Investment Banking Services)
Neutral (Hold) 37% (12% of these provided with Investment Banking Services)
Underweight (Sell) 13% (11% of these provided with Investment Banking Services)

Share price and rating changes for long-term investment opportunities

Housing Development & Inf (HDIL.BO) Share Price performance INR Vs HSBC Recommendation & price target history
rating history From To Date
N/A Overweight (V) 14 September 2008
Overweight (V) Neutral (V) 03 November 2008
1063 Neutral (V) Overweight (V) 07 October 2009
Target Price Value Date
863
Price 1 365.00 14 September 2008
663 Price 2 154.00 03 November 2008
463 Price 3 100.00 29 January 2009
Price 4 416.00 07 October 2009
263 Price 5 419.00 02 November 2009
63 Source: HSBC
May-05

Nov-05

May-06

Nov-06

May-07

Nov-07

May-08

Nov-08

May-09

Nov-09

May-10

Source: HSBC

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HSBC & Analyst disclosures

Disclosure checklist
Company Ticker Recent price Price Date Disclosure
HOUSING DEVELOPMENT & INF HDIL.BO 228.95 28-May-2010 2
Source: HSBC

1 HSBC* has managed or co-managed a public offering of securities for this company within the past 12 months.
2 HSBC expects to receive or intends to seek compensation for investment banking services from this company in the next
3 months.
3 At the time of publication of this report, HSBC Securities (USA) Inc. is a Market Maker in securities issued by this
company.
4 As of 30 April 2010 HSBC beneficially owned 1% or more of a class of common equity securities of this company.
5 As of 30 April 2010, this company was a client of HSBC or had during the preceding 12 month period been a client of
and/or paid compensation to HSBC in respect of investment banking services.
6 As of 30 April 2010, this company was a client of HSBC or had during the preceding 12 month period been a client of
and/or paid compensation to HSBC in respect of non-investment banking-securities related services.
7 As of 30 April 2010, this company was a client of HSBC or had during the preceding 12 month period been a client of
and/or paid compensation to HSBC in respect of non-securities services.
8 A covering analyst/s has received compensation from this company in the past 12 months.
9 A covering analyst/s or a member of his/her household has a financial interest in the securities of this company, as
detailed below.
10 A covering analyst/s or a member of his/her household is an officer, director or supervisory board member of this
company, as detailed below.
11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in
securities in respect of this company

Analysts, economists, and strategists are paid in part by reference to the profitability of HSBC which includes investment
banking revenues.

For disclosures in respect of any company mentioned in this report, please see the most recently published report on that
company available at www.hsbcnet.com/research.

* HSBC Legal Entities are listed in the Disclaimer below.

Additional disclosures
1 This report is dated as at 31 May 2010.
2 All market data included in this report are dated as at close 29 May 2010, unless otherwise indicated in the report.
3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its
Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research
operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier
procedures are in place between the Investment Banking and Research businesses to ensure that any confidential and/or
price sensitive information is handled in an appropriate manner.

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Disclaimer
* Legal entities as at 31 January 2010 Issuer of report
'UAE' HSBC Bank Middle East Limited, Dubai; 'HK' The Hongkong and Shanghai Banking Corporation
HSBC Securities and Capital Markets
Limited, Hong Kong; 'TW' HSBC Securities (Taiwan) Corporation Limited; 'CA' HSBC Securities (Canada) Inc,
(India) Private Limited
Toronto; HSBC Bank, Paris branch; HSBC France; 'DE' HSBC Trinkaus & Burkhardt AG, Dusseldorf; 000
HSBC Bank (RR), Moscow; 'IN' HSBC Securities and Capital Markets (India) Private Limited, Mumbai; 'JP' Registered Office
HSBC Securities (Japan) Limited, Tokyo; 'EG' HSBC Securities Egypt S.A.E., Cairo; 'CN' HSBC Investment 52/60 Mahatma Gandhi Road
Bank Asia Limited, Beijing Representative Office; The Hongkong and Shanghai Banking Corporation Limited, Fort, Mumbai 400 001, India
Singapore branch; The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch; The Telephone: +91 22 2267 4921
Hongkong and Shanghai Banking Corporation Limited, Seoul Branch; HSBC Securities (South Africa) (Pty) Ltd,
Fax: +91 22 2263 1983
Johannesburg; 'GR' HSBC Pantelakis Securities S.A., Athens; HSBC Bank plc, London, Madrid, Milan,
Stockholm, Tel Aviv, 'US' HSBC Securities (USA) Inc, New York; HSBC Yatirim Menkul Degerler A.S., Istanbul; Website: www.research.hsbc.com
HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, HSBC Bank Brasil S.A. - Banco
Múltiplo, HSBC Bank Australia Limited, HSBC Bank Argentina S.A., HSBC Saudi Arabia Limited.
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Securities and Capital Markets (India) Private Limited is regulated by the Securities and Exchange Board of India. If it is received by a customer of an affiliate
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