SHANGHAI INDUSTRIAL (363.HK) : OW: SLIGHT MISS IN 2013 RESULTS
汇丰银行(中国)有限公司2014-04-01
2013 recurring profit up 15% y-o-y, but 7% below our forecast due to lower-than-expected contributions in infrastructure and real estate The company continues to make bolt-on acquisitions, although it may take time for all these to mature Maintain OW and increase TP slightly to HKD30.5 (from HKD30); attractively valued at 49% discount to NAV