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1、 abc Global Research Sector earnings recovered on a m-o-m basis but still down 25% y-o-y due to new business expense burden, risk loss ratio deterioration and worse weather Resilient pure protection new business growth due to a last-call demand, posting 34% y-o-y growth YTD Capital strength dictates
2、 our preference within the sector; prefer Samsung F 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. HS
3、BC 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
4、 the website at Details of these short-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 investors existing holdings and other considerations. Differe
5、nt 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 th
6、e 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
7、 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 domestic or, as appropriate, regional market established by our strategy team. The price target for a stock represents the value the analys
8、t expects the stock to reach over our performance horizon. 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 yield when i
9、ndicated, 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
10、 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 t
11、arget). 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. 7 Insurance Korea 28 February 2013 abc *A stock wil
12、l 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, stocks which we do not consider volatile may in f
13、act also behave in such a way. Historical volatility is defined as the past months 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
14、 a stocks status to change. Rating distribution for long-term investment opportunities As of 28 February 2013, the distribution of all ratings published is as follows: Overweight (Buy) 44% (29% of these provided with Investment Banking Services) Neutral (Hold) 37% (28% of these provided with Investm
15、ent Banking Services) Underweight (Sell) 19% (23% of these provided with Investment Banking Services) Share price and rating changes for long-term investment opportunities Samsung F HK The Hongkong and Shanghai Banking Corporation Limited, Hong Kong; TW HSBC Securities (Taiwan) Corporation Limited;
16、CA HSBC Bank Canada, Toronto; HSBC Bank, Paris Branch; HSBC France; DE HSBC Trinkaus 000 HSBC Bank (RR), Moscow; IN HSBC Securities and Capital Markets (India) Private Limited, Mumbai; JP HSBC Securities (Japan) Limited, Tokyo; EG HSBC Securities Egypt SAE, Cairo; CN HSBC Investment Bank Asia Limite
17、d, Beijing Representative Office; The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch; The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch; The Hongkong and Shanghai Banking Corporation Limited, Seoul Branch; HSBC Securities (South Africa) (Pty) Ltd, Jo
18、hannesburg; 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 Mltiplo; HSBC Bank Australia Limited; HSBC Bank Arge
19、ntina SA; HSBC Saudi Arabia Limited; The Hongkong and Shanghai Banking Corporation Limited, New Zealand Branch incorporated in Hong Kong SAR Issuer of report The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch 7th Floor, HSBC Building 25, 1-ka, Bongrae-dong Chung-ku, Seoul
20、 100-161, Korea Telephone: +822 3706 8700/3 Fax: +822 3706 8797 Website: This document has been issued by The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch (“HSBC“) for the information of its institutional and professional customers; it is not intended for and should no
21、t be distributed to retail customers. If it is received by a customer of an affiliate of HSBC, its provision to the recipient is subject to the terms of business in place between the recipient and such affiliate. This document is not and should not be construed as an offer to sell or the solicitatio
22、n of an offer to purchase or subscribe for any investment. HSBC has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; HSBC makes no guarantee, representation or warranty and accepts no responsibility or liability as to it
23、s accuracy or completeness. Expressions of opinion are those of the Research Division of HSBC only and are subject to change without notice. HSBC and its affiliates and/or their officers, directors and employees may have positions in any securities mentioned in this document (or in any related inves
24、tment) and may from time to time add to or dispose of any such securities (or investment). HSBC and its affiliates may act as market maker or have assumed an underwriting commitment in the securities of companies discussed in this document (or in related investments), may sell them to or buy them fr
25、om customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. HSBC Securities (USA) Inc. accepts responsibility for the content of this research report prepared by its non-US foreign affiliate. All U.S. perso
26、ns receiving and/or accessing this report and wishing to effect transactions in any security discussed herein should do so with HSBC Securities (USA) Inc. in the United States and not with its non-US foreign affiliate, the issuer of this report. In the UK this report may only be distributed to perso
27、ns of a kind described in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. The protections afforded by the UK regulatory regime are available only to those dealing with a representative of HSBC Bank plc in the UK. In Singapore, this publication is distri
28、buted by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch for the general information of institutional investors or other persons specified in Sections 274 and 304 of the Securities and Futures Act (Chapter 289) (“SFA”) and accredited investors and other persons in accordance
29、with the conditions specified in Sections 275 and 305 of the SFA. This publication is not a prospectus as defined in the SFA. It may not be further distributed in whole or in part for any purpose. The Hongkong and Shanghai Banking Corporation Limited Singapore Branch is regulated by the Monetary Aut
30、hority of Singapore. Recipients in Singapore should contact a “Hongkong and Shanghai Banking Corporation Limited, Singapore Branch“ representative in respect of any matters arising from, or in connection with this report. In Australia, this publication has been distributed by The Hongkong and Shangh
31、ai Banking Corporation Limited (ABN 65 117 925 970, AFSL 301737) for the general information of its “wholesale” customers (as defined in the Corporations Act 2001). Where distributed to retail customers, this research is distributed by HSBC Bank Australia Limited (AFSL No. 232595). These respective
32、entities make no representations that the products or services mentioned in this document are available to persons in Australia or are necessarily suitable for any particular person or appropriate in accordance with local law. No consideration has been given to the particular investment objectives,
33、financial situation or particular needs of any recipient. This publication is distributed in New Zealand by The Hongkong and Shanghai Banking Corporation Limited, New Zealand Branch incorporated in Hong Kong SAR. In Japan, this publication has been distributed by HSBC Securities (Japan) Limited. In
34、Korea, this publication is distributed by The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch (“HBAP SLS“) for the general information of professional investors specified in Article 9 of the Financial Investment Services and Capital Markets Act (“FSCMA”). This publication
35、is not a prospectus as defined in the FSCMA. It may not be further distributed in whole or in part for any purpose. HBAP SLS is regulated by the Financial Services Commission and the Financial Supervisory Service of Korea. In Hong Kong, this document has been distributed by The Hongkong and Shanghai
36、 Banking Corporation Limited in the conduct of its Hong Kong regulated business for the information of its institutional and professional customers; it is not intended for and should not be distributed to retail customers in Hong Kong. The Hongkong and Shanghai Banking Corporation Limited makes no r
37、epresentations that the products or services mentioned in this document are available to persons in Hong Kong or are necessarily suitable for any particular person or appropriate in accordance with local law. All inquiries by such recipients must be directed to The Hongkong and Shanghai Banking Corp
38、oration Limited. It may not be further distributed in whole or in part for any purpose. In Canada, this document has been distributed by HSBC Bank Canada and/or its affiliates. Where this document contains market updates/overviews, or similar materials (collectively deemed “Commentary” in Canada alt
39、hough other affiliate jurisdictions may term “Commentary” as either “macro-research” or “research”), the Commentary is not an offer to sell, or a solicitation of an offer to sell or subscribe for, any financial product or instrument (including, without limitation, any currencies, securities, commodi
40、ties or other financial instruments). Copyright 2013, The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch, ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical,
41、 photocopying, recording, or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch MICA (P) 038/04/2012, MICA (P) 063/04/2012 and MICA (P) 110/01/2013 abc Banks Europe Robin Down Analyst, Global Sector Head, Banks +44 20 799
42、1 6926 Monica Patrascu +44 20 7991 6828 Peter Toeman +44 20 7991 6791 Rob Murphy +44 20 7991 6748 Iason Kepaptsoglou +44 20 7991 6722 Lorraine Quoirez +44 20 7991 6667 Johannes Thormann Global Head of Exchanges +49 211 910 3017 johannes.thormannhsbc.de CEEMEA Gyorgy Olah Head of Ceemea Banks R
43、esearch +44 20 7991 6709 Aybek Islamov +44 20 7992 3624 Tamer Sengun +90 212 376 46 15 .tr Jan Rost +27 11 676 4209 Latin America Mariel Santiago Financials +1 212 525 5418 Asia Todd Dunivant Analyst, Head of Banks, Asia-Pacific +852 2996 6599 .hk York Pun +852 2822 4396 .hk Kathy Park +82 2 370
44、6 8755 Sachin Sheth +91 22 2268 1224 sachinshethhsbc.co.in Tejas Mehta +91 22 2268 1243 tejasmehtahsbc.co.in Kar Weng Loo +65 6658 0621 .sg Xiushi Cai +65 6658 0617 .sg Bruce Warden +8862 6631 2868 .tw Insurance Europe Kailesh Mistry Analyst, Head of European Insurance +44 20 7991 6756 Dhruv Gahla
45、ut +44 207 991 6728 Steven Haywood +44 207 991 3184 Thomas Fossard +33 1 56 52 43 40 Asia James Garner Analyst, Head of Asian Insurance +852 2822 4321 .hk Michael Chang +852 2996 6555 .hk Grace Zhou +852 2822 3053 .hk Sinyoung Park +822 3706 8770 Real Estate Europe John Fraser-Andrews Head of Re
46、al Estate Equity Research, Europe +44 20 7991 6732 john.fraser- Thomas Martin +49 211 910 3276 thomas.martinhsbc.de Stphanie Dossmann +33 1 56 52 43 01 Asia Derek Kwong Head of Real Estate Equity Research, Asia +852 2996 6629 .hk Ashutosh Narkar +91 22 2268 1474 ashutoshnarkarhsbc.co.in Michelle Kw
47、ok +852 2996 6918 .hk Perveen Wong +852 2996 6571 .hk Stanley Cheung +852 2822 4395 .hk Pratik Burman Ray +65 6658 0611 .sg David Choo +65 6658 0612 .sg Abel Lee +8862 6631 2866 .tw Ruth Leung +852 3941 7008 .hk CEEMEA Levent Bayar +90 212 376 46 17 .tr Credit Research Banks and Insurance Asia Dilip Shahani Analy