An obscure ZIM in Africa traded Down Under Message Board

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Gold/Mining/Energy : An obscure ZIM in Africa traded Down Under

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To: TobagoJack who started this subject	11/15/2002 5:58:41 PM
From: TobagoJack	Read Replies (2) of 867

HSBC's Latin American operations troubled columns.scmp.com Sunday, November 10, 2002 FELICITY GLOVER What the broker says... Global financial giant HSBC Holdings offers a comprehensive range of banking and financial services. According to a recent report by ING Financial Markets, all is not bright for Hong Kong's leading banker, with its Latin American operations casting a black cloud over earnings. ING says HSBC's Latin American operations are a test case for the theory that it can grow by acquisition and earn its cost of capital. "[But] the results are unfavourable: since inception in 1997, HSBC has earned almost no money in the region," ING said, adding the collapse of the Argentinean banking system last year cost the group US$1.2 billion. "Latin American operations' failure to earn a ROI [return on investment] has helped drag the group's ROE [return on equity] down below 14 per cent in the most recent period." Given the group's recent poor acquisitions and low returns, ING maintained its "hold" stance and recommended a 12-month target price of HK$78. What the broker said... Leading property developer China Resources Beijing Land is also involved in the sale of building materials and equipment, and deals in services and property management. According to a report from nearly a year ago, ING Barings said government policies in Beijing were likely to remain supportive, which would further fuel the domestic residential property boom. The report expected Beijing Land to record strong growth of 51 per cent in sales for the last financial year and 25 per cent this year. The company was also expected to achieve 29 per cent earnings growth from last year to next year. Barings also placed a HK$2.71 price target on the company's stock. Barings said the firm's diverse land bank was sufficient to meet development plans over the next five years. The company stood out for its quality assets, brand image and a competent management team amid rising supply, the report said.

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