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HSBC: Credit Suisse says already discounts defensive quality

( - This morning Credit Suisse began to track the share of the Sino-British bank HSBC, adopting an initial "neutral" rating.

"(The group's) valuation reflects defensive qualities," the report says. The broker's target price of 670 pence pretty much matches the share's current price on the London Stock Exchange.

The main arguments developed by Credit Suisse are that it first expects
the growth differential between China (with over 50% of HSBC's profits
coming from Asia) and Europe to stabilise.

In addition, according to Credit Suisse, HSBC's earnings profile has
become very similar to that of banks in general - particularly those in
the UK. Finally, trading at a 12-month P/E of 11.9x, HSBC shares offer a premium over the sector (which is trading at 9.7x earnings); Credit
Suisse believes this integrates the share's defensive qualities.

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