HSBC believes that investors utilis

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.อย่างไรก็ตาม สำหรับนักลงทุนการตัดสินใจลงทุนนั้นอาจแตกต่างกันออกไป การถือครอง หรือการยอมรับความเสี่ยงของการลงทุน เป็นส่วนหนึ่งของเหตุผลในการตัดสินใจลงทุนของนักลงทุน


ขึ้นอยู่กับสถานการณ์ต่างของแต่ละนักลงทุนก็ใช้ประโยชน์จากสาขาต่างๆและขอบเขตการลงทุนเมื่อตัดสินใจลงทุน ซึ่ง
ขึ้นอยู่มากในแต่ละสถานการณ์เช่นการถือครองของนักลงทุนที่มีความเสี่ยงและข้อควรพิจารณาอื่น ๆ

Equities: 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.

For each stock we set a required rate of return calculated from the cost of equity for that stock’s domestic or, as appropriate,
regional market 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
potential return, which equals the percentage difference between the current share price and the target price, including the
forecast dividend yield when indicated, 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.






NDP issued profit warning, revising sale and profit forecast downward the rating agencie responded with another downgrade, Fitch pushing NDP's outstanding note down to BB- According to Financial morningstar, reported to the gross profit of company has a growth rate in 2006-2014 that means NDP is not trouble.
Although she took a high level of risk by in high dept it's because preparation for the future and she would be the first in the market that can buil the confident for a potential investor

y January 2009 the world economy was spiraling downward. Squeezed by market conditions and
burdened by debt, Nine Dragons Paper (NDP), the largest paperboard manufacturer in Asia and second largest
in the world, saw its share price drop to HK$ 2.33, 90% off its high and less than half of book value. As the
economic crisis of 2008 bled into 2009, export-oriented industries suffered. Rumors had been buzzing since
October that NDP was on the ropes. It was carrying so much debt that more than one analyst was asking "Will
they go bust?" Was the financial crisis of 2008 about to claim another victim, or had friction between the
global economic crisis and the company's debt ignited jittery nerves in the global markets?


จากรูปภาพที่5 Fitch pushing NDP has been investing at an incredible pace – best demonstrated by comparing the company’s cash flows from operating activities in 2007 and 2008 with the cash flows from investing activities. The short-fall in operating cash flow must then be made up by financing activities – which has been both raising equity and debt – but mostly debt
NDP has clearly been profitable in recent years, and demonstrates a high rate of profitability one would not ordinarily see in this type of semi-commodity based business
NDP’s rate of profitability, however, has been sliding, reflecting rising input prices and greater competitive markets for its products
The company’s growing debt burden is large and getting larger; most analysts and investors clearly wish Mrs. Cheung would slow her capital expenditure plan – at least a bit – to take growing cash flow and debt-service pressure off the company during the global recession and credit crisis

Results (English) 1:

HSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, whichLargely depend on individual circumstances such as the investor existing holdings, risk tolerance and other considerations. However, for investors, investment decisions may vary. Or accept the risk of an investment is part of the reason for the investment decisions of investors.Depending on the circumstances of individual investors would take advantage of the various branches and regions to invest when the investment decision. Depending on individual circumstances, such as the holding of the investor at risk and other considerations. Equities: Stock ratings and basis for financial analysisHSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, whichdepend 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 opportunitiesbased 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 whenHSBC publishes a short-term trading idea the stocks to which these relate are identified on the website atwww.hsbcnet.com/research. Details of these short-term investment opportunities can be found under the Reports section of thiswebsite.HSBC believes an investor's decision to buy or sell a stock should depend on individual circumstances such as the investor'sexisting holdings and other considerations. Different securities firms use a variety of ratings terms as well as different ratingsystems to describe their recommendations. Investors should carefully read the definitions of the ratings used in each researchreport. In addition, because research reports contain more complete information concerning the analysts' views, investorsshould carefully read the entire research report and should not infer its contents from the rating. In any case, ratings should notbe used or relied on in isolation as investment advice. For each stock we set a required rate of return calculated from the cost of equity for that stock's domestic or, as appropriate,regional market established by our strategy team. The price target for a stock represents the value the analyst expects the stockto reach over our performance horizon. The performance horizon is 12 months. For a stock to be classified as Overweight, thepotential return, which equals the percentage difference between the current share price and the target price, including theforecast dividend yield when indicated, 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 beexpected to underperform its required return by at least 5 percentage points over the next 12 months (or 10 percentage pointsfor 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 volatilitystatus 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 necessarilytriggering a rating change. NDP issued profit warning, revising sale and profit forecast downward the rating agencie responded with another downgrade, Fitch pushing NDP's outstanding note down to BB- According to Financial morningstar, reported to the gross profit of company has a growth rate in 2006-2014 that means NDP is not trouble. Although she took a high level of risk by in high dept it's because preparation for the future and she would be the first in the market that can buil the confident for a potential investory January 2009 the world economy was spiraling downward. Squeezed by market conditions andburdened by debt, Nine Dragons Paper (NDP), the largest paperboard manufacturer in Asia and second largestin the world, saw its share price drop to HK$ 2.33, 90% off its high and less than half of book value. As theeconomic crisis of 2008 bled into 2009, export-oriented industries suffered. Rumors had been buzzing sinceOctober that NDP was on the ropes. It was carrying so much debt that more than one analyst was asking "Willthey go bust?" Was the financial crisis of 2008 about to claim another victim, or had friction between theglobal economic crisis and the company's debt ignited jittery nerves in the global markets?From the pictures, the NDP has been pushing Fitch 5 investing at an incredible pace — best demonstrated by comparing the company cash flows from operating activities in 2007 and 2008 with the cash flows from investing activities in The operating cash flow. short-fall must then be made up by financing activities – which has been raising both equity and debt – but mostly debt.NDP has clearly been profitable in recent years, and demonstrates a high rate of profitability one would not ordinarily see in this type of semi-commodity based businessNDP's rate of profitability, however, has been sliding, reflecting rising input prices and greater competitive markets for its productsThe company's growing debt burden is large and getting larger; most analysts and investors clearly wish Mrs. Cheung would slow her capital expenditure plan – at least a bit – to take growing cash flow and debt-service pressure off the company during the global recession and credit crisis

Results (English) 2:

HSBC believes that utilize Various disciplines Investors and Investment Horizons When Making Investment Decisions, which
largely depend on circumstances Such As The Individual Investor's existing Holdings, Tolerance and Other Considerations risk. However. For investors, the fund may differ to the holding or the risk of investment. Part of the reason for the investment decisions of investors , depending on the circumstances of individual investors are taking advantage of the various disciplines and investment horizon when making investment decisions. It depends very much on the individual situation, the holding of the investors with the risks and other considerations Equities: Stock ratings and BASIS for Financial analysis HSBC believes that Investors utilize 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 Stocks The idea Relate to which these 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. For each Stock we Set a Required rate of Return calculated from The Cost of Equity for that Stock's Domestic or, As appropriate, Regional market 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 Potential Return, which equals The percentage difference between The current share Price and The Target Price, including The. forecast dividend yield When indicated, 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. NDP issued profit Warning, revising sale and profit forecast downward The Rating Agencie responded with another Downgrade, Fitch Pushing NDP's Outstanding note down to BB- According to Financial Morningstar, Reported to The gross profit of. Company has a growth rate in 2006-2014 that means NDP is Not Trouble. Although SHE took a High Level of risk by in High Dept Because it's Preparation for The Future and The First in The SHE would be Buil The confident for a market that Can. Potential Investor Y January in 2009 The World Economy was spiraling downward. Squeezed by market conditions and BURDENED by debt, Nine Dragons Paper (NDP), The largest paperboard Manufacturer in Asia and Second largest in The World, Saw ITS share Price Drop to HK $ 2.33. , 90% off ITS High and less than Half of Book value. As The Economic Crisis of 2,008 Bled Into the 2,009th, Export-oriented Industries suffered. Rumors had been buzzing since October that NDP was on The ropes. It was carrying So much debt that. more than One analyst was Asking "Will they Go Bust? "Was The Financial Crisis of 2008 About to claim another Victim, or had Friction between The Global Economic Crisis and The Company's debt ignited Jittery nerves in The Global markets? From Figure 5 Fitch. pushing NDP has been investing at an incredible pace - best demonstrated by comparing the company's cash flows from operating activities in 2007 and 2008 with the cash flows from investing activities. The short-fall in operating cash flow must then be made ​​up by financing activities -. which has been Both Raising Equity and debt - but mostly debt NDP has clearly been Profitable in recent years, and demonstrates a High rate of profitability One would Not ordinarily See in this type of semi-Commodity based business NDP's rate of profitability, however, has. been Sliding, reflecting Rising input prices and greater Competitive markets for ITS products The Company's Growing debt burden is Large and Getting larger; Most analysts and Investors clearly wish Mrs. Cheung would Slow Her Capital expenditure Plan - at least a bit - to Take Growing Cash. flow and debt-service pressure off the company during the global recession and credit crisis.

Results (English) 3:

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.However, for investors, investment decision, it may vary, holding, or acceptance of the risk of the investment. Part of the reason in the investment decisions of investors


.Depending on the circumstances of individual investors take advantage of various fields and the scope of investment when making investment decisions. The
depend largely on individual circumstances such as the holding of investors at risk and considerations. Other

.Equities: 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

HSBC, believes website. 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.

For each stock we set a required rate of return calculated. From the cost of equity for that stock ', s domestic or as appropriate
regional, market 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
potential return which equals, the. Percentage difference between the current share price and the, target price including the
forecast dividend yield, when indicated