Citigroup HSBC fell to neutral rating target price to 62 yuan Sina App: Live on-line blogger to guide Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Citigroup issued a research report, the HSBC (00005.HK) so far this year the stock price and earnings divergence over the past three months, more obvious, has increased space consumption. HSBC price is equivalent to forecast PBR 0.84 times and 0.97 times per share of tangible assets, and estimate the rate of return on equity increased from 7% in 2017 to 8.7% in 2020. The bank to control the target price from 60.8 yuan rose to 62 yuan, but the rating from "buy" down to "neutral". It pointed out that "to drive off Europe ‘panic, U.S. interest rates over the past few months, Chinese vision capital inflows and the $2 billion repurchase program and other factors, since June 23rd the British and European referendum, HSBC shares rose 15% in dollar terms, outperforming the British local banks in 38%, European banks 18% and Asia Bank 7%, but profit fell. Citi said HSBC dividend rate is particularly attractive in comparison with their peers, Citigroup payout rate of 6.7%, the market is estimated to less than 6.5%. The other Citibank, HSBC North America and Asia subsidiary support its dividend and repurchase plan. If North America and Asia business common equity capital adequacy ratio (CET1 ratio) were adjusted to 12.5% and 13.5%, HSBC will have more than $6 billion of surplus capital in North America, Asia has nearly $4 billion. However, HSBC business in Europe (mainly English) has nearly $10 billion shortfall, HSBC material through the British Retail Banking earnings generated, and in the wholesale bank on balance sheet optimization, to improve the level of capital business in europe. In summary, HSBC capital is still quite complicated. (both) to enter the Sina financial stocks] discussion