Goldman Sachs recommends "buying" on HSBC at HK$77

Alongside declining universal banks, HSBC decreased its price from HK$96 and HK$88 would be a reasonable price, said Goldman Sachs. It recommended a buying at around HK$77. Goldman Sachs also decreased the cash income forecast of HSBC by 13% from US$7.689 bln and the anticipation of 2002 was lowered to US$8.749 as well.Such number would be further in case of prolonged slowdown of US economy.  Non-interest income of HSBC would account for 44% of the total and Goldman Sachs kept its forecast of 11.4% growth in spite of influence of downward global market. 

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