报告名称：Siemens India(SIEM IN)Reduce：Rich valuations undermine growth outlook
报告类型：海外市场
报告日期：2016-05-19
研究机构：汇丰银行
页数：9
简介：2QFY16 recurring earnings grew 13% y-o-y, 4% above HSBCe
Management is lot more optimistic on business revival, while we continue to expect a steady recovery
Trading at a 48x June-17e PE, valuations are rich; retain Reduce with a revised TP of INR796 (from INR786)
下载地址：Siemens India(SIEM IN)Reduce：Rich valuations undermine growth outlook
