20080609-HSBC-Russian and Kazakh Banks - Initiation of coverage
In Russia, we are initiating with an
Overweight rating on Bank VTB (target
USD10) and an Underweight on
Sberbank (USD3.1)
􀀗 In Kazakhstan, we initiate with an
Overweight on HSBK (USD21), an
Underweight on KKB (USD14) and
Underweight (V) ALLB (USD4.5)
􀀗 Banks in both regions are moving from
high growth to return optimisation; the
pressure on the Kazakh banks is greater
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