[金融地产] 20080724-HSBC-German online brokers

􀀗 We believe that German direct banking
and online brokerage remains a
promising growth market
􀀗 Trading activity has risen from its lows,
but is still far from peak levels
􀀗 We initiate coverage of DAB bank with
an Overweight rating and target price of
EUR7.7 and reiterate our Overweight
rating on comdirect bank, with a
reduced target price of EUR11.0