Equity Valuation Report

Each group is required to select a Hong Kong listed company(0011 HKG, Hang Seng Bank) and prepare a written report on the company. The written report must:

1. i) not exceed 10 pages (excluding the cover page), but may include an appendix not longer than 20 pages;

2. ii) include the following information on the cover page:

3. - Sector / industry

   • - Stock code

   • - Recommendation (buy/hold/sell)

   • - Target price:

     This is the price as predicted by your valuation models.

   • - Current/reference price (date): This can be the closing price on any date in April 2021 but no later than the submission deadline.

   • - Upside/Downside (%): The upside/downside potential is calculated as the difference (%) between the reference and target price. For example, if your reference and target prices are $100 and $150, respectively, then the upside potential is 50% ($50/$100).