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HSBC: Top Picks Include HELEX, GEK TERNA And SIDENOR

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HSBC estimates that real GDP will contract by 1.2% in 2009 followed by tepid 0.4% growth in 2010, a report dated 16th October says.

The firm notes that the budget deficit may reach 9% this year, with public debt rocketing to 107%.

“Those imbalances now call for immediate, bold policy action, or Greece could become trapped in a prolonged period of slow growth,” it notes.

“The answer to Greece’s problems lies in the acceleration of both fiscal consolidation (through measures of a permanent nature) and structural reforms to unlock the economy’s potential,” it adds.

HSBCs top pick list in the mid and small cap lgroup includes GEK TERNA (target price 9.7 euro, “overweight”), HELEX (target price 11.2 euro, “overweight”), and SIDENOR (6.9 euro).
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