[I-bank focus]HSBC reduces Brilliance Chi (01114) to HK$14.1

    HSBC Global Research reduced its target price for Brilliance China Automotive (01114) to HK$14.1 from HK$15.5, and maintained its "hold" rating.
  The research house said BBA's sales volume was +6.5% in 1Q, accounting for 22.6% of HSBC's FY2015 forecasts. As the EUR has depreciated 16% from 1Q 2014 to 1Q 2015, the profit decline in CNY-terms was even worse at 52%.
  HSBC said the earnings contribution of EUR128m (RMB899m) accounted for 15% of HSBC's previous FY2015 earnings forecasts for the contribution from the JV of RMB5.9bn.
  The research house cut its earnings forecasts by 9.3% and 8.6% in 2015 and 2016 driven by lower profitability assumption for BBA.