With market volatility jumping up in China, it might provide a good entry point to get into HSBC Holdings ADS (NYSE: HBC), the old Hong Kong Shanghai Bank.David Herro, the long-time successful international fund manager at Oakmark, recommended the stock a few weeks ago in Barron's at $89 per share. The stock is now down to $86 on yesterday's global sell off. Herro liked the stock as a more conservative play on Asia and its many emerging markets.
Chuck Allmon, long-time investor and publisher of Growth Stock Outlook investment newsletter, also likes HSBC. In an interview with Kate Welling at Welling@Weeden, Allmon mentioned he liked the world's fourth largest bank because it has balanced exposure to North America, Europe and Asia. Allmon also liked HSBC's 4% yield and only 11x earnings valuation.
As the lemmings panic over a much needed correction in China, yesterday's sell off provides the level-headed investors with an opportunity to get into this stock.
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