STOCK analysts in Hongkong have downgraded their forecasts of HSBC Holdings' profit. According to broker forecasts in The Estimate Directory, six out of eight brokerages downgraded their forecast for net profits in 1992 during January. Other companies to see significant changes in broker forecasts were Hongkong Telecom, which saw a significant re-rating of 1993 net profit upwards, and Swire Pacific which saw analysts following the company cut their profit estimates for the conglomeratein 1992. The directory showed the biggest change in HSBC forecasts was at Schroders Securities which cut its 1992 net profit figure by $1.5 billion to $13.52 billion. In second place was Credit Lyonnais Securities which cuts its estimate for the period by $1.46 billion to $11.8 billion. Of the remaining downgrades reported in the directory, one cut its estimate of profit by more than $1 billion while the remainder reported cuts in their estimates of between $829 million and $760 million. In December a number of brokers chose to change their forecasts for HSBC on the expectation of further provisions for bad debt at the bank in the 1992 financial period. Analysts are expecting better earnings figures from Hongkong Telecom since the last time The Estimate Directory was published in December. Of the eight broker forecasts on the company followed by the directory, seven reported increases in their forecasts for 1993. The re-rating in forecasts was less dramatic than that of HSBC. The biggest up-rating is from Credit Lyonnais which has added $219 million to its 1993 net profit estimate of $6.48 billion. The lowest re-rating came from Crosby Securities which added just $35 million to its forecast at $6.6 billion. In general the re-rating amounted to some $89 million to $205 million being added to forecasts. During 1992 the company has suffered from poor market sentiment as analysts are expecting a slow down in earnings during the next few years as it relinquishes its domestic monopoly franchise on calls. Other companies to see significant upward re-ratings on net profit for the next reporting season were Johnson Electric, Lai Sun Garment, Lai Sun Development, Cafe de Coral and New World Development. A downgrading of net profit at Cathay Pacific by analysts since September has hurt the group parent. Of the eight brokerage forecasts tracked by the directory, seven forecasts were downgraded. The biggest change in net profit forecast over December was from Crosby Securities which cut its forecast by $575 million to $3.93 billion. Barclays de Zoete Wedd, cut its figure by $219 million to $4.24 billion for the period ending December 31, 1992. Broker downgradings were generally in the region of $60 million to $85 million. Semi-Tech (Global) was another victim of net profit forecast cutting, with all three of the brokerages tracked reducing their estimates. CITIC Pacific, China International Trust and Investment Corp's listed vehicle in Hongkong, was another stock to see cuts in net profit forecasts. The cuts were less than $100 million across the board and the consensus figure for the 12 months ending December 31 stood at $1.13 billion, up 239 per cent, with earnings per share rising by 31 per cent to 94 cents. These forecasts pre-date the company's placing of 551.8 million shares to raise a record-breaking $7.1 billion in a $10.4 billion deal to buy 12 per cent of Hongkong Telecom from its parent.