Bank of East Asia's Pre-Close Meeting: Guidance in Line; Bank Remains Overvalued
There was little in Bank of East Asia's pre-close meeting to alter our view on the bank. The bank is continuing to pare expenses and improve efficiency by rationalizing its branch network and digitalizing its operations. However, this is more than factored into current share prices; the bank is trading at a 36% premium to our fair value estimate, as the market is assuming a takeover premium, which we believe is unlikely. Our unchanged fair value estimate of HKD 24 represents a fair price/book ra...Bank of East Asia is engaged in the provision of banking and related financial services, and business, corporate and investor services. Co. organizes its businesses into nine business segments: Personal banking, Corporate banking, Treasury markets, Wealth management, Financial institutions, Other Hong Kong banking operations, China operations, Overseas operations, and Corporate services. Co.'s other businesses include property-related business, supporting units of Hong Kong operations, investment properties, bank premises. As of Dec 31 2014, Co. had total assets of HK$795,891,000,000.
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