No Change in Thesis for Bank of East Asia; Profitability Improvement Maintained
We maintain our fair value estimate of HKD 28.60, representing a fair price/book value of 0.9 times and fair price/earnings of 11.8 times. We expect return on equity to average 7.8% over the next five years with steady improvement over our explicit forecast period. We continue to believe the risk-to-reward has improved over the last year from an improvement in the bank’s operation as its cost base is lowered and the settlement of non-performing loans for its China book. A decline in the bank’s s...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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