No Surprises in BOC Hong Kong's Brief 3Q17 Update
Bank of China Hong Kong provided a brief third-quarter update without many surprises. Our fair value of HKD 35 is reaffirmed and forecasts are unchanged, which are largely in line with current run rate. We believe the higher-than-peers growth from its expansion into Southeast Asian business is priced in and we continue to see the bank as slightly overvalued. A 4.4% increase in operating expense against last quarter outpaced revenue growth, resulting in a 1.2% decline in operating profit to HKD 8...
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