We Increase our FVE for BOC on RMB Appreciation and Increased NIM Assumptions
We increased our fair value for narrow-moat BOC to CNY 4.4 per share from CNY 4.0 for A shares, and HKD 5.4 from HKD 4.7 per share for H shares, with increased net interest margin, or NIM, assumption accounting for HKD 0.3 of the increase, renminbi appreciation responsible for HKD 0.3 of the increase, and time value of money making up the rest. Trading at 20% discount to our DCF valuation, and at the lowest valuation among the big four banks, BOC is undervalued at current stage. BOC is our top p...
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