[ET Net News Agency, 16 June 2020] HSBC Global Research lowered its target price for
Bank of East Asia (BEA)(00023) to HK$16.9 from HK$18.6 and maintained its "hold" rating.
The research house said BEA's share price is up 6% year-to-date, making it the best
performing bank among its Greater China peers. HSBC believes the outperformance reflects
(i) expectations that the worst is over after BEA suffered sizable mainland China
property-related impairment losses in 2019, (ii) favourable expectations on the bank's
strategic review due for an update by end-September, (iii) undemanding valuation and
long-term M&A potential.
HSBC lowered its 2020/21 earnings forecasts by 45%/22.5% respectively to reflect reduced
NIM, higher fee income, increased cost-income ratio, higher credit costs, and net losses
in other comprehensive income. (KL)
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00023 BANK OF E ASIA
Nominal 
9.110 -0.010 (-0.110%) Others
16/06/2020 15:16
{I-bank focus}HSBC cuts Bank of East Asia (00023) to HK$16.9
| Remark: | Real time quote last updated: 19/04/2024 17:10 |
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