Bank of East Asia drops 2.34% Merrill Lynch keeps running for big city
Source: Internet
Author: User
KeywordsBanks Hong Kong dollar annual growth rate spreads
The Bank of East Asia (00023-HK) has fallen 2.34% to 27.10 Hong Kong dollars, trading 2.812 million shares, which is currently losing a major market, with the index falling 1.79%. Merrill, which maintained the stock's market rating at a target of HK $15, cut its earnings forecasts for 2009-10 by 12% and 19% per cent respectively, with a narrowing of interest rates and a reduction in capital-related revenues that would offset the benefits of cost savings and reduced loan provision. Merrill also expects the bank's earnings growth to slow to a compound annual growth rate of around 13% in the next 2-3 years, and a composite growth rate of 27% per cent for 2002-07 years. Added that equity returns would remain below 10% in the coming years, which would have a negative impact on valuations.
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