Bank of East Asia (BEA)(00023) announced the completion of its strategic review that was first made public on 4 March.
HSBC Global Research said it does not think the market will be too excited with BEA's strategic review given (1) limited color on explicit financial targets, (2) overall scope of asset disposals is in line or moderately smaller than what the market has been expecting, (3) limited color on new and innovative initiatives that could mark a difference versus BEA's past practices.
HSBC, therefore, retained its "hold" rating on BEA, with a target price unchanged at HK$16.
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