Bank of East Asia (BEA)(00023) announced the result of the strategic review the bank has been undergoing over the last six months.
Goldman Sachs said the proposed sale of BEA Life has been floated by news media since March and other strategic priorities (increasing fee income via wealth focus, lowering cost-to-income ratio) don't come with numerical targets.
The research house said BEA's share price has outperformed local bank peers/HSI by 20pp/7pp year-to-date, largely since the strategic review was undertaken on 4 March.
Goldman said a review of this scope has been a rare event at HK banks, and this has come at a point when financial firm asset values are depressed globally. It maintained its "neutral" rating on BEA, with a target price of HK$14.5.
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