Morgan Stanley cut its target price for Bank of East Asia (BEA)(00023) to HK$16 from HK$23 and downgraded its rating to "equal-weight" from "overweight" as the stock has outperformed local peers this year.
The research house cited BEA management from a conference call saying that they are unlikely to repeat the strategic review within the next 12-18 months, but they did not rule out the possibility of other transactions coming from the review.
The bank said that it will look for strategic partnerships to further develop its HK and China business, Morgan believes this will be key to further value creation.
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