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BofAML lifts Bank of East Asia to HK$23.8
BofA Merrill Lynch lifted its target price for 
Bank of East Asia (BEA)(00023) to HK$23.8 from HK$22.75, and reiterated its "underperform"
rating as it struggled to justify BEA's 1x P/B or 18x P/E multiples.
  The research house said BEA's FY2017 net profits more than doubled YoY to HK$8.7bn,
beating by 8%, boosted mainly by the one-off gain from the Tricor disposal (HK$3bn). 
Underlying profit from continuing operations rose 89% YoY, while pre-provision profit rose
21% YoY. DPS was 5% higher than expected at HK$1.28 in 2017, with payout ratio at 40%.
  BofAML raised its 2018-19 earnings by 5-6%. Despite the strong results, underlying ROE 
remained low at 6.8% in 2017, and is expected to fall to 6% in 2018-19, the research house
said.

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