GS 高华证券－东亚银行：强劲的中国业务增长开始显现

COMMENT Bank of East Asia (0023.HK) HK$46.20 Positive News – Estimates Under Review

2H2006: On a roll, robust China growth just starting, Buy

(英文) February 8, 2007 ５页

This reflects solid performance across P&L lines (revenues higher than
expected, operating expenses roughly in line, provisions notably lower
than expected, and stellar loan growth of 20.9% (vs. our estimate of
15.8%). There was also broad-based strength across businesses, with
pretax profits for the Tricor corporate services business (which represents
9% of revenues) up 24% YoY. The strongest performance came, as
expected , from BEA’s China Division (25% of loans), which posted loan
growth of 63% YoY (vs. our 52%) and net profits up 88% YoY (vs. our 79%).