美林 3328 Shedding some light on recent 31-OCT-2008
3Q08 results solid, trends consistent with peers
BoComm’s 3Q08 earnings grew by 56.8% YoY, accounting for 80% of our FY08E
estimates. The trends were consistent with peers’: NIM down 7bp QoQ to 3.18%,
fee income dropped 16.8% QoQ, and asset quality remained stable. The detailed
disclosure of BoComm helped shed some light on the recent development.