The Bank of East Asia, Limited (0023.HK)

Industry: Banks - Regional Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
WTFC	140	Wintrust Financial	4,170	11.28	9.16	8.19	6.80	8.21	7.36
FIBI.TA	141	First Internationa	4,169	10.36	8.34	-12.20	-9.76	-11.79	-10.12
TPEIR.AT	142	Piraeus Financial	4,062	6.91	6.91	2.01	2.01	2.37	2.17
UMBF	143	UMB Financial Corp	4,039	14.63	11.68	12.39	9.86	11.75	11.66
2890.TW	144	SinoPac Financial	3,990	13.38	11.65	6.60	5.72	5.86	6.18
IOB.BO	145	Indian Overseas Ba	3,957	17.29	17.29	15.54	15.54	11.01	15.54
601997.SS	146	Bank of Guiyang Co	3,953	4.12	4.22	44.76	46.04	38.53	46.04
0023.HK	147	The Bank of East A	3,845	4.29	4.61	-1.78	-1.55	-1.67	-1.82
IDBI.BO	149	IDBI Bank Limited	3,727	10.59	10.59	11.01	11.01	6.47	11.01
ETE.AT	150	National Bank of G	3,622	8.98	8.98	2.06	1.68	2.24	1.83
BRSR3.SA	151	Banco do Estado do	3,584	3.82	3.55	-3.12	-2.93	-2.58	-2.25
QNBFB.IS	152	QNB Finansbank A.S	3,573	28.57	17.18	25.77	15.17	22.34	21.93
BMA.BA	153	Banco Macro S.A.	3,528	12.95	7.89	5.02	5.02	3.85	6.15
002966.SZ	154	Bank of Suzhou Co.	3,526	6.80	5.84	39.42	34.14	38.58	34.14
VLY	155	Valley National Ba	3,489	11.46	10.42	13.09	12.51	10.66	13.85

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.47	8.66	9.60	8.33	7.34	9.19
Full Range Median Multiple	10.93	9.07	11.70	10.44	9.44	11.34
Industry Multiple	11.51	9.55	15.49	13.79	13.49	14.82
Market Implied Multiple	4.85	5.21	-1.42	-1.24	-1.33	-1.45
Company (0023.HK) Multiple	4.29	4.61	-1.78	-1.55	-1.67	-1.82
(*) Net Income / EBITDA / Revenue	1,016	947	1,576	1,813	1,681	1,543
Winsorized Enterprise Value	N/A	N/A	15,134	15,105	12,342	14,180
Full Range Median Enterprise Value	N/A	N/A	18,446	18,927	15,862	17,495
(-) Net Debt	-7,172	-7,172	-7,172	-7,172	-7,172	-7,172
Winsorized Equity Value	10,637	8,195	22,306	22,277	19,514	21,352
Full Range Median Equity Value	11,104	8,584	25,617	26,098	23,034	24,667
(/) Shares Outstanding	360	360	360	360	360	360
Winsorized Fair Value	$29.51	$22.74	$61.89	$61.81	$54.14	$59.24
Full Range Median Fair Value	$30.81	$23.82	$71.07	$72.41	$63.91	$68.44
Current Price	$13.68	$13.68	$13.68	$13.68	$13.68	$13.68
Upside / Downside	115.73%	66.20%	352.39%	351.79%	295.76%	333.04%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$20.66	$15.91	$43.32	$43.26	$37.90	$41.47
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY