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  "docSlug": "f3f23ae4a447",
  "documentTitle": "Bank of East Asia, Limited (0023.HK)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2016-02-04 00:00:00",
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  "notes": "The slide uses a line chart for ROE trends and a grouped bar chart for BPS CAGR to illustrate the performance gap.",
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      "text": "Although prior to 1997, BEA performed well compared to its listed peers and the Hong Kong retail banking sector, in recent years it has underperformed significantly in terms of both ROE and BPS growth",
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      "text": "Book value per share (BPS) CAGR",
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      "text": "BEA, HSB, BOCHK",
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      "text": "ROE: 9.1%",
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      "text": "Although prior to 1997, BEA performed well compared to its listed peers and the Hong Kong retail banking sector, in recent years it has underperformed significantly in terms of both ROE and BPS growth",
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      "kind": "source-note",
      "text": "Source: Company disclosures. Note: ROE figures are based on reported net profit and book value of equity (H1 2015 annualised); for HSB, figures adjusted to exclude the financial impact of its stake in Industrial Bank Co., Ltd. (\"Industrial Bank\"). Compound Annual Growth Rate (\"CAGR\") for H1 2015 shown as year on year growth",
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      "kind": "title",
      "text": "Share price underperformance has been driven by poor consolidated ROE and low Book Value Per Share (“BPS”) growth compared with Leading HK Banks",
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