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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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  "pageNumber": 9,
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  "nDataPoints": 15,
  "notes": "The chart illustrates indexed stock performance from 1997 to 2015, highlighting the superior returns of banks that were divested.",
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      "kind": "callout",
      "text": "It would take BEA shareholders 39 years to generate the same absolute return as an exit at 2.0x P/B today (assuming an equivalent ongoing TAR of 2.7%)",
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      "kind": "chart",
      "text": "Total returns for divested family-run banks since April 1997",
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      "kind": "list",
      "text": "Given its poor long term return performance as an independent bank, the BEA board cannot claim that a sale of BEA would not be in the best interests of all shareholders\nIt would take BEA shareholders 39 years to generate the same absolute return as an exit at 2.0x P/B today",
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      "text": "Total Annualised Return: 2.7%",
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      "kind": "paragraph",
      "text": "BEA has only managed to achieve a TAR of 2.7% since 1997, in contrast to an average TAR of 14.5% for Family-run HK Banks",
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      "kind": "source-note",
      "text": "Source: Bloomberg. 1. Shown from appointment of current Chairman (on 9 April 1997) to 3 February 2016. 2. For divested Banks, Index returns calculated to the day following takeover/sale announcement. 3. TARs up to 3 February 2016, with dividends reinvested",
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      "kind": "table",
      "text": "Total Annualised Return (Since April 1997) comparison table for BEA vs WHB, CHB, WLB, DHB",
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      "kind": "title",
      "text": "Most Family-run HK Banks have achieved strong shareholder returns through a sale of the bank",
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      "evidence": "Comparing BEA performance against divested peers to frame the argument for sale.",
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      "evidence": "The document agitates the problem by presenting peer comparisons and highlighting BEA's underperformance.",
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      "position": 1,
      "objective": "How does BEA's performance compare to peers?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
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