BOC Hong Kong: Net Interest Margin Pressure Justifies Undemanding Valuation [Seeking Alpha]
BOC HK HLDGS LTD S/ADR (BHKLY)
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Source: Seeking Alpha
BOC Hong Kong: Net Interest Margin Pressure Justifies Undemanding ValuationApr. 16, 2020 11:35 AM ET|About:BOC Hong Kong (Holdings) Limited (BHKLY)by: The Value PendulumAsia Value & Moat Stocks Uncover cheap stocks, great businesses listed in Asia focusing on HongKongSummaryBOC Hong Kong's asset quality is expected to hold up better than peers because of its customer structure with lower exposure to SMEs and food & beverage and tourism companies.Market consensus expects the bank's net interest margin to decline from 1.59% in FY2019 to 1.41% in FY2020, with Hong Kong benchmark interest rate cut to 0.86% in mid-March 2020.BOC Hong Kong is targeting a mid-to-high single digit loan growth for FY2020, and Southeast Asian markets are expected to be the bank's medium-to-long term growth driver.BOC Hong Kong trades at 0.84 times P/B and offers a consensus forward next twelve months' dividend yield of 5.7%.Elevator PitchI assign a "Neutral" rating to Hong Kong-list
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