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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Bank of China Ltd    601988   CNE000001N05

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Temasek To Raise Up To US$2.5 Billion Via Selling Shares of BOC, CCB H Shares - Term Sheet

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05/02/2012 | 01:59pm CEST

Singapore state-investment firm Temasek Holdings Pte. Ltd. is seeking to raise up to US$2.5 billion by selling its stakes in Chinese lenders Bank of China Ltd. (3988.HK) and China Construction Bank Ltd. (0939.HK) via placements, according to term sheets seen by Dow Jones Newswires.

Temasek unit Fullerton Financial Holdings Pte Ltd. plans to sell 3.079 billion shares in Hong Kong-listed Bank of China at a price range of HK$3.13 to HK$3.18 each, according to the first term sheet, raising up to US$1.26 billion. The sale price represents a 2.5% to 4.0% discount to Bank of China's Wednesday closing price of HK$3.26.

Also, Cairnhill Investments (Mauritius) Pte. Ltd., a unit of Temasek, is selling 1.6 billion Hong Kong-traded shares in China Construction Bank at a HK$5.99 to HK$6.10 price range, according a second term sheet, or up to US$1.25 billion. The price range reflects a 1.0% to 2.80% discount to the stock's Wednesday closing price of HK$6.16.

China Construction Bank is the nation's No. 2 largest lender by assets, while Bank of China is No. 4.

Temasek is subject to a 90-day lock-up period, meaning the company isn't allowed to sell shares in either bank during the period, according to the term sheets. Bank of America Merrill Lynch and Morgan Stanley are handling the share placements.

The Hong Kong-traded shares of Bank of China have risen 14% so far this year, while those of China Construction Bank are up 13.7%. Both banks are also listed in Shanghai.

-By Prudence Ho, Dow Jones Newswires; 852-2802-7002; prudence.ho@dowjones.com

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Financials ( CNY)
Sales 2017 488 621 M
EBIT 2017 274 601 M
Net income 2017 166 789 M
Debt 2017 99 714 M
Yield 2017 4,46%
P/E ratio 2017 6,77
P/E ratio 2018 6,54
EV / Sales 2017 3,01x
EV / Sales 2018 2,76x
Capitalization 1 369 004 M
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Technical analysis trends BANK OF CHINA LTD
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 4,25  CNY
Spread / Average Target 10%
EPS Revisions
Managers
NameTitle
Si Qing Chen Vice Chairman & President
Jun Li Chairman-Supervisory Board
Guo Li Tian Chairman
Qingsong Zhang GM-Accounting & Information & EVP
Wan Ming Liu Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF CHINA LTD10.47%202 686
JP MORGAN CHASE & COMPANY7.54%329 700
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD22.22%278 739
WELLS FARGO-0.09%275 152
BANK OF AMERICA10.77%243 622
CHINA CONSTRUCTION BANK CORPORATION18.93%222 787