Anyone looking for evidence of investors’ deflating expectations for Chinese companies in the past few years need only glance at China’s biggest banks. The four that listed in the pre-Lehman boom years priced at a minimum of three times their book value. Even Agricultural Bank of China, with a 2010 listing, managed a multiple of 2.5 times – more than twice the level for western banks at the time. Now the five biggest in China trade at just over book value. Yet all have defied the country’s slowdown and lower analyst forecasts to produce strong first-quarter growth. Are China’s banks cheap?
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