Personally I like Bank of America, ever since I became their customer serveral years ago. Two benefits of being BoA checking acct cosumer: 1) Their branch and ATMs are all over the country; 2) In addition to that, since I travel to China once a while, I like the fact I can withdrawl Chinese Yuan (RMB) from China Construciton Bank (CCB is BoA Chinese partner), without transaction fees. CCB is also a large bank in China and their ATMs can be found in many places.
Now to the investing of BoA (NYSE: BAC). Did I say investing? With the stock price of BoA approach to $7, it seems to me it’s more and more like speculating. I remember someone (Jim Cramer?) once said any bank stock traded under $5 is speculative.
Financial Times did a Top 10 Chinese global brands survey recently. And here are the winners. Did you notice anything interesting?
I noticed BoC, Air China, China Mobile, China Telecom, Sinopec, CCB are state owned (majority owned); while Lenovo, Tsingtao beer, Haier and Baidu are public companies. I am a little puzzeled why ICBC and PetroChina did not make it to the list; and I was NOT surprised Baidu tops Sina, Sohu and Netease.
By the way, many of the top 10 brands are Beijing Olympics sponsor, such as BoC, Air China, China Mobile and Lenovo. If you watch NBA on TV, you will see Lenovo and Haier ad. from time to time.
(Update Oct 14) I saw this “UBS analyst conference call” from trader168, it talked about “UBS analyst followed the momentum, not the fundamental analysis”. Some food for thought amid all the craziness in the China A share market, and its ripple effect on Hongkong and US markets.
(Original) The performance of recent Haigui stocks are spectacular, here are today’s closing prices of 3 big boys recently came back from Hongkong.