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HSBC wants to sell its 18% stake in BVH at a 40% premium. HSBC bought 18% of insurance market leader BVH over 2007–2009 for $360m. The stake was worth $250m at the beginning of last week;
however, HSBC wants to sell its shares and recoup the $360m it originally paid. The market took that news last week to mean that HSBC has buyers willing to pay a 40% premium, or about 3.6x P/B, which caused the BVH stock price to increase 11% last week. KE do not expect this euphoria to last and KE consider PVI, which is trading at around 0.7x P/B a more attractive insurance stock.
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