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Gold/Mining/Energy : CIBC tse/cm

CM 90.28

+3.9%

2:14 PM EST

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To: AreWeThereYet who wrote (81)	4/22/1998 2:26:00 PM
From: Yonni	Read Replies (2) of 147

Mr. Chu: I do not agree with two points you have made in your last writing. 1)P/E multiples between Canadian and U.S. Banks are comparable. Although there are some differences between U.S. GAAP and Canadian GAAP, it really does not make that much of a difference. Most U.S. investors will agree with this (Ask Tiger Management, a U.S. based hedge fund that owns a big share of CIBC and Royal) 2)Your other comment about Asian exposure is a little misleading. CIBC only has 2.1% of its loan portfolio in Asia. Currently, the only trouble being experience is in Indonesia, where 51 million was placed into impaired status as of Q1/98. The contingent credit risk associated with derivative exposure in Asia is quite modest as well. Take a good look at the exposure of such players as J.P. Morgan and Chase. 3) I have held CIBC for over 2 years and will continue to hold. It is the only sector in Canada which is showing consistent earnings growth. The market will soon award the sector with a higher multiple, unless Global capital markets explode. Just my opinion. I know I am new to the site and will take all constructive criticism.

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