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Gold/Mining/Energy : CIBC tse/cm

CM 89.74

+3.3%

12:11 PM EST

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To: Yonni who wrote (82)	4/22/1998 3:47:00 PM
From: AreWeThereYet	of 147

Yonni, >> 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. << Similar accounting practice doesn't imply similar P/E standard. Even in the same sector, some company derserves a higher p/e than another, not to mention different countries. >> 2)Your other comment about Asian exposure is a little misleading. CIBC nly 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 erivative exposure in Asia is quite modest as well. Take a good look at the exposure of such players as J.P. Morgan and Chase. << 2.1%? If Asia problem continues, you will see but so far so good. And again you are comparing US banks to Canadian banks. >> 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 apital markets explode. << Not bad, any CDN banks are still good choices. I just didn't like it when it was trading at $59 and you probably know why by now. aC

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