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Gold/Mining/Energy : CIBC tse/cm -- Ignore unavailable to you. Want to Upgrade?

To: Francois Amouzouvi who wrote (80)	4/20/1998 10:11:00 AM
From: AreWeThereYet	Read Replies (1) \| Respond to of 147

Francois, Cdn Banks aren't really overvalued but I don't think it is cheap for the short term. Use CIBC as an example, pe has expanded from 12 to 17 since beginning of year mostly because of M&A expectation. Now the rumor is materialized so a pull-back is very possible than moving higher. In addition both CIBC and TD has high exposure in Asia and the damage has yet to be realized. compare p/e ratios from Cdn to US is not very appropriate because the financial structure of both countries is very different even though the culture is similar. aC