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《大行報告》花旗料東亞(00023.HK)就內地撥備將拖低今年一半盈測降目標價至20.4元
阿思達克 06-14 10:31

東亞銀行(00023.HK)發盈警,有關信貸級別下調將導致重大稅後減值損失,主因總值約為62億元早年批出的中國內地商業物業貸款所受到的影響,東亞料至6月底止中期純利錄顯著下降。花旗發表報告表示,東亞上述撥備將會影響其今年全年盈利約一半,該行決定下調對東亞2019年每股盈利預測46%,但對來年預測則大致維持不變。

該行重申對東亞銀行「沽售」投資評級,下調其目標價由23.6元降至20.4元,對其股本回報率低企持審慎態度,顯示旗下內地業務已被宏觀經濟環境所拖累,料其今年派息可能會受到盈利下滑所拖累。

花旗料東亞2019年純利為34.02億元,料每股攤薄股盈為1.19元,將按年跌42.3%,料股本回報率降至3.6%,料今年每股派息降至0.54元;該行估計東亞2020年純利為68.02億元,料攤薄每股盈利為2.36元,將按年回升98.3%,料股本回報率升至6.8%,料明年每股派息回升至1.06元。

該行稱,雖然不排除內地對房地產政策未來或有放鬆機會,但預料短期而言較多房地產貸款的內銀股的市場情緒負面,如民生銀行(01988.HK)、平安銀行(000001.SZ)。而該行稱較喜愛大型內銀,首選工行(01398.HK)、建行(00939.HK)及招行(03968.HK)。

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