《大行報告》美銀美林下調東亞(00023.HK)目標價至20元對內地信貸風險憂慮持續
就東亞銀行(00023.HK)發盈警,預期至6月底止中期純利錄顯著下降,主因受到內地貸款撥備損失所拖累,而有關信貸級別下調將導致約25億元至30億元之間的重大稅後減值損失。美銀美林發表報告表示,維持東亞銀行「跑輸大市」投資評級,下調對目標價由20.8元降至20元,此相當預測今年市賬率0.6倍,因其在內地業務佔比較高及股本回報率疲弱。
該行估計,東亞銀行信貸成本會由2018年24個基點,至2019年會升至高於80個基點,料其至2020年至2021年信貸成本降至介乎40至45個基點,並下調對其今年盈利預測35%,降其2020年至2021年盈利預測介乎1至4%。
美銀美林指,東亞去年旗下在內地貸款佔比37%,而物業及投資貸款佔相關貸款最大組成部份,令市場關注東亞中國信貸風險將會是市場持續憂慮。
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