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《大行報告》摩通降東亞(00023.HK)目標價至15.2元 指東亞中國仍存較大不確定性
阿思達克 02-20 09:53
摩根大通發表報告指,東亞銀行(00023.HK)2019財年業績好過該行預期,主要是由於中國業務受惠於稅務優惠,但卻低於市場預期。基於東亞中國的資產質量仍存在較大的不確定性,維持對東亞「減持」投資評級,並將其2020及2021財年盈利預測分別下調16%及9%,將其目標價由15.5元降至15.2元。 在負面因素方面,該行指出東亞去年下半年的淨息差按半年下跌11個基點,這是由於香港及中國內地均因為存款競爭激烈、不利的貸款組合以及債券組合的再融資收益率下降而面臨利率壓力,而管理層預期2020財年淨息差會進一步受壓。另外,東亞的信貸成本存於高水平,並看到其中國內地的零售貸款資產質素惡化,意味未來數季的信貸成本及盈利的不確定將會增加。 在正面因素方面,看到東亞旗下香港及中國內地業務的費用收入均按年有雙位數增長,主要是受到信用卡業務及保險產品銷售業務所帶動,而企業及個人銀行的費用收入將會是公司2020財年的重點。(jc/w)~ 阿思達克財經新聞 網址: www.aastocks.com
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