《大行报告》摩通降东亚(00023.HK)目标价至15.2元 指东亚中国仍存较大不确定性
摩根大通发表报告指,东亚银行(00023.HK)2019财年业绩好过该行预期,主要是由於中国业务受惠於税务优惠,但却低於市场预期。基於东亚中国的资产质量仍存在较大的不确定性,维持对东亚「减持」投资评级,并将其2020及2021财年盈利预测分别下调16%及9%,将其目标价由15.5元降至15.2元。
在负面因素方面,该行指出东亚去年下半年的净息差按半年下跌11个基点,这是由於香港及中国内地均因为存款竞争激烈、不利的贷款组合以及债券组合的再融资收益率下降而面临利率压力,而管理层预期2020财年净息差会进一步受压。另外,东亚的信贷成本存於高水平,并看到其中国内地的零售贷款资产质素恶化,意味未来数季的信贷成本及盈利的不确定将会增加。
在正面因素方面,看到东亚旗下香港及中国内地业务的费用收入均按年有双位数增长,主要是受到信用卡业务及保险产品销售业务所带动,而企业及个人银行的费用收入将会是公司2020财年的重点。(jc/w)~
阿思达克财经新闻
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