匯豐證券:維持東亞銀行(0023.HK)目標價18.6港元 評級“持有”
匯豐證券發表研究告指出,東亞銀行(0023.HK)昨天公佈2019年度業績,反映縮減中國業務敞口及淨息差收控對該行收入之影響。匯證認為,去年度業績對東亞股價只有中性的影響,雖然香港資產質素保持韌性,但內地業務風險仍處下降階段,受累於新型肺炎,該行盈利前景依然不確定,但資產負債表於去年下半年已見改善,維持其目標價為18.6港元,評級仍為“持有”。
匯證報告指出,東亞去年每股盈利下降56.7%,比預期低12.1%,每股帳面值半年間上升1.6%,則較預期為佳,每股派息0.46港元,派息率為51.8%,高於五年平均數46%。由於自中期業績後,東亞的股價已顯著調整,以反映較低預期,因此昨天公佈的業績對該行股價只會有中性的影響。
報告又指,東亞淨息差半年間收窄11點子至1.79%,淨利息收入下跌4.2%,而去年支出按年增加15.5%,高於15.3%的收入增幅,資產負債表方面,東亞存款在半年間減少1.5%,貸款亦跌0.4%,三者均屬不利因素。
不過,報告提到,去年東亞銀行的非利息及佣金收入按年增加10.9%,普通股權一級資本比率(CET1)升至15.55%,則屬利好因素。東亞去年資產質素榮辱互見,不良貸款率半年間下跌41個基點至1.22%,年化後的信貨成本為0.88%,比2018年下半年的0.35%為高。

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