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高盛:微降東亞銀行(0023.HK)目標價至18.6港元 評級“中性”
格隆匯 02-20 16:48

高盛發表研究報告指,東亞銀行(0023.HK)去年下半年每股盈利0.67港元,按年減少13%,較該行預期低22%,主要由於收入減少、信貸成本增加。集團收入亦較預期低2%,下半年的信貸成本已由198個基點降至88個基點,但內地的減值損失增加,因此仍然處於較高水平。高盛將東亞銀行目標價輕微下調0.53%,由原來的18.7港元下調18.6港元,維持“中性”評級。

該行又指,考慮到較低的淨息差及較高的信貸成本,該行將今年每股盈利預估下調17%,2021及2022年的每股盈利預測亦分別降低4%及1%。

高盛表示,集團下半年的淨息差為1.79%,較預期低7個基點。淨息差表現疲弱,原因是貸款組合轉變,以及去年第四季存款競爭激烈而導致融資成本上升。

信貸成本方面,該行指,宏觀經濟表現疲弱,為信貸帶來額外的下行風險,預計今年的信貸成本相對於去年的上升水平,將有適度改善,並且於2021至2022年期間恢復至正常水平

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