《大行報告》海通國際:市場對東亞(00023.HK)重組憧憬反應已過度 料內地業務難以高溢價出售
海通國際發表報告,東亞銀行(00023.HK)公布聘財務顧問為業務作全面檢討,令市場憧憬其重整業務及資產重組提升價值,消息公布後股價抽升,但該行認為市場對東亞檢討業務的反應已過度,雖然相信東亞可藉重整業務,令旗下東亞中國享有良好估值溢價,但無論如何,目前部份內地合資商銀H股估值僅相當預測2019年市賬率0.4倍至0.5倍,認為潛在投資者要以巨大溢價購入東亞中國的預期並不合理。該行指,東亞銀行目前僅財務顧問為業務作全面檢討,仍未藉重整業務錄得巨額溢利,兼且本港商業物業價值下滑,相信東亞短期難以藉出售商業物業錄得巨額估值溢價。海通國際表示,東亞銀行的實質問題是從事目前低回報的香港及內地銀行業務,該行維持東亞銀行「沽售」投資評級及目標價14元。
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