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《大行報告》大摩降東亞銀行(00023.HK)評級至「與大市同步」 削目標價至16元
阿思達克 09-24 10:21
就東亞銀行(00023.HK)宣布完成業務策略性檢討,並啟動出售東亞人壽流程,摩根士丹利發表報告示,指市場對東亞銀行出售東亞人壽流程的期望憧憬已過高,並指東亞銀行本身的基本面正面臨挑戰,料其短期缺乏催化劑;該行決定下調對東亞銀行投資評級,由「增持」降至「與大市同步」,將目標價由23元降至16元。

大摩指,東亞銀行今年來已跑贏同業(今年以來股價僅累跌6%,對比MSCI指數中的港銀股累跌20%),相信市場已憧憬其或可藉市賬率2倍出售東亞人壽的交易,料交易涉及46億元,相當其目前市值約10%。

該行稱,東亞銀行啟動出售東亞人壽流程,未來將專注於其在本港和中國內地的核心銀行業務,截至今年6月底,東亞人壽的總資產為250億港元,股本權益為23億港元,並通過東亞銀行的分支機構及在線渠道分銷產品,而作為銷售過程的一部分,東亞也將尋求簽訂長期獨家經銷商協議。

該行認為東亞未來將需要做更多的工作,以實現企業價值,關注未來數個戰略重點包括第一是通過重新關注財富管理來增加基於收費的收入;第二是通過簡化運營降低成本收入比率;第三是改善客戶體驗,加強風險管理,維持穩健的資本金等。

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