《大行报告》瑞银:东亚(00023.HK)售人寿业务憧憬令股价已跑赢同业 料市场重估将消退
就东亚银行(00023.HK)宣布完成业务策略性检讨,并启动出售东亚人寿流程,瑞银发表报告表示,根据东亚提供财务披露,截至今年上半年东亚人寿资产250亿元及股本权益23亿元,去年总承保保费收入为48亿元;据外电早前引述消息指,东亚冀藉出售东亚人寿筹集约5亿至6亿美元(约38.75亿至46.5亿港元),此意味着出售东亚人寿综合过去一年的市账率估值介乎1.7倍至2倍属合理,此已考虑到独家银行保险交易协议。
瑞银表示,按东亚目前估值,这将使该集团其余业务部分的股本回报率约为4%,相当於明年预测市账率的0.45倍。若东亚明年能完成交易并将其收益的30%分配给予股东,可使其2021年的股息收益率大致提升至7至8厘。
但瑞银指出,东亚与同业相比,认为东亚估值水平并不特别吸引,料其股价上升空间有限,除非出售东亚人寿收益可以使人感到惊喜。该行重申对东亚「沽售」评级及目标价11.7元。
瑞银表示,东亚银行藉资产重组憧憬已驱动股价跑赢同业,但是随着市场重估将结束,相关角度提升估值的预期已减弱。监於东亚本身所面临资产质量的不确定性,所以该行对东亚持谨慎态度。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.