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《大行报告》大摩降东亚银行(00023.HK)评级至「与大市同步」 削目标价至16元
阿思达克 09-24 10:21
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,摩根士丹利发表报告示,指市场对东亚银行出售东亚人寿流程的期望憧憬已过高,并指东亚银行本身的基本面正面临挑战,料其短期缺乏催化剂;该行决定下调对东亚银行投资评级,由「增持」降至「与大市同步」,将目标价由23元降至16元。

大摩指,东亚银行今年来已跑赢同业(今年以来股价仅累跌6%,对比MSCI指数中的港银股累跌20%),相信市场已憧憬其或可藉市账率2倍出售东亚人寿的交易,料交易涉及46亿元,相当其目前市值约10%。

该行称,东亚银行启动出售东亚人寿流程,未来将专注於其在本港和中国内地的核心银行业务,截至今年6月底,东亚人寿的总资产为250亿港元,股本权益为23亿港元,并通过东亚银行的分支机构及在线渠道分销产品,而作为销售过程的一部分,东亚也将寻求签订长期独家经销商协议。

该行认为东亚未来将需要做更多的工作,以实现企业价值,关注未来数个战略重点包括第一是通过重新关注财富管理来增加基於收费的收入;第二是通过简化运营降低成本收入比率;第三是改善客户体验,加强风险管理,维持稳健的资本金等。

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