《大行報告》花旗一舉下調東亞(00023.HK)評級至「沽售」 削目標價至14.6元
花旗發表報告,一舉下調對東亞銀行(00023.HK)投資評級,由原來「買入」降至「沽售」,同時將目標價由21元降至14.6元,此按股息折現方式估值,在低息環境下,料東亞在2020年至2023年持續股本回報率預測為4.4%,予目標估值的市賬率為0.46倍。
該行指,東亞銀行今年以來股價僅累跌9%,對比同業恆生(00011.HK)累跌29%,相信市場已預期集團將撤出部分業務,料其未來股價跑贏的幅度預期將會有所收窄。
花旗稱,東亞銀行出售東亞人壽業務後,將聚焦核心業務並改善集團的股本回報率,不過管理層把中期股本回報率目標定在高單位數增長的同時,強調經濟不確定性和行業正面臨挑戰。
該行表示,東亞人壽在本港屬十大壽險商之一,估計將可吸引內地買家,藉交易擴展在本港業務領域。
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