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《大行報告》瑞銀:東亞(00023.HK)售人壽業務憧憬令股價已跑贏同業 料市場重估將消退
阿思達克 09-24 10:53
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,瑞銀發表報告表示,根據東亞提供財務披露,截至今年上半年東亞人壽資產250億元及股本權益23億元,去年總承保保費收入為48億元;據外電早前引述消息指,東亞冀藉出售東亞人壽籌集約5億至6億美元(約38.75億至46.5億港元),此意味著出售東亞人壽綜合過去一年的市賬率估值介乎1.7倍至2倍屬合理,此已考慮到獨家銀行保險交易協議。

瑞銀表示,按東亞目前估值,這將使該集團其餘業務部分的股本回報率約為4%,相當於明年預測市賬率的0.45倍。若東亞明年能完成交易並將其收益的30%分配給予股東,可使其2021年的股息收益率大致提升至7至8厘。

但瑞銀指出,東亞與同業相比,認為東亞估值水平並不特別吸引,料其股價上升空間有限,除非出售東亞人壽收益可以使人感到驚喜。該行重申對東亞「沽售」評級及目標價11.7元。

瑞銀表示,東亞銀行藉資產重組憧憬已驅動股價跑贏同業,但是隨著市場重估將結束,相關角度提升估值的預期已減弱。鑑於東亞本身所面臨資產質量的不確定性,所以該行對東亞持謹慎態度。

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