《大行报告》花旗一举下调东亚(00023.HK)评级至「沽售」 削目标价至14.6元
花旗发表报告,一举下调对东亚银行(00023.HK)投资评级,由原来「买入」降至「沽售」,同时将目标价由21元降至14.6元,此按股息折现方式估值,在低息环境下,料东亚在2020年至2023年持续股本回报率预测为4.4%,予目标估值的市账率为0.46倍。
该行指,东亚银行今年以来股价仅累跌9%,对比同业恒生(00011.HK)累跌29%,相信市场已预期集团将撤出部分业务,料其未来股价跑赢的幅度预期将会有所收窄。
花旗称,东亚银行出售东亚人寿业务後,将聚焦核心业务并改善集团的股本回报率,不过管理层把中期股本回报率目标定在高单位数增长的同时,强调经济不确定性和行业正面临挑战。
该行表示,东亚人寿在本港属十大寿险商之一,估计将可吸引内地买家,藉交易扩展在本港业务领域。
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