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《大行报告》美银证券上调东亚(00023.HK)目标价至14元 评级「跑输大市」
阿思达克 02-25 10:34
美银证券发表研究报告,指出东亚银行(00023.HK)2020财年的纯利按年增长10.5%至36亿元,较市场及该行预期高出55%至60%。拨备前利润按年下跌16.1%,较预期高出14%,主要是由於强劲的交易与保险收益,以及政府的补贴。每股派息按年减少13%至0.4元,派息比率下跌10个百分点至41%。2020年的净资产收益率仅为2.9%。

该行将东亚2021至2022年的盈利预测上调21%至22%,目标价上调18%至14元。基於其较弱的净资产收益率表现及估值不吸引,维持「跑输大市」投资评级。

在HIBOR下跌的情况下,集团去年下半年的净息差水平较上半年减少22个基点至1.37%。管理层预期利润率将稳定在目前水平。

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