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《大行報告》花旗上調東亞(00023.HK)目標價至13.3元 評級「中性」
東亞銀行(00023.HK)擬於場外悉數回購基金股東Elliott持有的2.46億股股份,佔總股本約8.43%。花旗發表報告,估計回購將使東亞銀行的資產淨值增加約6%,預計市場將對該回購反應正面。 然而花旗認爲,Elliot在加息環境下的退出東亞,突顯了提高長期盈利能力的難度。該行將東亞2021至2024財年純利預測下調了2%至9%,主要是由於人行最近下調 MLF和LPR,導致內地業務淨息差下降;又將2021財年每股盈利預測削減2%,2022至2023年每股盈利預測則升6%至7%,而2024年每股盈利基本保持不變。因此該行將東亞目標價由12.2元上調至13.3元, 評級「中性」。 報告補充,市場原本預期東亞人壽出售所得款項將派發特別股息,但在回購公告後,估計應該不會宣派特別股息,不過監於股價遠低於賬面值,回購應該比現金股息更具增值性。該行將東亞2021年每股派息從 0.98元下調至0.48元;股息率從7.7%降至3.8%;又認爲,由於Elliot不再是股東,認爲東亞進一步出售資產的可能性較小。
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