《大行報告》摩通上調東亞(00023.HK)目標價至14.3元 評級「中性」
摩根大通表示,由於非利息收入疲軟,東亞銀行(00023.HK)2021財年的業績低於該行預期,而強勁的盈利反彈是由大幅降低的信貸成本和出售資產推動。該行維持東亞「中性」評級,目標價由14元上調至14.3元,相當預測今年市賬率0.4倍。
摩通認爲,東亞銀行強勁的盈利反彈、派息增長、資產質素改善、以及藍十字的潛在出售,應該會在短期內讓東亞股價表現相對出色,不過更大的內地或內地商業物業貸款/敞口意味着更高的資產質量不確定性,和更大成度地抵銷美國加息的利好因素,因此潛在的股本回報率趨勢可能仍遜於同業。
摩通將東亞2022和2023年盈利預測分別下調1%和上調6%,以考慮到2022年信貸成本的適度增長,但2023之後的淨息差擴張。
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