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瑞銀:東亞或向股東派發出售藍十字收益,評級“中性”

上週東亞銀行(0023.HK)宣佈訂立協議,向友邦控股香港出售藍十字全部已發行股本,以及全資附屬Blue Care Holdings向友邦控股香港出售佔Blue Care 80%股權,並訂立藍十字分銷協議,應支付總代價約為現金2.78億美元(相當於21.68億港元)。藍十字出售事項及Blue Care出售事項完成後,東亞預計將錄得約15.34億港元盈利。

瑞銀髮研報指,這是繼東亞銀行出售東亞人壽後,東亞再一次出售非核心資產的行動,認為市場或會欣賞,亦指任何進一步的非核心資產處置,潛在的股票回購或特別股息,都可能對東亞銀行產生正面的影響,但瑞銀對其對中國房地產開發商的大量敞口保持謹慎,故予目標價12.5港元及“中性”評級。

瑞銀表示,上述的分銷協議可能將與友邦的獨家人壽保險合作伙伴關係擴展至包括非人壽保險產品。該分銷協議有可能進一步提升東亞的費用收入。然而,瑞銀認為該等預期費用收入不太可能對東亞銀行的收入作重大貢獻,至少在短期內如此。

瑞銀續指,上述出售的收益相當於東亞現時市值的4%,及其今年市場預期淨利潤的31%,並認為鑑於東亞銀行強勁的資本狀況,東亞有空間把部分收益分配給股東。

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