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《大行報告》匯豐研究上調東亞(00023.HK)目標價至10.4元 去年股盈勝市場預期
阿思達克 02-17 09:51
匯豐環球研究發表報告指,東亞銀行(00023.HK)去年全年每股盈利達到1.32元,按年跌13.4%,較該行及市場預期分別高5.3%及21.4%,相信是由於期內淨利差擴闊、成本降幅及非經營收入均超出預期。 東亞期內不良貸款比率提升至2.39%,超出市場預期,下半年較上半年提升82個基點,大部分是來自於中國商業地產抵押貸款(CRE)的影響。該行指出,東亞去年資產規模錄得負增長,普通股權一級資本比率亦較預期低。 該行指,東亞管理層旨在進一步降低借貸風險,去年底中國CRE風險敞口已降至約700億元,預計與CRE相關的減值費用已在去年下半年見頂,今年信貸成本可再降至約70至75個基點。由於利潤表現改善,匯豐研究預期東亞今年每股派息將增加,將今明兩年盈利預測2.6%及6.3%,上調對東亞目標價由10元升至10.4元。 但該行亦認為東亞去年業績是好壞參半,當中資產質量相關指標有所惡化,投資減少可能會影響未來業務增長,維持「持有」評級。(gc/w) ~
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