《大行報告》摩通微降東亞(00023.HK)目標價至12.9元 評級「中性」
摩根大通發表報告指,東亞(00023.HK)上半年業績低於該行預期。雖然撥備前利潤增長勢頭強勁,但信貸成本居高不下。因此將東亞2023和2024財年盈利預測分別下調8%和6%,以反映較高的信貸成本,但同時亦考慮到較好的淨資產收益率變動,並維持「中性」評級,目標價由13元微降至12.9元。
報告提到,東亞的信貸成本由去年下半年130個基點下降至今年上半年的89個基點,但仍處於高水平;東亞已進一步縮減內地商業房地產敞口,至佔整體信貸風險敞口的8.8%,即約600億元。而管理層指與碧桂園(02007.HK)有關的信貸成本影響有限,其敞口僅佔貸款總額的0.02%。
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