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《大行》匯豐研究升東亞銀行(00023.HK)目標價至13.9元 評級「買入」
阿思達克 06-27 11:40
匯豐環球研究發表報告示,東亞銀行(00023.HK)首季普通股權一級資本比率(CET1)按季升6.5個百分點至24.1%,優於該行預期,主要受《巴塞爾協定》3.1改革下風險加權資產(RWA)減少所致。該行估算,如果東亞目標中至長期改革後CET1達16%水平,理論上東亞今年在恆常股息率6%以外,可以向股東回饋151億港元,相當於市值46%。 該行提及,東亞銀行在本周二(24日)與西班牙CaixaBank進行關連交易,購買來自CaixaBank的貸款,涉11.775億港元。CaixaBank持有東亞19.3%權益。是次交易金額相當於去年底東亞貸款餘額的約0.2%。匯研認為,此舉有助東亞利息收入,消耗過剩流動性及資本,以及具象徵意義地,東亞成為淨資產購買者(東亞之前剝離了藍十字、東亞人壽及卓佳)。 匯豐環球研究認為,即使東亞銀行今年以來股價已累升約26%,對比恆指同期升22%,估值仍不高,僅相當於靜態市賬率0.33倍,較長期均值低出一個標準差,或相當於預測今年市盈率7.1倍。該行降東亞今明兩年盈測分別12.8%及4.7%,後年則上調7.4%,以反映HIBOR走低對淨息差負面影響,但部分被費用收入增加所抵銷。匯豐環球研究對東亞目標價由12.8元升至13.9元,評級「買入」。
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