花旗:下調東亞銀行(0023.HK)目標價至15.1港元 評級“沽售”
花旗發表研究報告引述東亞銀行(00023.HK)管理層指淨息差有輕微壓力。該行估算其淨息差按半年料收縮2點子,主因香港存款競爭加劇及債券再投資收益率下滑。
報告引述管理層指引今年全年貸款料錄低單位數增長,花旗則料錄3%;內地業務料錄負增長,因正調整貸款組合。東亞下半年本港大企業、中小企及零售貸款增長均具韌性。受惠專注中型企業服務,管理層認為,本港貸款業務有望錄中至高單位數增長。
花旗表示,東亞資產質素續面對挑戰,下半年減值料較上半年的50億元為少,但仍面對上行壓力,主因內地三、四線城市物業相關額外不良貸款生成。內地零售貸款組合亦面對不良貸款增加,符合行業趨勢。報告稱,即使宏觀環境艱難,香港基本資產質素具韌性。相對市場預期東亞下半年錄減值12.5億元,花旗料東亞表現或差過市場預期。
報告就東亞展開負面催化劑觀察,下調東亞今年每股盈測26%,主因下半年減值按年料增加,料致東亞全年純利按年大跌60%;明後兩年每股盈測亦各下調9%至14%。目標價相應由19.5港元降至15.1港元,評級“沽售”。

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