汇丰环球研究发表报告示，东亚银行(00023.HK) 首季普通股权一级资本比率(CET1)按季升6.5个百分点至24.1%，优于该行预期，主要受《巴塞尔协定》3.1改革下风险加权资产(RWA)减少所致。该行估算，如果东亚目标中至长期改革后CET1达16%水平，理论上东亚今年在恒常股息率6%以外，可以向股东回馈151亿港元，相当于市值46%。
该行提及，东亚银行在本周二(24日)与西班牙CaixaBank进行关连交易，购买来自CaixaBank的贷款，涉11.775亿港元。CaixaBank持有东亚19.3%权益。是次交易金额相当于去年底东亚贷款余额的约0.2%。汇研认为，此举有助东亚利息收入，消耗过剩流动性及资本，以及具象征意义地，东亚成为净资产购买者(东亚之前剥离了蓝十字、东亚人寿及卓佳)。
汇丰环球研究认为，即使东亚银行今年以来股价已累升约26%，对比恒指同期升22%，估值仍不高，仅相当于静态市账率0.33倍，较长期均值低出一个标准差，或相当于预测今年市盈率7.1倍。该行降东亚今明两年盈测分别12.8%及4.7%，后年则上调7.4%，以反映HIBOR走低对净息差负面影响，但部分被费用收入增加所抵销。汇丰环球研究对东亚目标价由12.8元升至13.9元，评级“买入”。(da/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-26 16:25。)
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