大行评级丨瑞银:上调东亚银行目标价至12港元 续予“中性”评级

格隆汇
Jul 04, 2025

瑞银发表研究报告指,东亚银行将于8月中公布中期业绩,预计上半年的净利润将同比上升11.4%,惟全年净利润仍将下降8.4%。该行预期东亚中期收入将温和下降3.3%,但净费用收入和净交易收入或会有双位数增长,可部分抵销净利息收入的压力。该行表示,由首季的一个月同业拆息按季跌43个基点,跌幅在次季持续扩大至200个基点。因此,该行预期5月至6月的净息差将大幅受压。另外,该行预期存款将有低个位数增长,带动生息资产(AIEA)略为扩张。 该行预计东亚银行今年的减值拨备将在高基数上按年轻微下降,而香港商业房地产仍然是风险最高的领域,该行业的拨备压力正不断上升,主要来自高风险的中小型发展商。该行认为,在金管局为捍卫港元与美元联系汇率而进行市场操作后,港银同业拆息在第三季或会反弹至2至2.5%。该行将东亚银行目标价由11.5港元上调至12港元,续予“中性”评级。

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