Core Viewpoint - The establishment of the Bay Area Cross-Border Mergers and Acquisitions Alliance in Shenzhen aims to support enterprises in their overseas expansion and mergers, responding to the growing demand for cross-border activities and enhancing the financial services ecosystem in the region [1][3]. Group 1: Alliance Formation and Purpose - The alliance was inaugurated with over 50 representatives from various financial institutions, including banks, insurance companies, and asset management firms, highlighting the collaborative effort to support cross-border mergers and acquisitions [1]. - The alliance's significance lies in its goal to discover, promote, and reassess the value of Chinese assets while integrating industry resources to combat internal competition [1]. Group 2: Economic Context and Growth - Shenzhen has emerged as China's top foreign trade city, with a GDP growth of 5.1% year-on-year in the first half of 2025, maintaining its position as the leading city in industrial output for three consecutive years [1]. - The region is positioned as a fertile ground for industrial and financial development, emphasizing the importance of cross-border activities, mergers, and alliances [1]. Group 3: Statements from Key Representatives - The Vice President of East Asia Bank emphasized the alliance's role in addressing the needs of Bay Area enterprises for overseas mergers and acquisitions, aiming to reduce risks and support the growth of businesses [3]. - The Chairman of China Galaxy Securities highlighted the importance of mergers and acquisitions as tools for economic transformation and quality development, noting the significant increase in market activity and the strategic resilience of Chinese enterprises in cross-border mergers [5]. - The alliance aims to create a collaborative ecosystem that focuses on innovation and high-quality regional economic development, leveraging the advantages of the Qianhai area as a key platform for international trade and cultural exchange [5].

Group 1 - Goldman Sachs reported that East Asia Bank's (00023) first-half revenue met expectations, but net interest income and fee income were below forecasts, offset by trading gains [1] - Earnings per share exceeded Goldman Sachs' expectations by 14%, with a dividend payout ratio of 45%, slightly below the forecast of 47% [1] - The interim dividend was set at 39 HKD cents, approximately 10% higher than Goldman Sachs' estimate of 35 HKD cents [1] Group 2 - Goldman Sachs raised its earnings per share estimates for East Asia Bank for the fiscal years 2025 to 2027 by 8%, 11%, and 24%, respectively, and increased the target price by 12% from 10.5 HKD to 11.8 HKD, maintaining a "sell" rating [1] - The management of East Asia Bank anticipates headwinds for net interest margin in the second half of 2025 and maintains a conservative outlook on loan growth [1] - Loan growth is projected to be 2.1%, 2.8%, and 4% year-on-year for the fiscal years 2025 to 2027, with deposit growth estimates adjusted to 5.5%, 3.9%, and 2.9% [1] Group 3 - Goldman Sachs assumes a net interest margin sensitivity (NIM beta) of 0.16 for the current interest rate cut cycle, slightly lower than the previous period [2] - Net interest margin forecasts for East Asia Bank for fiscal years 2025, 2026, and 2027 are 1.78%, 1.8%, and 1.75%, with corresponding net interest income expected to decline by 15%, increase by 5%, and increase by 0.4% [2] - Non-interest income estimates for fiscal years 2025 to 2027 have been raised by 11%, 8%, and 6% due to better-than-expected trading income performance [2] Group 4 - Credit costs for East Asia Bank are expected to be 97 basis points this year, normalizing to 80 and 55 basis points in 2026 and 2027, respectively [2] - Projected dividend payout ratios for fiscal years 2025, 2026, and 2027 are 46%, 49%, and 51%, indicating an average payout ratio of 49% over the next three years, compared to an average of about 40% over the past five years [2]

Group 1 - Goldman Sachs reported that East Asia Bank's (00023) first-half revenue met expectations, but net interest income and fee income fell short, offset by trading gains [1] - Earnings per share exceeded Goldman Sachs' expectations by 14%, with a dividend payout ratio of 45%, slightly below the forecasted 47% [1] - The mid-term dividend was set at 39 HKD cents, approximately 10% higher than Goldman Sachs' estimate of 35 HKD cents [1] Group 2 - Goldman Sachs raised its earnings per share forecasts for East Asia Bank for the fiscal years 2025 to 2027 by 8%, 11%, and 24%, respectively, and increased the target price by 12% from 10.5 HKD to 11.8 HKD, maintaining a "sell" rating [1] - The bank's management anticipates headwinds for net interest margin in the second half of 2025 and maintains a conservative outlook on loan growth [1] - Loan growth forecasts for 2025 to 2027 were adjusted to 2.1%, 2.8%, and 4%, while deposit growth estimates were raised to 5.5%, 3.9%, and 2.9% [1] Group 3 - Goldman Sachs assumed a net interest margin sensitivity (NIM beta) of 0.16 times for the current interest rate cut cycle, slightly lower than the previous period [2] - Net interest margin forecasts for 2025 to 2027 are projected at 1.78%, 1.8%, and 1.75%, with corresponding net interest income expected to decline by 15%, increase by 5%, and increase by 0.4% [2] - Non-interest income estimates for 2025 to 2027 were raised by 11%, 8%, and 6% due to better-than-expected trading income performance [2] Group 4 - Credit costs for East Asia Bank are expected to be 97 basis points this year, normalizing to 80 and 55 basis points in 2026 and 2027, respectively [2] - Projected dividend payout ratios for 2025 to 2027 are 46%, 49%, and 51%, indicating an average payout ratio of 49% over the next three years, compared to an average of about 40% over the past five years [2]

Core Viewpoint - CICC maintains its forecast for East Asia Bank (00023) unchanged, adjusting the target price upward by 25% to HKD 14.12, reflecting a 4.4% upside potential based on current trading at 0.4X P/B for 2025E/2026E [1] Group 1: Financial Performance - The bank's operating income for 1H25 decreased by 2.1% year-on-year, in line with expectations, primarily due to the decline in HIBOR compressing the interest margin [1] - Net interest income for 1H25 fell by 10.7% year-on-year and 11.5% quarter-on-quarter, slightly more than peers, due to concentrated credit exposure in Hong Kong and mainland China, where interest rate cuts have pressured margins [2] - Non-interest income showed strong performance, with other non-interest income increasing by 50.5% year-on-year, driven by foreign exchange gains; fee income reached HKD 1.65 billion, up 16.6% year-on-year, benefiting from high demand in cross-border wealth management [3] Group 2: Credit Quality and Provisions - Credit costs have decreased from high levels, contributing to better-than-expected net profit; provisions for 1H25 were down 11.9% year-on-year, with a credit cost of 0.95% [4] - The bank reported a decline in the non-performing loan (NPL) ratio to 2.63%, with a slight decrease in the provision coverage ratio to 37.3% [4] - The bank remains cautious about future credit costs, expecting them to not be lower than 1H25 levels, considering potential asset quality deterioration in the second half of 2025 [4] Group 3: Dividend and Capital Management - The bank maintained a stable dividend of HKD 0.39 per share for 1H25, with a dividend payout ratio of 45.3%, consistent with previous years [5] - Starting in 2025, the bank will adopt Basel III, resulting in a 25% year-on-year decrease in RWA and a 6.1 percentage point increase in the core Tier 1 capital ratio to 23.7% [5]

Core Viewpoint - CICC maintains its forecast for East Asia Bank (00023) and raises the target price by 25% to HKD 14.12, reflecting a 4.4% upside potential based on 0.4X P/B for 2025E/2026E [1] Group 1: Financial Performance - The company's 1H25 operating income decreased by 2.1% year-on-year, in line with expectations, primarily due to the decline in HIBOR compressing interest margin [1] - Net interest income for 1H25 fell by 10.7% year-on-year and 11.5% quarter-on-quarter, slightly more than peers, due to concentrated credit exposure in Hong Kong and mainland China, where interest rate cuts have pressured margins [2] - Non-interest income showed strong performance, with other non-interest income up by 50.5% year-on-year, driven by foreign exchange gains; fee income reached HKD 1.65 billion, up 16.6% year-on-year, benefiting from high demand in cross-border wealth management [3] Group 2: Credit Quality and Provisions - Credit costs have decreased from high levels, contributing to better-than-expected net profit; provisions for 1H25 were down 11.9% year-on-year, with a credit cost of 0.95% [4] - The non-performing loan ratio decreased by 9 basis points to 2.63%, while the provision coverage ratio slightly declined to 37.3% [4] - The company remains cautious about future credit costs, expecting them to not be lower than 1H25 levels, considering potential asset quality deterioration in both Hong Kong and mainland China [4] Group 3: Dividend and Capital Management - The company maintained a stable dividend of HKD 0.39 per share for 1H25, with a dividend payout ratio of 45.3%, consistent with previous years [5] - Starting in 2025, Hong Kong banks will adopt Basel III, leading to a 25% year-on-year decrease in RWA and a 6.1 percentage point increase in the core Tier 1 capital adequacy ratio to 23.7% [5] - The company prioritizes maintaining a capital buffer for future economic conditions over directly increasing shareholder returns [5]

Core Viewpoint - East Asia Bank's stock price surged by 6% to HKD 13.43, reaching its highest level since April 2021, following the announcement of its mid-year results [1] Financial Performance - The bank reported a net profit attributable to shareholders of HKD 2.407 billion, representing a year-on-year increase of 14.02% [1] - Basic earnings per share were HKD 0.86, with an interim dividend of HKD 0.39, up by 25.81% [1] Revenue Breakdown - Net interest income was HKD 7.344 billion, down by 10.74% year-on-year due to declining interest rates [1] - Net interest margin narrowed by 22 basis points to 1.88% [1] - Non-interest income increased by 29.21% to HKD 2.915 billion, with service fees and commission income rising by 16.64% to HKD 1.654 billion, driven by growth in investment activities and third-party policy sales [1] Asset Quality - Financial instrument impairment losses were HKD 2.539 billion, a decrease of 11.87% year-on-year [1] - The commercial real estate sector in mainland China and Hong Kong continued to impact asset quality, accounting for 70% of loan loss provisions [1] - As of June 30, the group's impaired loan ratio was 2.63%, a decrease of 0.09 percentage points from the end of the previous year [1]

【财华社讯】东亚银行(00023.HK)午后一度涨超6%，截至发稿，涨5.85%，报13.4港元。该公司午间公 布，截至2025年6月30日止六个月，利息收入168.97亿港元，同比减少17.09%；净利息收入73.44亿港 元，同比减少10.74%；归属股东溢利24.07亿港元，同比增加14.02%；每股基本盈利0.86港元。派中期 股息每股0.39港元。 本文源自：财华网 ...

花旗发表研报指，东亚银行上半年可归属利润为23亿港元，按年增长25%，高于市场预期7%，主要由 较低的减值费用和较高的联营公司收入推动，而拨备前利润(PPoP)基本符合预期。总收入为103亿港 元，按年下降2%，因净利息收入疲软被较强的非利息收入所抵销。花旗认为，东亚银行此次业绩超出 预期的质量相对较低，因为增长主要来自好于预期的信贷成本和较高的联营公司收益。尽管资本比率 高，但派息比率仍维持在约45%不变。该行对其目标价为11.6港元，评级"中性"。 ...

智通财经获悉，东亚银行(00023)午间发布业绩，绩后飙升逾6%，截至发稿，涨5.61%，报13.37港元， 成交额3142.74万港元。 消息面上，东亚银行午间公布中期业绩，2025年上半年，东亚银行及其附属公司录得可归属于集团股东 溢利24.07亿港元，同比增加14.1%。2025年上半年每股基本盈利同比增长24.6%至港币0.86元。年化平 均资产回报率为0.5%，而年化平均股东权益回报率为4.5%。核心业务继续表现平稳。面对充满挑战的 经营环境，拨备前经营溢利轻微下降3.9%至54.47亿港元。 公告称，2025年上半年净利息收入减少10.7%至73.44亿港元。由于利率下跌，净息差按年收窄22个基 点，由2.10%下降至1.88%。非利息收入上升29.2%至29.15亿港元。服务费及佣金收入净额按年增加 16.7%至16.54亿港元，主要由于投资活动和第三方保单销售的佣金贡献持续增长。交易、金融工具重估 及相关对冲的净利润亦增加43.8%，主要受惠于客户交投活跃，带动结构性产品和外汇业务的收入上 升。整体而言，经营收入总额减少2.1%至102.59亿港元。 本文源自：智通财经网 ...

Core Viewpoint - East Asia Bank reported a significant increase in profit for the first half of 2025, reflecting resilience in core operations despite a challenging environment [1] Financial Performance - The bank recorded a profit attributable to shareholders of HKD 2.407 billion, a year-on-year increase of 14.1% [1] - Basic earnings per share rose by 24.6% to HKD 0.86 [1] - Annualized average return on assets was 0.5%, while the annualized average return on equity was 4.5% [1] - Operating profit before provisions slightly decreased by 3.9% to HKD 5.447 billion [1] Revenue Breakdown - Net interest income decreased by 10.7% to HKD 7.344 billion due to falling interest rates [1] - Net interest margin narrowed by 22 basis points from 2.10% to 1.88% year-on-year [1] - Non-interest income increased by 29.2% to HKD 2.915 billion [1] - Service fees and commission income rose by 16.7% to HKD 1.654 billion, driven by investment activities and third-party policy sales [1] - Net profit from trading and financial instrument revaluation increased by 43.8%, benefiting from active client trading [1] - Total operating income decreased by 2.1% to HKD 10.259 billion [1]