东亚银行中期营收降2% 高盛上调目标价评级为"沽售"

Core Viewpoint - East Asia Bank reported a mixed performance for the first half of 2025, with a decline in operating income but an increase in net profit attributable to shareholders [1] Financial Performance - Operating income for the first half of 2025 was HKD 10.259 billion, a decrease of 2.1% compared to HKD 10.484 billion in the same period of 2024 [2] - Net profit attributable to shareholders increased by 14.0% to HKD 2.407 billion, up from HKD 2.111 billion year-on-year [2] - Total customer loans and advances rose by 1.2% to HKD 539.175 billion [2] - Total assets reached HKD 891.424 billion, an increase of HKD 136.65 billion or 1.6% from the end of 2024 [2] - Customer deposits increased by 3.4% to HKD 665.226 billion [2] Analyst Ratings and Price Targets - 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% to HKD 11.8, maintaining a "Sell" rating [3] - Citigroup set a target price of HKD 11.6 with a "Neutral" rating [4] - CICC maintained its forecasts for East Asia Bank and raised the target price by 25% to HKD 14.12, corresponding to a price-to-book ratio of 0.4X for 2025E/2026E, while also maintaining a "Neutral" rating [4]