高盛：东亚银行去年下半年纯利逊预期 评级“沽售” 目标价上调至14港元

Core Viewpoint - Goldman Sachs reports that East Asia Bank (00023) announced a net profit of HKD 947 million for the second half of 2025, representing a year-on-year decline of 57% and a half-year drop of 58%, which is 34% lower than Goldman Sachs' forecast [1] Financial Performance - The decline in profit is primarily attributed to an additional impairment of investment properties amounting to HKD 625 million and a one-time loss recorded by its joint venture, China Communications Trust [1] - East Asia Bank's credit cost remains high at 114 basis points for the second half of 2025, with approximately 77% of the accumulated provisions related to commercial real estate accounts [1] - Net interest income exceeded Goldman Sachs' forecast by 8%, benefiting from a decrease in Hong Kong interbank offered rates in the second half of 2025, which led to a recovery in Hong Kong's net interest margin [1] Future Projections - Following the earnings announcement, Goldman Sachs raised its profit forecasts for East Asia Bank for the years 2026 to 2028 by 3.7%, 1.4%, and 2.3%, resulting in projected profits of HKD 4.079 billion, HKD 5.081 billion, and HKD 6.165 billion respectively [1] - The adjustments in profit forecasts account for the higher realized net interest margin and non-interest income for the second half of 2025, as well as management's commitment to achieving stronger growth in fee income, although slightly offset by a minor increase in operating expense forecasts [1]