Aeon 信用 2027年第一季度盈利增长稳健

26 June 2026 What’s Hot Today: ►Aeon Credit (900.HK, HK$8.17, HK$3.42bn, FV=HK$12.20)–1Q27 profit growth strengthens on robust loan book 1Q27resultsgainmomentum–AeonCredit(ACSA)providesconsumercreditinHongKongbyissuingcreditcardsandprovidingpersonalloans.ACSAreported1Q27operatingprofitofHK$256mn,representingarobust11.4%YoYgrowth,on theback of a 7.7%increase in revenue to HK$476mn,both in line with expectations.Revenueandoperatingprofitaccountedfor23.4%and23.2%ofourfull-year FY27 estimates,respectively,broadly on track if consideringseasonality.Thehealthygrowthinrevolvingcreditcardreceivables(+9.1%YoY), Improvingcost-to-incomeratio–Thecost-to-incomeratioimprovedto43.3% from44.5%atend-FY26,asoperatingincomepostedasolid8.9%increaseto HK$451mn,whiletotaloperatingexpensesrosebyamoremoderate5.8%YoYtoHK$196mn.Withinthis,marketingandadvertisingexpensesincreasedby35.6% Healthycreditriskmanagement–Theproportionofdoubtful(Stage2)andloss(Stage3)receivablestogrossadvancesandreceivablescontinuedtodecline,fallingto3.7%atend-1Q27from3.9%atend-FY26and4.2%ayearearlier. Meanwhile,impairment allowances as a percentage of gross advances and receivablesremainedflatat3.5%.Byleveragingarobustcreditriskassessmentmodel,thecompanyhaseffectivelycontrolledcreditexposureandimproved MorningSnapshot HongKong&ChinaMarketDaily 26 June 2026 Ourview–ACSA’s1Q27performancegainedfurthertraction,supportedbyimprovingconsumersentimentanditsproactivemarketingstrategy.Moreover,thecontinuedimprovementinimpairmentlossesunderscoresthecompany’seffectiveriskmanagement,andtogetherwithamoderatelyexpandingloanbook,thisstrengthens Accordingly,wemaintainourrevenueestimatesforFY27E,FY28E,andFY29EatHK$2.03bn,HK$2.11bn,andHK$2.21bn,respectively.FY27E–FY29EEPSisexpectedtobe148,153,and157HKcents,respectively.BasedonourDCFvaluation,weassignafairvalueofHK$12.20pershare.Thestockcurrentlytradesatapproximately HongKong&ChinaMarketDaily 26 June 2026 So urce: B lo o mberg Kingsway Research Team AnalystHoward WongAlan LiAmelia Deng Phone No.(852) 2283 7307(852) 2283 7306(852) 2283 7618 Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmay constituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofany KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorother Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. Head Office Hong KongKingsway Financial Services Group Limited7/F, Tower One, Lippo Centre, Guangdong 廣東新華滙富商業保理有限公司601–5, Building 3130JiaoxiRoad, Nansha District,