Maximize the Value, GO for Dah Sing
由於內地減值損失大幅減少，東亞銀行（0023）上半年純利按年增逾五成，但集團整體撥備前經營溢利仍跌逾兩成。期內集團在中港的貸款規模按年錄得收縮，其中香港貸款更是罕有出現收縮，較去年底跌1.9%。集團表示，環球經濟受疫情及地緣政治影響，該行撥備覆蓋率提升，其中香港有約14%屬高風險行業貸款，但目前信貸風險仍屬可控。
東亞聯席行政總裁李民斌表示，該行在去年已提早作出充足的撥備金額，而東亞中國的信貸成本及貸款減值更有甚大改善，相信隨着業務改善，不久後將可轉虧為盈。他又指，銀行已作出17億元撥備，當中有超過5億元是屬前瞻性的預先撥備，若扣除有關撥備，中國業務其實錄有盈利。期內，集團在香港及內地貸款規模分別錄得5014.65億元及1547.62億元，較去底跌1.9%及13.9%，其中香港貸款更是罕見地縮減，其中縮減貸款範疇主要是物業發展，及批發與零售業。東亞聯席行政總裁李民僑表示，就香港業務的撥備而言，約有14%是屬於高風險行業的貸款，包括零售、酒店、航空、貿易及製造業等，當中會較留意已降級貸款、逾期或違約的戶口，佔整體約3%。
由香港財經評論員許文昌設立，現時有逾280名投資者聯署贊助支持，目的是提供有關大新金融(港交所上市編號：440)和大新銀行(港交所上市編號：：2356)的相關資訊，倡議系內重組，並連結股東、傳媒和公眾以達致共同關注和推廣大新系價值的行動。電郵：[email protected]
Godahsing web site founded by Man-Cheong (M.C.) Hui, a professional investor and finance commentator, is meant to link shareholders and investors of Dah Sing Financial (HKEx stock code: 440) and Dah Sing Bank (HKEx stock code: 2356), with the stocks’ vital information considered beneficial to their welfare, including advocates for shareholding restructuring actions.
現階段大新系的重組倡議為：一、大新金融(440)應在完成出售大新人壽之後，分派盡可能最多的特別股息，減少控股折讓和提振回報；二、在盡可能情況下進行大新金融和大新銀行(2356)的系內重組，比如實物分派，改善兩者的架構和估值；三、爭取中長期放售大新銀行，推升回報並達致長期規模效益。
As matters now stand, we've come up with a win-win shareholding-restructuring proposal in respect of the Dah Sing Group, one that is set to be mutually beneficial to all parties concerned, as follows:
1) In order to enhance the group’s future growth prospects and with a view to improving the deep share-price discount now existing to its NAV, we believe that now is the time for Dah Sing Financial (440) to seriously consider distributing 99%, if not all, of the sales proceed resulting from the sale of Dah Sing Life, say, by way of a special cash dividend once and for all;
2) Dah Sing Financial and Dah Sing Banking (2356) to determinedly go for, and on a best-effort basis, the immediate target for a shareholding restructuring, like turning it into a simple, but more clear structure, with a view to improving the valuation of the Group as a whole. This can probably be implemented and thereby achieved, say, by way of distributing in specie of the Dah Sing Banking and the Bank of Chongqing (1963);
3) Dah Sing Financial to endeavor on an ongoing basis, for whatever it takes, even if it means a longer-term perspective, to procure the sale of Dah Sing Banking , so that not only a fruitful return can be anticipated, but also to call for an upbeat and consistent return on the shareholder’s funds of the bank, given the optimal efficiency so achieved through the aforesaid actions.
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