Maximize the Value, GO for Dah Sing
東亞銀行（023）半年前委託高盛進行業務及資產組合「策略體檢」，期間有證券行報告及英媒，兩度傳聞放售方案可包括中國業務甚至集團「一切皆可出售」，檢討結果昨揭曉，東亞決定啟動出售附屬公司東亞人壽保險。證券界引述與管理層會面消息稱，壽險最新資產淨值為27.5億元，市場指若參考大新人壽放售及目前市況估計，倘東亞以1.8至2倍市賬率出售資產，作價料介乎50億至55億元。
證券界昨與東亞聯席行政總裁李民橋及李民斌電話會議，據悉，管理層表示未來12至18個月，再進行策略檢討「機會不大」，但其他非核心資產仍會研究，因放售涉監管機構審批及因應市況進行，估計會是一個漫長過程。分析員解讀，銀行暫不會研究賣盤，一般產險藍十字或其他投資物業，不排除未來放售。
向被視為東亞挑戰者的對沖基金股東Elliott，對公告表示支持，聯席行政總裁兼投資總監Jonathan Pollock說，期待繼續與東亞對話，跟進有關策略檢討其他重點結論，從而為股東創造價值。
東亞３月初展開檢討時，Elliott已申請暫停對東亞的法律訴訟，對於檢討完畢會否繼續暫停抑或重啟程序，Elliott發言人沒有評論。
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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