Maximize the Value, GO for Dah Sing
鄧表示，私貸市場去年已放款金額按年有雙位數跌幅，今年首季有低單位增長，他說往年首季增長應屬高單位數，但今年交稅時間拉長了，客人沒以往年有迫切借錢交稅的需要，且航空等行業出現失業潮，少了一批客源，已放款金額遂處於較低水平。市民緊縮開支，「現時什麼都不預先買，錢只應付日常需要，故市民少了借錢」，此因素更有可能令今年私貸市場在第二、三季按年繼續負增長。他估計按目前形勢，今年私貸市場增長傾向持平，但有可能出現低單位負增長。
至於該行私貸業務方面，鄧表示，去年有單位數升幅，市場排名提升，經數碼渠道申請佔該行整體私貸申請比率，按年有雙位增長。今年首季業務有低單位正增長，但失業率高，首季做得「比去年辛苦」，推廣上要思考如何提供新產品，來季希望續提升數碼科技，推新產品配套，冀今年業務有正增長。
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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