Maximize the Value, GO for Dah Sing
高盛發布研究報告稱，維持大新銀行集團(02356)“中性”評級，目標價由10港元減4%至9.6港元，公司上半年派息比率高于去年水平，不過管理層未有交代今年派息指引，預計公司于2021-23年派息比率將會維持在36%-37%。
報告中稱，公司上半年每股盈利及收入表現好于預期，主要由于撥備較預計少，該行將公司今年每股盈利預測調升16%。
該行表示，上半年淨息差較去年底上升15個基點至1.74%，管理層也指第二季淨利息收益率較第一季出現收窄，該行預計2021-23年公司淨息差將維持1.7%-1.71%，同時貸款將增長3%-5%。
大新銀行上半年淨息差1.74厘，按年擴闊8個基點。行政總裁王祖興表示，會著力控制資金成本，尤其是存款成本。他說目前資金成本輕微上升，會盡力調整貸款及存款組合，以維持息差穩定。
王祖興說，上半年貸款增長步伐不如經濟復蘇般快，但認為不少客戶貸款需求正在加強，預期下半年貸款增長會較上半年快，主要來自企業銀行。他期望，下半年經濟會持續改善，但增幅或未如上半年快，同時要考慮外圍不明朗因素及疫情反覆。
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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