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高盛中止跟蹤大新金融,目標價60.1元

高盛發表報告,表示中止覆蓋大新金融(440),予其目標價60.1元,最後評級為「中性」。該行稱,自其2017年出售香港人壽業務後,料今年持續盈利95%來自主要來自附屬大新銀行(2356),也是未來數年主要盈利動力,60.1元目標價基於85%和15%的分類加總和併購價值混合,相當於2018年度市賬率0.75倍。

大新擬增人手吸VIP客

受惠市況造好,大新銀行(2356)首11個月來自VIP客戶的財富管理收入按年升超過30%,該行明年將會增聘人手及優化VIP客戶分層,預期明年繼續保持雙位數收入增長。

陳維堅指,該行去年優化分行網絡,目前45間分行集中於大型屋苑及沿線鐵路,帶動VIP新客錄得不錯增長,今年將會持續策略,明年初料有更多新網點加入。此外,該行亦計劃擴大VIP銀行服務團隊,客戶服務經理人數目標再增加兩成,希望帶動財富管理收入保持雙位數增幅。

連結

重慶銀行擬發7.5億美元永續境外優先股

重慶銀行(01963)建議發行7.5億美元、年息5.4厘的非累積永續境外優先股,發行日為下周三(20日)。

上述優先股的初始轉換價為每股H股8.57元,轉股價較昨日H股收市6.17元,有38.9%溢價。

連結

Chinese Banks Face Potential Capital Shortfall, IMF Says

The IMF said China should consider boosting risk-weighted assets at its banks by 0.5% to 1% over the coming 12 months. While China’s largest banks are well-capitalized, the IMF said, medium and small banks could face the need to raise even more capital.

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重慶銀行獲中證監批准境外發行不超過5000萬股優先股

中國證監會同意該行境外發行不超過5,000萬股優先股,每股面值人民幣100元,完成發行後的境外優先股可在香港聯交所上市。

連結

德銀稱大新金融現顯著低估為買入點

德銀表示,自6月16日宣布出售人壽部門止,大新銀行(2356)和大新金融(440)前13個月升了22%和28%,其後大新金融在無意私有化銀行和剩餘現金不明下,失寵挫17%,大新銀行則升3%,雖然擬推動其一般保險業務本身並非沒有挑戰,但現價已反映有關不明朗,近期跑輸是很好買入點,維持「買入」,目標價66.5元。

德銀指出,如果基於一成半的控股折讓,目前市場予大新金融的非銀行業務只有11億元市值,並予其包括61%為過剩現金的賬面值潛在折讓達八成,預期其配置目前閒置58億元現金失敗,該行認為目前折讓過份懲罰性,畢竟大新可將資金用於近期銀行貸款增長,且近期息率上升也有利孳息率和債券投資。

德銀稱,大新金融剩餘的一般保險業務在香港只是邊緣參與者,市佔率0.6%排名43位,但對比壽險行業穩定,首十大在2012-16年均維持相似市佔率,而大新一般保險主要弱點是低承保利潤率,若注入現有資本兩倍的15億元資金或可改善,若其回復至行業平均,核心利潤率或倍升,長線盈利複合年回報率達11%。

德銀指出,大新銀行和大新金融今年分別跑輸恒指和同業10%和37%,其估值仍然吸引,是覆蓋港銀中折讓最大,高單位數股東回報率卻只以0.9倍和0.8倍市賬率交投,又相信市場很大程度忽略大新的銀行營運在貸存比率達75%,往來及儲蓄存款比率也較10年前的22%升至40%,也可受益較高息環境。


大新系澄清重慶銀行撥備方式惹人遐想

大新系聯合公布,旗下銀行持有的重慶銀行(1963)共4.59億H股,以聯營公司方式列賬,6月底賬面值為47.9億元,雖然其賬面值因重慶銀行所貢獻的利潤而持續上升,但其使用價值(VIU)卻減少,導致兩者差額收窄,未來一旦跌破賬面值可能需要減值撥備,強調屬非現金項目,目前尚未決定是否需要撥備和相關金額。

簡單而言,大新銀行(2356)持有的重慶銀行賬面值因為盈利滾存而一直增長,反觀所謂VIU則因為股價不前,加上其盈利展望、宏觀經濟和現金流折讓等因素不佳而下跌,一般而言,這類自願公布除非涉及特大變故,否則大新系每半年業績作出公布和評估已頗為足夠,今次甚至先於匯控澄清內銀入賬情況,引人遐想。

Dah Sing's announcement in relation to the accounting treatment of the BOCQ

Up to 30 June 2017, the VIU has been above the Carrying Value, and hence no impairment charge has been made.  However, in recent periods, whilst the Carrying Value has continued to increase, due to the profit contribution made by BOCQ, the VIU has decreased leading to a narrowing in the difference between the VIU and the Carrying Value. It is therefore possible that in future 1
assessments, the VIU may fall below the Carrying Value, in which case an impairment charge may become necessary in the financial results of DSB, DSBG and DSFH as set out above.

Shareholders and potential investors are reminded that no decision has yet been made as to whether an impairment charge to the Investment will be necessary, or if so, the quantum of any such impairment charge.  Up to and including 30 June 2017, the VIU was still above the Carrying Value.  However, in view of the narrowing of the difference between VIU and Carrying Value over time, further information to ensure that shareholders are aware of the accounting treatment as regards the Group’s investment in BOCQ was felt to be relevant information.

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德銀指港銀資金成本向上,僅看好大新系

德銀表示,香港金管局10月份數據顯示銀行在新股活動下貸款增長跑贏存款1.1%,貸存比率升至73%,為2015年3月以來最高,而資金成本同時明顯向上,限制息差表現,維持對香港金融股審慎看法,認為市場忽略資金成本向上,維持沽售中銀香港、東亞和港交所,只看好大新系,因其較同業估值有折讓。

Credit Suisse to give half its profits to shareholders

By 2019 and 2020, Credit Suisse said it planned to distribute 50 per cent of net income primarily through share buybacks or special dividends. “Our strategy is working,” Mr Thiam said.

He announced for the first time targets for increasing returns on tangible equity — a common measure of shareholder returns — at 10 to 11 per cent in 2019 and 11 to 12 per cent in 2020. In the first nine months of this year, the figure was 4.1 per cent and in 2016 it was minus 6.9 per cent.

許文昌網台節目再談大新系股東表態

股海拾遺節目:連結

施羅德近日增持大新銀行至5.03%

聯交所資料顯示,英國投資集團施羅德(Schroders Plc)於11月28日在場內增持55.6萬股大新銀行(2356),每股平均價16.9207元,持好倉由原來4.99%增至5.03%。