Maximize the Value, GO for Dah Sing
期內淨利息收入20.2億元，按年升2.9%，主要因為賺息資產總額增加，尤其投資資產。淨息差為1.74%，較去年底升2個基點。集團董事總經理兼行政總裁王祖興表示，加息令上半年資金成本上升，該行通過調整存款及賺息資產組合維持淨息差於穩定水平，若港元拆息繼續向上，將有助銀行改善淨息差。該行整體貸款較去年底跌5%，當中企業客戶貸款少9%，他認為，按照港府預計全年經濟增長-0.5%至0.5%，料下半年貸款增長不會樂觀，企業貸款需求持續疲弱。
上半年資產質素轉差，信貸減值支出增1.61倍至3.05億元。執行董事及副行政總裁麥曉德解釋，信貸減值支出增加，大部分與內房相關，但整體數額約3億元並不顯著。該行主要貸款敞口在香港本地，內房貸款僅佔整體貸款4%，當中包括國企及民企。雖內地宣布一系列支持內房措施，惟行業仍存不確定因素，故此會準備加大減值支出。但業績報告提到，不預期下半年減值支出會按上半年同樣幅度增加。
截至6月底，不良貸款率為1.41%，較去年底升0.44個百分點。首席財務總監周志良透露，已加強信貸管理及增加撥款準備，有信心下半年不良貸款情況及信貸質素仍然可控。
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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