HSBC Global Research lowered its target price for Dah Sing Financial Holding (DSFH)(00440) to HK$42 from HK$75.5 and maintained its "buy" rating.
The research house said DSFH owns 74.37% of DSBG (02356). The implied value of DSFH's non-bank assets (DSFH minus its DSBG stake) is negative HK$1.4bn and looks mispriced. In addition, DSFH also has a general insurance business and proprietary investment. The faster EPS and BVPS growth in DSFH versus DSBG represents the more favourable operating results on its insurance and investment businesses than the banking businesses.
HSBC said, on fundamentals, DSFH (ex-DSBG) has non-bank assets of HK$6.86bn.
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