Ann: AIA strengthens its balance sheet with an equity raise, page-92

I went through their numbers today and what came across is that even in the absence of a corona-induced slump there is going to be a drop in dividend earnings or an expensive p/e. With total shares set to become 1.478b, if they keep most performance numbers as per FY19 (which seems to be as good as its going to get for the medium term), the EBITDAFI of $555m reduces to $320-370m after deducting tax and interest costs (around $108m and $78m respectively). Depreciation was $90-100m which leaves the equivalent of 14.8-18.3c for dividends. There is still going to be $1.18b debt and any repayment of that has to come at the cost of a dividend cut. Of course, the numbers are interrelated and the tax and interest costs are going to reduce (around $44m for interest) but not by a great deal. At current share price the P/E becomes 38.5 compared to a pre-raise value of 24.5X. That will still keep it around the year highs of 41X when the share price hit $9. I am interpreting this as a very high price level and not a bargain low that it looks like if you simply scanned the share price graph.