ANZ's Asian partnerships are a lacklustre bunch.On CLSA analysis, A$4.02 billion of book value produced a return of 9.9 per cent, versus 15.4 per cent for the group, in 2013.These investments "consumed around 1.1 per cent of ANZ's third quarter 2014 common equity tier one ratio of 8.3 per cent," CLSA analyst Brian Johnson wrote in a briefing.ANZ's targeted earnings contribution of 25 per cent to 30 per cent from APEA (Asia Pacific Europe America) "is not consistent with a 70 per cent fully franked dividend payout ratio," Johnson said."During the July Asian investor tour we asked about the structural mismatch between a 65 per cent to 70 per cent dividend payout ratio and a 2017 target of 25 to 30 per cent from [the Asia Pacific]."In combination with a 20 per cent contribution from New Zealand, this implies around 50 per cent in earnings from offshore." Johnson said ANZ stated that dividend franking, which is only generated from Australian tax paid, "was not a problem today. "That's great, but on the metrics above ANZ's capacity to fully frank its dividend will be a problem from 2017," he said. "Investors should be aware of either the prospect of partially franked dividends or some type of ANZ Group restructuring (perhaps a dual listing) to efficiently stream dividend franking to Australian shareholders."Johnson said ANZ was presently 27 per cent owned by international investors who do not materially benefit from Australian franking credits apart from not having to pay withholding tax.