April 2025 2025 FIRST QUARTER RESULTS REVIEW 2025 First Quarter Results Review ~ Stock Code: 0270 F I N A N C I A L H I G H L I G H T S 1 The unaudited consolidated profit attributable to owners of the Company from continuing operations for 1Q25 increased by 1.9% to HK$1,322 million On 21 January 2025, 99.9% of GD Land shares held by the Company was distributed to the shareholders. The unaudited consolidated loss attributable to owners of the Company from GD Land (discontinued operations) up to 21 January 2 ...

数据宝 投资少烦恼 今日（5月29日），A股市场主要指数震荡收涨，沪指上涨0.7%，市场全天成交额1.21万亿元，较上一 交易日放量近1800亿元。收盘上涨个股近4500只，下跌831只，其中，收盘股价涨停的有120只，跌停股 有16只。 数据是个宝 盘面上，数字货币概念领涨，收盘上涨6.5%，板块内，10余股涨停，拉卡拉、雄帝科技、四方精创 等"20cm"涨停。电子身份证、跨境支付、移动支付等涨幅均超5%。 创新药板块强势，睿智医药、舒泰神、益方生物-U等"20cm"涨停。舒泰神本轮大涨的8个交易日内，股 价已累计上涨108.7%，深交所公告显示，该股严重异常期间自然人累计买入48.32亿元，占比65.17%； 其中，中小投资者累计买入31.14亿元，占比41.99%。机构投资者累计买入25.83亿元，占比34.83%。 无人驾驶概念掀涨停潮，三友科技"30cm"涨停，万马科技、玉禾田等"20cm"涨停，云内动力、通达电 气等涨停。 机构净卖出个股中，雄帝科技遭净卖出超亿元，永安药业、尤夫股份等均遭净卖出超4000万元。 | | | 5月29日机构龙虎榜净买卖个股 | | | | --- | --- | - ...

从中证香港红利等权投资指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港红利等权投资指数持仓样本的行业来看，金融占比36.88%、能源占比20.24%、工业占比 12.68%、通信服务占比11.81%、原材料占比9.32%、房地产占比5.25%、公用事业占比3.82%。 金融界5月8日消息，上证指数低开高走，中证香港红利等权投资指数 (HK红利EW，930784)报2925.69 点。 数据统计显示，中证香港红利等权投资指数近一个月上涨10.78%，近三个月上涨5.02%，年至今上涨 3.83%。 据了解，中证香港红利等权投资指数从港股通证券范围内选取现金股息率高、分红比较稳定、具有一定 流动性的30只证券作为指数样本，采用等权重计算，以反映港股通范围内具有较高股息率证券的整体表 现。该指数以2014年11月14日为基日，以3000.0点为基点。 从指数持仓来看，中证香港红利等权投资指数十大权重分别为：中国联通（4.23%）、中国人民保险集 团（3.95%）、中信银行（3.94%）、中国电信（3.9%）、中国银行（3.82%）、民生银行（3.82%）、 粤海投资（3.82%）、交通银行（3 ...

Financial Performance - The company reported a total revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[5]. - Revenue from continuing operations for 2024 was HKD 18,505,293, a decrease of 8.9% compared to HKD 20,322,478 in 2023[24]. - Net profit attributable to owners for 2024 was HKD 3,142,138, reflecting a slight increase of 0.6% from HKD 3,122,069 in 2023[24]. - Basic earnings per share for 2024 increased to HKD 0.4806 from HKD 0.4775 in 2023, marking a 0.6% growth[55]. - The gross profit margin improved to 40%, up from 35% in the previous year, due to better cost management[5]. - The total assets increased to HKD 5 billion, marking a 12% growth year-over-year[5]. - The total assets decreased by 3.1% to HKD 135,595,403 from HKD 139,965,972 in 2023[24]. - The company's equity totalled HKD 56,675,473 as of December 31, 2024, down from HKD 58,029,625 in 2023, indicating a decrease of 2.3%[133]. - The total liabilities decreased to HKD 78,919,930 in 2024 from HKD 81,936,347 in 2023, showing a reduction of 3.7%[133]. - The company reported a significant increase in distributable reserves to HKD 5,367,032,000 in 2024, up from HKD 3,484,663,000 in 2023, marking a growth of 54.0%[136]. Market Expansion and Strategy - The company expects a revenue growth guidance of 10-12% for the next fiscal year, driven by new product launches and market expansion[5]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[5]. - The company aims to strengthen its core business in water resources while expanding into high-value areas and improving operational efficiency across all business segments[62]. - The company is actively investing in water resource management, property investment, and infrastructure, aiming to strengthen its core business and maintain industry leadership[183]. - The company plans to enhance project acquisition efficiency and expand new business capabilities to further scale its operations[183]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.0727 per share, reflecting a 5% increase from the previous year[5]. - The proposed final dividend for the year ending December 31, 2024, is HKD 0.0727 per share, combined with an interim dividend of HKD 0.2397 per share, totaling HKD 0.3124 for the year (2023: HKD 0.3104)[57]. - The company reported a mid-term dividend of HKD 0.2397 per share, an increase from HKD 0.1871 in 2023[128]. - The board proposed a final dividend of HKD 0.0727 per share for the year ending December 31, 2024, down from HKD 0.1233 in 2023[128]. Operational Efficiency and Technology - Investment in new technologies increased by 25%, totaling HKD 300 million, focusing on sustainable water management solutions[5]. - The company introduced a new water purification technology that is expected to reduce operational costs by 20%[5]. - The company is focusing on enhancing operational efficiency and employee accountability to improve market competitiveness and achieve high-quality development goals[106]. - The company is committed to optimizing product offerings and operational management to mitigate competition risks and enhance project profitability[103]. Risk Management and Governance - The company is actively monitoring macroeconomic conditions and capital market trends to adapt its strategies and maintain competitiveness amid external economic pressures[101]. - The company has implemented a dynamic monitoring system for foreign exchange risk exposure and will adjust strategies based on market conditions[100]. - The company emphasizes the importance of effective risk management for success in a complex and rapidly changing environment[196]. - The independent non-executive directors and audit committee regularly review the financial and operational performance of the group to ensure independence from major shareholders[147]. Human Resources and Corporate Culture - The total employee count as of December 31, 2024, was 10,759, down from 11,495 in 2023, with total salary expenses approximately HKD 2.337 billion, a decrease from HKD 2.502 billion in 2023[106]. - The company is enhancing its employee training programs to foster a learning organization and improve compliance and professional skills[107]. - The company is committed to a corporate culture that promotes integrity and transparency, with a zero-tolerance policy towards corruption and bribery[185]. Financial Liabilities and Loans - As of December 31, 2024, the total financial liabilities of the group were HKD 23.86 billion, a decrease from HKD 42.43 billion in 2023[94]. - The group recorded a net loss of HKD 25.27 million from fair value adjustments of investment properties, a decline from a net gain of HKD 230.12 million in 2023[90]. - The company is committed to ensuring compliance with loan agreements to avoid defaults and immediate repayment obligations[165]. - A loan of HKD 5 billion was secured on February 29, 2024, with an outstanding principal of HKD 4.5 billion as of December 31, 2024[172]. Corporate Governance - The board of directors consists of five executive directors, two non-executive directors, and four independent non-executive directors, with recent changes effective from March 25, 2025[191]. - The company emphasizes the importance of corporate governance and has adhered to the principles outlined in the Corporate Governance Code[186]. - The company has adopted a code of conduct for securities trading that aligns with the standards set out in the listing rules[189]. - Independent non-executive directors possess extensive experience in various industries, contributing valuable insights and governance knowledge[198].

Financial Performance - The group's unaudited revenue from continuing operations for the three months ended March 31, 2025, was HKD 4,617.39 million, a decrease of 0.7% compared to HKD 4,648.65 million in 2024[4] - The unaudited profit before tax from continuing operations increased by 2.0% to HKD 2,035.59 million, up from HKD 1,996.17 million in 2024[4] - The unaudited profit attributable to owners of the company from continuing operations was HKD 1,321.65 million, reflecting a slight increase from HKD 1,296.62 million in 2024[4] - The equity attributable to owners of the company decreased by 2.0% to HKD 40,812.24 million from HKD 41,658.02 million[4] - The net loss from fair value adjustments of investment properties was HKD 10 million, compared to a loss of HKD 21 million in 2024[6] Water Supply and Treatment - The total water supply for the East Shenzhen Water Supply Project was 549 million tons, a decrease of 8.8% from 602 million tons in 2024, generating revenue of HKD 1,734 million, down 1.5%[9] - The profit before tax for the East Shenzhen Water Supply Project increased by 2.1% to HKD 1,203 million compared to HKD 1,178 million in 2024[9] - The total water supply capacity of the group's subsidiaries and joint ventures reached 8,886,800 tons per day as of March 31, 2025, an increase from 8,786,800 tons per day in 2024[12] - The total wastewater treatment capacity of the group was 2,103,900 tons per day as of March 31, 2025, compared to 2,054,400 tons per day in 2024[12] - The total water supply capacity of ongoing projects is projected to reach 1,187,000 tons per day by March 31, 2025[13] Property Investment - Property investment income from Guangdong Tianhe City increased by 3.0% to HKD 429,018,000, compared to HKD 416,509,000 in 2024[14] - The pre-tax profit from property investment activities rose by 8.8% to HKD 270,631,000, up from HKD 248,632,000 in 2024[14] - The total income from the group's property investment business was primarily driven by rental income, reflecting improvements in average rental levels and occupancy rates[14] Department Stores and Hotel Management - The average occupancy rate of the group's department stores decreased to 94.3% from 97.1% in 2024, with total revenue dropping by 17.6% to HKD 107,934,000[17] - The revenue from department stores for the three months ended March 31, 2025, decreased by 17.6% to HKD 95,840,000 compared to HKD 107,934,000 in 2024[18] - The average room rate for the Yuehai Sheraton Hotel was HKD 1,168, down from HKD 1,248 in 2024, while the average occupancy rate was 94.8%, slightly down from 95.4% in 2024[19] - The hotel management business revenue increased by 6.0% to HKD 172,668,000, but the pre-tax profit decreased by 19.4% to HKD 30,021,000 compared to HKD 37,266,000 in 2024[20] Energy and Construction - Electricity sales volume from the Yuehai Energy project increased by 21.9% to 773 million kWh, but revenue decreased by 7.1% to HKD 362,952,000 due to lower electricity prices and currency exchange rate impacts[21] - The sales volume from Guangdong Yuedian Jinghai Power Company decreased by 36.5% to 2 billion kWh, leading to a 40.0% revenue drop to HKD 930,127,000, with a pre-tax loss of HKD 25,644,000[22] - The average daily toll traffic on the Xingliu Expressway decreased by 9.1% to 27,039 vehicles, resulting in a toll revenue decrease of 7.8% to HKD 154,318,000[23] - Cumulative construction costs for the Yinping project reached approximately RMB 2.08 billion (about HKD 2.25 billion), with a pre-tax profit decrease of 1.0% to HKD 33,572,000[25] - The construction services revenue for the period was HKD 94,889,000, significantly higher than HKD 68,903,000 in 2024[13] Market Conditions and Strategic Focus - The geopolitical tensions and trade protectionism have intensified since 2025, impacting global economic recovery[28] - China's export growth has slowed, but domestic macro policies are becoming more proactive, leading to a recovery in domestic demand[28] - The company aims to focus on core business stability and risk management while creating long-term value for stakeholders[28] - The company will extend its water resources segment into high value-added areas and promote business structure transformation[28] - The company is actively looking for investment and acquisition opportunities related to the Guangdong-Hong Kong-Macao Greater Bay Area development plan[28] Audit and Financial Reporting - The unaudited financial data for the three months ending March 31, 2025, has been reviewed by the company's audit committee[29] - Shareholders and potential investors are advised that the information provided is unaudited and should not be considered as an indicator of financial performance[30]

【导读】星光股份（002076）自4月29日起将被实施退市风险警示，4月28日停牌一天 4月27日晚间，星光股份公告称，公司股票4月28日停牌一天，自4月29日开市起复牌并被实施退市风险警示，证 券简称变为*ST星光，股票交易的日涨跌幅限制为5%。 同日晚间，星光股份公告称，公司近日收到广东证监局下发的《警示函》。广东证监局指出，星光股份未在会计 年度结束后的一个月内，披露其将被实施退市风险警示的风险提示公告。 截至4月25日收盘，星光股份股价报1.85元/股，跌幅达9.76%，总市值为20.52亿元。截至3月31日，公司股东人数 为7.847万户。 星光股份披露将被*ST原因 公告显示，星光股份将被实施退市风险警示，主要是2024年度经审计的利润总额、净利润、扣非后净利润三者均 为负值，并且扣除与主营业务无关收入和不具备商业实质收入的营业收入（以下简称扣除后的营业收入）低于3 亿元。 对照《深圳证券交易所股票上市规则（2024年修订）》第9.3.1条第一款第（一）项的规定，星光股份触及被实施 退市风险警示的情形，将在2024年年报披露后被实施退市风险警示。 4月27日晚间，星光股份发布的2024年年报显示， ...

智通财经APP获悉，中办、国办印发《关于完善价格治理机制的意见》。意见提到，优化居民阶梯水 价、电价、气价制度。推进非居民用水超定额累进加价、垃圾处理计量收费，优化污水处理收费政策。 4月2日，国家发展改革委有关负责人答记者问时指出，健全宏观经济治理体系，要求完善价格治理机 制，引导价格总水平和重要商品价格合理运行。 近日，深圳市发改委宣布，深圳市自来水价格调整听证会将于4月11日举行。根据两个调价方案，自来 水综合价格均拟由3.449元/立方米上调13.1%至3.8991元/立方米 (含税)。 中信证券发布研报称，历史经验看核心城市调价对水价改革起到催化作用，各地市理顺供水价格机制有 望提速。该行统计，近期已有多个城市陆续出台价格调整方案，价格机制完善有助改善国内供水行业回 报长期偏低的问题。随着水价政策的不断完善以及行业价格机制的不断理顺，行业整体低回报的问题或 迎来改观，水务运营类资产有望显著受益，首推中国水务(00855)。 中泰国际研报指出，期望水价上调趋势在全国各地延续，并可直接有利供水运营商。港股企业例如中国 水务(00855)、粤海投资(00270)、北控水务集团(00371)皆可受惠。当中该 ...

股票研究 /[Table_Date] 2025.03.25 [Table_Report] 相关报告 | 实物分派剥离粤海置地，价值重估可预期 | | --- | | 2024.12.11 | | 维持高分红，现金流充足 2024.09.21 | | 掌握香港供水核心资产的平台型公司 2023.12.06 | | [Table_Finance] 财务摘要（百万港元） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 23,428 | 24,355 | 18,505 | 18,080 | 18,554 | 18,924 | | (+/-)% | -21.45% | 3.96% | -24.0% | -2.3% | 2.6% | 2.0% | | 毛利润 | 9,823 | 10,075 | 9,822 | 9,601 | 9,852 | 10,049 | | 净利润 | 4,764 | 3,122 | 3,142 | 4,415 | 4,533 | 4,663 ...

Financial Performance - Revenue from continuing operations for the year ended December 31, 2024, was HKD 18,505,293 thousand, a decrease of 8.9% compared to HKD 20,322,478 thousand in 2023[3] - Profit before tax increased by 1.1% to HKD 6,493,854 thousand from HKD 6,425,773 thousand in the previous year[4] - The profit attributable to owners of the company from continuing operations was HKD 4,102,893 thousand, down from HKD 4,221,183 thousand, reflecting a decrease of 2.8%[5] - Basic earnings per share increased by 0.6% to HKD 48.06 cents from HKD 47.75 cents[6] - Total comprehensive income for the year was HKD 1,885,557 thousand, compared to HKD 2,041,687 thousand in 2023, indicating a decrease of 7.7%[7] - The company reported a loss from discontinued operations of HKD 1,493,331 thousand, an improvement from a loss of HKD 1,953,635 thousand in the previous year[4] - The fair value change of investment properties resulted in a loss of HKD 67,821 thousand, compared to a gain of HKD 100,198 thousand in 2023[4] - The company reported a total customer contract revenue of HKD 16,223,663 thousand in 2024, down from HKD 18,182,355 thousand in 2023, representing a decrease of about 11%[48] - The group's consolidated profit attributable to owners for 2024 was HKD 3.142 billion, a 0.6% increase from HKD 3.122 billion in 2023[81] - The group's total revenue for the year ended December 31, 2024, was HKD 18.505 billion, a decrease of 8.9% from HKD 20.322 billion in 2023[90] Dividends - The proposed final dividend is HKD 7.27 cents, down from HKD 12.33 cents in the previous year, while the interim dividend increased to HKD 23.97 cents from HKD 18.71 cents[3] - The company proposed a special dividend in the form of a distribution of shares in Yuehai Land Holdings Limited, amounting to 1,261,799,423 shares, representing about 99.9% of its holdings[13] - The board proposed a final dividend of HKD 0.0727 per share, bringing the total dividend for the year to HKD 0.3124, compared to HKD 0.3104 in 2023[82] - The company proposed a special dividend of 0.193 shares of Yuehai Land for every share held, pending shareholder approval[67] Assets and Liabilities - Non-current assets decreased to HKD 74,846,936 thousand from HKD 84,688,161 thousand, a decline of 11.6%[9] - Cash and bank balances stood at HKD 12,154,029 thousand, slightly down from HKD 12,593,616 thousand[9] - Total current assets increased to HKD 60,748,467 thousand in 2024 from HKD 55,277,811 thousand in 2023, representing an increase of approximately 9%[11] - Total current liabilities decreased significantly to HKD 55,737,907 thousand in 2024 from HKD 45,666,192 thousand in 2023, a reduction of about 22%[11] - Net current assets decreased to HKD 5,010,560 thousand in 2024 from HKD 9,611,619 thousand in 2023, a decline of approximately 48%[11] - Total non-current liabilities decreased to HKD 23,182,023 thousand in 2024 from HKD 36,270,155 thousand in 2023, a reduction of about 36%[11] - Total equity decreased to HKD 56,675,473 thousand in 2024 from HKD 58,029,625 thousand in 2023, a decline of approximately 2.3%[11] - The company’s total assets less current liabilities decreased to HKD 79,857,496 thousand in 2024 from HKD 94,299,780 thousand in 2023, a decline of approximately 15%[11] - The company’s bank and other borrowings decreased to HKD 16,531,830 thousand in 2024 from HKD 27,175,184 thousand in 2023, a reduction of about 39%[11] - The company’s reserves decreased slightly to HKD 32,691,847 thousand in 2024 from HKD 32,836,033 thousand in 2023, a decline of approximately 0.4%[11] - The company’s lease liabilities increased to HKD 294,378 thousand in 2024 from HKD 558,113 thousand in 2023, an increase of approximately 47%[11] Segment Performance - The water resources segment generated revenue of HKD 13,511,006, a decrease of 11.9% from HKD 15,329,381 in 2023[26] - The property investment segment reported revenue of HKD 1,576,863, an increase of 10.5% from HKD 1,426,843 in 2023[26] - The department store operations segment achieved revenue of HKD 861,612, up 13.6% from HKD 758,786 in 2023[26] - The total revenue from continuing operations for the water resources segment was HKD 13,593,359, compared to HKD 15,405,092 in 2023, reflecting a decline[26] - The total profit from continuing operations for the water resources segment was HKD 5,643,561, slightly up from HKD 5,593,782 in 2023[26] - The segment performance for power generation showed a profit of HKD 147,805 in 2024, up from HKD 105,664 in 2023, indicating an increase of about 39.8%[28] - The segment performance for the bridge and road segment showed a profit of HKD 438,316 in 2024, down from HKD 500,713 in 2023, a decline of approximately 12.5%[28] - The total revenue from the hotel management segment remained relatively stable at HKD 648,401 in 2024 compared to HKD 648,877 in 2023, a slight decrease of about 0.1%[28] - Revenue from the water resources segment in mainland China was HKD 4,539,512 thousand in 2024, slightly up from HKD 4,532,910 thousand in 2023[48] - Revenue from the water resources segment in mainland China decreased to HKD 12,637,331, down 12.8% from HKD 14,491,900 in 2023[49] - The total revenue from the property investment segment in mainland China increased to HKD 239,958, up 17.6% from HKD 203,992 in 2023[49] - The total revenue from the department store operations segment in mainland China rose to HKD 824,339, an increase of 15.7% compared to HKD 712,756 in 2023[49] Operational Insights - The company operates seven reportable segments, including water resources, property investment, department store operations, power generation, hotel management, road and bridge operations, and others[25] - The company aims to enhance transparency regarding supplier financing arrangements and their impact on liabilities and cash flow risks[22] - The company is focused on optimizing products and enhancing efficiency to mitigate market competition risks and improve project profitability[138] - The group plans to focus on enhancing operational management in the water resources sector and improving brand building[85] - The hotel management business is expanding efforts in the Hong Kong market, including leasing a high-end hotel[85] - The group aims to leverage the "Guangdong-Hong Kong-Macao Greater Bay Area Development Plan" for potential growth opportunities[88] - The outlook for 2025 anticipates continued economic resilience despite external challenges, with a focus on core business stability and new growth points[86] - The group will concentrate resources on high-tech and high-value areas within the water business while enhancing the operational level of existing assets[88] Financial Management - The financial expenses decreased to HKD (892,075) in 2024 from HKD (980,802) in 2023, indicating a reduction of approximately 9.0%[30] - The total tax expense for the year was HKD 1,852,764, an increase of 11.7% from HKD 1,658,283 in 2023[57] - The net loss from fair value adjustments of investment properties for the year was HKD 68 million, while net foreign exchange gains were HKD 39 million, and net finance costs decreased to HKD 698 million from HKD 832 million in 2023[91] - The company has implemented dynamic monitoring of foreign exchange risk exposure and will adjust strategies based on market conditions[137] - The total financial borrowings for ongoing operations as of December 31, 2024, were HKD 23.862 billion, down from HKD 42.428 billion in 2023, with 81.1% in RMB[129] - The group's capital debt ratio as of December 31, 2024, was 30.9%, a significant decrease from 77.3% in 2023, indicating improved financial stability[130] - The EBITDA to incurred financial expenses ratio for ongoing operations was 10.5 times as of December 31, 2024, compared to 9.4 times in 2023[130] Employee and Governance - The total number of employees as of December 31, 2024, is 10,759, a decrease from 11,495 in 2023[141] - The total salary expenditure for the year is approximately HKD 2,337,464,000, down from HKD 2,502,471,000 in 2023[141] - The company emphasizes a competitive salary policy aligned with its development goals and performance[142] - The company is committed to enhancing employee training and development to improve overall competency and compliance awareness[142] - The board of directors believes the company has complied with the corporate governance code during the fiscal year[144] Miscellaneous - The company did not engage in any sale and leaseback transactions, thus the recent accounting standards revisions had no significant impact on the financial statements[22] - The company has not applied any new accounting standards or interpretations that have not yet become effective during the reporting period[22] - The adjustments to the classification of liabilities as current or non-current have been applied retrospectively, clarifying the classification of liabilities that can be settled with equity instruments[22] - The company has not purchased, sold, or redeemed any listed securities during the fiscal year ending December 31, 2024[146] - The annual performance announcement is available on the company's website and the Hong Kong Stock Exchange website[150]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The company plans to spin off its real estate business (Yuehai Properties) through a special dividend distribution, allowing it to focus on its core water business [7] - After the spin-off, the company's operating performance and overall value are expected to significantly improve, as it will no longer be affected by the volatility of the real estate business [7] - The company's water business is stable, with high-quality assets in the Dongjiang water project, and its valuation is expected to rise after the spin-off [8] Financial Performance - In 2023, the company's net profit attributable to shareholders dropped by 34% YoY to HKD 3.12 billion, mainly due to a HKD 1.81 billion impairment loss from Yuehai Properties [7] - Excluding the impact of the real estate business, the company's core profit in 2023 was HKD 4.93 billion [7] - The company's operating cash flow in 2023 was HKD 10.71 billion, with HKD 7.1 billion coming from the core business after excluding Yuehai Properties [9] - In H1 2024, the company's operating cash flow was HKD 4.88 billion, with HKD 3.59 billion from the core business after excluding Yuehai Properties [9] Valuation and Forecast - The report maintains the company's profit forecasts for 2024-2026 at HKD 4.003 billion, HKD 4.101 billion, and HKD 4.120 billion, respectively [8] - The current market capitalization corresponds to a PE ratio of 8.5x, 8.3x, and 8.3x for 2024-2026 [8] Debt and Dividend - As of H1 2024, the company's total assets were HKD 139.8 billion, with a debt-to-asset ratio of 58% [11] - After spinning off Yuehai Properties, which has a higher debt-to-asset ratio of 87%, the company's overall debt level is expected to decrease significantly [11] - The company's dividend payout ratio in 2024H1 was 65%, consistent with 2023 [12] Business Focus - The company will no longer hold any shares in Yuehai Properties after the spin-off, allowing it to fully focus on its water business [7] - The spin-off is expected to enhance the company's operational efficiency and valuation by eliminating the drag from the real estate sector [7][8]