Investment Rating - The report upgrades the company's investment rating to "Buy" with a target market capitalization of HKD 41 billion, representing a 24% upside from the current market capitalization [6] Core Views - The company's Q3 2024 unaudited financial results show revenue of HKD 18.142 billion, up 10.4% YoY, while net profit attributable to owners decreased 6.1% YoY to HKD 3.593 billion, slightly exceeding expectations [4] - Operating cash flow continues to improve, with H1 2024 operating cash flow (excluding Yuehai Properties) reaching HKD 3.584 billion, up from HKD 2.286 billion in H1 2023 [4] - The water business remains stable, with pre-tax profit increasing 0.3% to HKD 6.167 billion in the first three quarters of 2024, driven by steady growth in the water resources segment [5] - The real estate segment shows resilience, with no impairment in the first three quarters of 2024 and contracted sales of 212,000 square meters, slightly higher than the 209,000 square meters in the same period last year [5] - The company's dividend payout ratio remains stable at 65% in 2024, consistent with 2023, with an interim dividend of 23.97 HK cents per share announced [4] Financial Performance - The company's revenue for 2024E is projected at HKD 29.551 billion, a 22% YoY increase, with net profit attributable to owners expected to reach HKD 4.003 billion, up 28% YoY [7] - EPS for 2024E is forecasted at HKD 0.61, with a P/E ratio of 8.3x and a P/B ratio of 0.85x [7] - ROE is expected to improve to 10.3% in 2024E, up from 7.47% in 2023 [7] Industry Comparison - The company's 2024E P/E ratio of 8.3x is lower than the average P/E ratio of 12x for comparable companies with stable earnings and high dividends [6] - The company's dividend yield of 6.13% in 2023 is higher than the average dividend yield of 3.66% for comparable companies [10] Real Estate Segment Outlook - The real estate inventory is expected to decrease, with the book value of real estate inventory at HKD 32.8 billion at the end of 2023 and HKD 30 billion in the first three quarters of 2024, with prepayments of HKD 10.494 billion [5] - The report anticipates a reduction in real estate inventory impairment pressure in 2024 due to the decrease in inventory size and the implementation of macro policies [5]

Financial Performance - The unaudited consolidated revenue for the nine months ended September 30, 2024, was HKD 18,142.31 million, representing a 10.4% increase from HKD 16,435.34 million in the same period of 2023[2]. - The unaudited consolidated profit attributable to owners of the company decreased by 6.1% to HKD 3,593.95 million, down from HKD 3,827.69 million in 2023[4]. - The pre-tax profit for the period was HKD 5,287.76 million, a decline of 11.2% compared to HKD 5,953.39 million in the previous year[2]. - The net loss from changes in the fair value of investment properties was HKD 106.99 million, compared to a net gain of HKD 486.80 million in 2023[2]. - The pre-tax loss for the period was HKD 573,663,000, compared to a pre-tax profit of HKD 136,910,000 in 2023, primarily due to higher gross margins from properties delivered in the previous year[18]. - The pre-tax profit (excluding net finance costs) for the period was HKD 252,009,000, down 11.2% from HKD 283,877,000 in 2023[25]. Assets and Equity - The total assets as of September 30, 2024, were HKD 138,034.48 million, a decrease of 1.4% from HKD 139,965.97 million as of December 31, 2023[2]. - The equity attributable to owners of the company increased to HKD 43,248.04 million from HKD 41,802.21 million, reflecting a growth of 3.5%[2]. - The company held completed unsold properties valued at approximately HKD 98.28 billion and development properties valued at approximately HKD 201.92 billion as of September 30, 2024[19]. Water Supply Projects - The total water supply for the Dongshen Water Supply Project was 1,646 million tons, a decrease of 4.8% from 1,729 million tons in 2023, generating revenue of HKD 5,159.00 million, which is a 0.4% increase[7]. - The pre-tax profit from the Dongshen Water Supply Project increased by 3.8% to HKD 3,461.00 million, compared to HKD 3,334.00 million in the previous year[7]. - The total water supply capacity of the group's subsidiaries and joint ventures reached 8,786,800 tons per day as of September 30, 2024, with wastewater treatment capacity at 2,054,400 tons per day[10]. - The group has ongoing water resource projects with a total water supply capacity of 1,287,000 tons per day and wastewater treatment capacity of 50,000 tons per day as of September 30, 2024[11]. - The group operates several water supply plants with capacities ranging from 24,000 to 1,060,000 tons per day across various subsidiaries[9][10]. Property Investment - The property investment business revenue of Guangdong Tianhe City increased by 8.3% to HKD 1,204,167,000, up from HKD 1,111,978,000 in 2023[12]. - The pre-tax profit from property investment business rose by 14.2% to HKD 689,281,000, compared to HKD 603,318,000 in the previous year[12]. - The total rental income for the period reached HKD 1,204,167 thousand, an increase of 8.3% compared to HKD 1,111,978 thousand in the previous year[13]. - Tianhe City Plaza – Tianhe City Shopping Center reported a rental income of HKD 527,831 thousand, up 7.1% from HKD 493,031 thousand in the previous year[13]. - Guangzhou Animation Star City saw a significant increase in rental income, rising by 57.1% to HKD 68,729 thousand from HKD 43,738 thousand[13]. - The occupancy rate for Tianhe City Plaza – Tianhe City Shopping Center was 98.9%, while Tianhe City Plaza – Yuehai Tianhe City Building had a lower occupancy rate of 84.9%, down 6.0%[13]. - The new Yuehai Tiandi project, which opened in December 2023, generated an initial rental income of HKD 31,180 thousand, marking a 100% occupancy rate[13]. Development and Strategy - The company plans to continue enhancing its corporate governance and transparency by voluntarily disclosing financial information quarterly[3]. - The company plans to enhance its development strategy by focusing on high-value-added businesses and optimizing asset allocation in response to the economic recovery challenges[28]. - The company aims to leverage potential development opportunities arising from the "Guangdong-Hong Kong-Macao Greater Bay Area" strategy and explore related market acquisition opportunities[28]. - The company will maintain a stable development strategy to ensure risk control and create long-term value for stakeholders[28]. Construction and Other Operations - The construction service revenue for the period was HKD 211,304,000, down from HKD 1,161,003,000 in 2023[11]. - The total revenue from the energy projects decreased by 8.1% to HKD 1,215,920,000, while the pre-tax profit increased by 37.0% to HKD 121,921,000 due to lower coal prices[24]. - The total revenue from the department store operations decreased by 1.7% to HKD 582,158,000, with a pre-tax profit decline of 30.8% to HKD 46,697,000[21]. - The total area of the department stores operated by the company was approximately 194,390 square meters, a decrease from 209,900 square meters in the previous year[21]. Traffic and Toll Revenue - The average daily toll traffic on the Xingliu Expressway decreased by 2.7% to 26,348 vehicles, down from 27,083 vehicles in 2023[25]. - Toll revenue for the period was HKD 479,085,000, a decrease of 5.3% compared to HKD 506,161,000 in 2023, impacted by a 1.3% decline in the RMB to HKD exchange rate[25].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 12,290,690, an increase of 8.1% from HKD 11,369,355 in the same period of 2023[7]. - Gross profit for the same period was HKD 5,469,042, slightly up from HKD 5,461,429, indicating stable profitability[7]. - Profit before tax decreased to HKD 3,664,178, down 7.1% from HKD 3,942,351 in the previous year[7]. - Net profit for the period was HKD 2,665,782, a decrease of 6.5% compared to HKD 2,851,135 in 2023[7]. - Basic and diluted earnings per share were HKD 0.3688, down from HKD 0.3865 in the same period last year[7]. - Total comprehensive income for the period was HKD 2,259,527, significantly up from HKD 934,897 in the previous year, reflecting a substantial recovery[8]. - The company's profit for the six months ended June 30, 2024, was HKD 2,665,782, a decrease of 6.5% compared to HKD 2,851,135 for the same period in 2023[8]. - The pre-tax profit for the consolidated group for the six months ended June 30, 2024, was HKD 3,664,178, a decrease of 7.1% from HKD 3,942,351 in the same period of 2023[22]. - The net profit for the consolidated group for the six months ended June 30, 2024, was HKD 2,665,782, a decrease of 6.5% from HKD 2,851,135 in the same period of 2023[22]. - The unaudited consolidated profit attributable to owners for the six months ended June 30, 2024, was HKD 2.411 billion, a decrease of 4.6% compared to HKD 2.527 billion in the same period last year[80]. Expenses and Costs - Total operating expenses, including selling and administrative expenses, decreased to HKD 1,501,480 from HKD 1,636,782, reflecting cost control measures[7]. - The total finance costs for the period amounted to HKD 646,553, an increase from HKD 586,302 in the previous year[30]. - The effective tax expense for the period was HKD 998,396, down from HKD 1,091,216 in the same period of 2023[34]. Assets and Liabilities - Non-current assets totaled HKD 85,505,815 as of June 30, 2024, compared to HKD 84,688,161 at the end of 2023, indicating a growth in asset base[9]. - Current assets decreased slightly to HKD 54,324,280 from HKD 55,277,811, primarily due to changes in inventory and properties held for sale[9]. - Total liabilities decreased to HKD 80,562,132 from HKD 81,936,347, indicating effective management of obligations[10]. - The company's equity increased to HKD 59,267,963 as of June 30, 2024, up from HKD 58,029,625, reflecting a stronger financial position[10]. - The total assets of the company reached HKD 43,117,947,000 as of June 30, 2024, compared to HKD 41,802,210,000 at the start of the year, indicating a growth of approximately 3.14%[11]. - The company's total liabilities as of June 30, 2024, were HKD 80,562,132, down from HKD 81,936,347 as of December 31, 2023[25]. - Total liabilities as of June 30, 2024, were HKD 27,244,841, a decrease from HKD 28,576,924 as of December 31, 2023[45]. - Current liabilities amounted to HKD 25,856,851, down from HKD 27,193,739 as of December 31, 2023[45]. Cash Flow - Net cash inflow from operating activities for the six months ended June 30, 2024, was HKD 4,875,738, an increase of 12% from HKD 4,353,697 in the same period of 2023[13]. - Cash and cash equivalents at the end of the period were HKD 12,361,739, down from HKD 13,685,986 at the end of June 2023, a decrease of 10%[14]. - The net increase in cash and cash equivalents for the six months was HKD 1,044,227, compared to HKD 5,209,539 in the same period last year, indicating a significant decline[14]. - The financing activities resulted in a net cash outflow of HKD 1,528,835, contrasting with a net inflow of HKD 2,326,172 in the same period of 2023[13]. Segment Performance - Water resources segment revenue for the six months ended June 30, 2024, was HKD 7,051,438, a decrease of 11.3% from HKD 7,950,125 in the same period of 2023[19]. - Property investment and development segment revenue for the six months ended June 30, 2024, was HKD 3,582,522, an increase of 114.5% from HKD 1,673,223 in the same period of 2023[19]. - The hotel operations and management segment reported a pre-tax profit of HKD 60,216 for the six months ended June 30, 2024, down from HKD 91,160 in the same period of 2023[21]. - The water resources segment generated revenue of HKD 6,653,978, down 12.0% from HKD 7,567,492 in the previous year[29]. - The property investment and development segment saw a significant increase in revenue to HKD 2,890,506, up 171.5% from HKD 1,064,468[29]. Dividends - The interim dividend declared is HKD 0.2397 per share, to be distributed around October 30, 2024[3]. - The interim dividend declared was HKD 23.97 cents per share, an increase from HKD 18.71 cents per share in the previous year[35]. - The board declared an interim dividend of HKD 0.2397 per share for the six months ending June 30, 2024, an increase from HKD 0.1871 per share in 2023[133]. Strategic Focus - The company plans to maintain its focus on market expansion and new product development in the upcoming quarters[7]. - The company plans to continue expanding its investment in infrastructure projects in mainland China, focusing on roads and bridges[18]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and service offerings[24]. - The company aims to enhance operational efficiency and market competitiveness through strategic transformation and a focus on high-quality development[112]. - The company is actively pursuing high-value business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[114]. Governance and Compliance - The company has complied with the corporate governance code during the six months ended June 30, 2024[123]. - The company has no purchases, sales, or redemptions of its listed securities during the six months ended June 30, 2024[127].

Investment Rating - Maintains an "Overweight" rating [2][4] Core Views - The company demonstrates stable operations with steady growth in water resource operations and sufficient cash flow, maintaining a high dividend payout ratio of 65% [3][4] - The company's water resource and power generation businesses show stable growth, offsetting the decline in property investment and development profits and the 2.2% depreciation of RMB against HKD [4] - The property investment and development business has shown improvement, with significant revenue growth in certain segments [4] Financial Performance - 2024H1 revenue reached HKD 12.291 billion, an 8% year-on-year increase, while net profit attributable to shareholders decreased by 5% to HKD 2.411 billion [4] - Adjusted 2024-2025 net profit forecasts to HKD 3.69 billion (previously HKD 4.55 billion) and HKD 4.14 billion (previously HKD 4.91 billion), respectively, and introduced a 2026 forecast of HKD 4.45 billion [4] - EPS for 2024-2026 is projected at HKD 0.56, HKD 0.63, and HKD 0.68, respectively [4] Business Segments Water Resource Operations - Water supply revenue to Hong Kong increased by 2% to HKD 2.802 billion, while revenue from Shenzhen and Dongguan decreased by 1% to HKD 683 million [4] - Pre-tax profit from the East River-Shenzhen Water Supply Project (excluding exchange differences and net financial expenses) grew by 5% to HKD 2.325 billion [4] - Current water supply and sewage treatment capacities under construction are 1.287 million tons/day and 50,000 tons/day, respectively [4] Property Investment and Development - Revenue from Yuehai Tianhe City property investment increased by 11% to HKD 793 million, driven by higher average rental rates and occupancy levels, as well as contributions from the newly opened Yuehai Tiandi project [4] - Yuehai Property revenue surged by 188% to HKD 2.804 billion, with sales revenue from properties reaching HKD 2.779 billion [4] - Pre-tax loss for Yuehai Property was HKD 283 million, but adjusted for fair value changes, impairment of properties under development, and net financial expenses, the pre-tax loss was HKD 105 million [4] - As of mid-2024, Yuehai Property held completed properties for sale worth HKD 8.664 billion and properties under development worth HKD 21.949 billion, totaling HKD 30.613 billion [4] Dividend Policy - The company maintains a high dividend payout ratio of 65%, with an interim dividend of HKD 23.97 cents per share [4] - Operating cash inflow for 2024H1 was HKD 4.876 billion, with capital expenditures of HKD 445 million [4] Market Data - Current stock price: HKD 4.68 [5] - 52-week price range: HKD 3.35 - HKD 6.21 [5] - Current market capitalization: HKD 30.597 billion [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） 截至2024年6月30日止六個月 中期業績公告 截至 6 月 30 日止六個月未經審核財務摘要 | --- | --- | --- | --- | |--------------------------|---------------|---------------|-------| | | 2024 年 | 2023 年 | 變動 | | | 千港元 | 千港元 | % | | 收入 | 12,290,690 | 11,369,355 | +8.1 | | 發展中待售物業撇減 | - | (134,505) | | | 投資物業公允值變動 | (60,360) | 384,613 | | | 稅前利潤 | 3,664,178 | 3,942,351 | -7.1 | | 歸屬於本公司所有者的溢利 | 2,410,985 | 2,526,909 | ...

会员员务必注意本次电话会议交流内容仅限相关会员员内部参考任何机构或会员不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 非常高兴今天我们请到了业海飞机的董事副总经理曾总还有就是乔总监梁总还有就是曾晨布的两位同事来跟我们分享一下公司二四年一季度的一个业绩情况接下来要不我们曾总能不能先点药给我们提炼一下公司一季度的一点亮点给大家总结一下然后我们再进入一个问答环节可以吗曾总好的 我们昨天就公布了我们一期的业绩收入方面我们是有一个比较大的增长增长了接近两成去到64个亿然后在宣传利润方面就反而下跌了6.3%然后股东应战利润就跌了不多跌了非常小跌了0.9% 这个三个变化都有它的内容这个都不太一样我们一个一个讲首先收入方面的增加接近两成输了大概是10个多亿这个增长主要是我们粤海之地卖楼增加了粤海之地今年一季度就卖了17个亿卖房 就跟去年同期只有4个月增长了13个亿所以就是在收益方面的增加主要是从卖楼方面不过可能大家也看过了资金其实是亏损的它之前也出了一个盈利警告如果从它的经营利润来看了卖楼业 ...

会员员务必注意本次电话会议交流内容仅限相关会员员内部参考任何机构或会员不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 非常高兴今天我们请到了业海飞机的董事副总经理曾总还有就是乔总监梁总还有就是曾晨布的两位同事来跟我们分享一下公司二四年一季度的一个业绩情况接下来要不我们曾总能不能先点药给我们提炼一下公司一季度的一点亮点给大家总结一下然后我们再进入一个问答环节可以吗曾总好的 我们昨天就公布了我们一期的业绩收入方面我们是有一个比较大的增长增长了接近两成去到64个亿然后在宣传利润方面就反而下跌了6.3%然后股东应战利润就跌了不多跌了非常小跌了0.9% 这个三个变化都有它的内容这个都不太一样我们一个一个讲首先收入方面的增加接近两成输了大概是10个多亿这个增长主要是我们粤海之地卖楼增加了粤海之地今年一季度就卖了17个亿卖房 就跟去年同期只有4个月增长了13个亿所以就是在收益方面的增加主要是从卖楼方面不过可能大家也看过了资金其实是亏损的它之前也出了一个盈利警告如果从它的经营利润来看了卖楼业 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） 截至 2024 年 3 月 31 日止三個月 未經審核財務資料 粤海投資有限公司（「本公司」）董事會（「董事會」）謹宣佈本公司及其附屬公司（「本 集團」）截至 2024年 3月 31日止三個月（「本期間」）（連同比較數字）之未經審核財務 資料。 未 經審核財務摘要 截至 3月 31日止三個月 2024年 2023年 變動 (未經審核) (未經審核) 千港元 千港元 % 收 入 6,389,233 5,332,649 +19.8 投資物業公允值變動 (20,528) 311,008 ...

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 24,199,894, representing a 4.3% increase from HKD 23,196,238 in 2022[6]. - Profit attributable to owners for the year decreased by 34.5% to HKD 3,122,069 from HKD 4,763,503 in 2022[6]. - Basic earnings per share for 2023 was HKD 0.4775, down 34.5% from HKD 0.7286 in 2022[6]. - EBITDA for 2023 was HKD 8,158,138, down 19.2% from HKD 10,092,429 in 2022[6]. - Consolidated profit before tax decreased by 36.4% to HKD 4.60 billion, down from HKD 7.24 billion in 2022, primarily due to a decline in property investment and development profits[25]. - The net profit attributable to the company's owners decreased by 34.5% to HKD 3.12 billion, compared to HKD 4.76 billion in 2022[25]. - The company's consolidated profit attributable to owners for 2023 was HKD 3.122 billion, a decrease of 34.5% compared to HKD 4.764 billion in 2022[20]. - The group’s consolidated revenue for the year ended December 31, 2023, was HKD 24.20 billion, an increase of 4.3% from HKD 23.20 billion in 2022[25]. Dividends - Proposed final dividend is HKD 0.1233 per share, a decrease from HKD 0.4262 per share in the previous year, resulting in a total dividend payout ratio of 65.01%[6][7]. - The company proposed a final dividend of HKD 0.1233 per share, totaling HKD 0.3104 for the year, down from HKD 0.6133 in 2022[21]. - The interim dividend per ordinary share was HKD 0.1871, consistent with the previous year[70]. Assets and Liabilities - Total assets increased by 4.8% to HKD 139,965,972 from HKD 133,514,620 in 2022[6]. - The total liabilities increased to HKD (81,936,347,000) in 2023 from HKD (75,005,303,000) in 2022, reflecting a rise of about 9.6%[73]. - The equity total as of December 31, 2023, was HKD 58,029,625,000, a slight decrease from HKD 58,509,317,000 in 2022, indicating a decline of approximately 0.8%[73]. - The group's cash and bank balances increased by HKD 3.656 billion to HKD 12.594 billion as of December 31, 2023, up from HKD 8.938 billion in 2022[49]. - Total financial borrowings increased by HKD 1.692 billion to HKD 42.428 billion as of December 31, 2023, compared to HKD 40.736 billion in 2022[49]. Operational Highlights - The annual water supply from the Dongshen Water Supply Project was 2.21 billion tons, generating revenue of HKD 6.38 billion, a decrease of 1.1% from HKD 6.46 billion in 2022[26]. - Revenue from water supply to Hong Kong increased by 1.4% to HKD 5.02 billion, while revenue from Shenzhen and Dongguan decreased by 9.4% to HKD 1.37 billion[27]. - The hotel management segment saw a significant increase in revenue due to the end of the pandemic, contributing HKD 648.78 million[23]. - The company plans to focus on high-value water services and steady property sales in 2024, aiming to leverage opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area development[24]. Market Conditions - The overall economic recovery remains slow and uneven, with challenges such as geopolitical tensions and high borrowing costs impacting growth prospects[22]. - The company will continue to monitor foreign exchange risks and implement strategies to mitigate exposure[23]. Corporate Governance - The company emphasizes a performance-driven culture, promoting a meritocratic system where capable employees are rewarded, aiming to enhance market competitiveness and corporate value[58]. - The management team includes experienced professionals, such as the newly appointed chairwoman Bai Tao, who has extensive experience in manufacturing and real estate sectors[59][60]. - The board of directors includes experienced professionals with backgrounds in law, finance, and management, enhancing the company's governance[66][67]. - The company emphasizes the importance of independent directors in its governance structure, with several members having significant experience in public service and corporate governance[62]. Environmental and Social Responsibility - The company is committed to quality control and regular inspections of production sites to prevent product safety risks, while also being open to market supervision for timely improvements[58]. - The company has established environmental policies in response to China's 2060 carbon neutrality goal, emphasizing climate awareness and risk assessment[143]. - The Environmental, Social, and Governance (ESG) Committee was formed in 2018 to oversee and report on ESG management effectiveness and stakeholder impact[144]. Financial Reporting and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency[185]. - The independent auditor confirmed that the consolidated financial statements reflect the company's financial position and performance fairly as of December 31, 2023[150]. - The group has adopted new and revised Hong Kong Financial Reporting Standards, including HKFRS 17 on insurance contracts, which had no significant impact on the financial statements[187]. Future Outlook - The company aims to strengthen its core businesses in water resource management, property investment, and infrastructure, while enhancing its competitive advantage[107]. - The company plans to expand into high-end water treatment membranes and integrated equipment, targeting high-value-added sectors[107].

Investment Rating - The report has downgraded the investment rating to "Hold" [4] Core Views - The company's net profit for 2023 was HKD 3.122 billion, a decrease of 34.5% year-on-year, with earnings per share at HKD 0.48. The total dividend for 2023 is HKD 0.31, resulting in a dividend payout ratio of 65%, which is below expectations [4] - The decline in profit is primarily attributed to a property impairment of HKD 1.81 billion, while the company's revenue for 2023 was HKD 24.2 billion, reflecting a year-on-year increase of 4.3% [4] - The water business remains stable, contributing approximately 85% to the pre-tax profit, with a pre-tax profit of HKD 5.706 billion for 2023, consistent with 2022 [4] - The company is facing pressure from the real estate sector, which may continue to suppress profits in the future [4] - The company has adopted a new dividend policy, reducing the dividend payout ratio from 84% in 2022 to 65% in 2023, indicating uncertainty in future dividends due to ongoing real estate pressures [4] Financial Data and Earnings Forecast - Revenue for 2023 was HKD 24.2 billion, with a year-on-year growth rate of 4% [5] - The net profit forecast for 2024 and 2025 has been adjusted to HKD 3.692 billion and HKD 3.737 billion, respectively, down from previous estimates of HKD 4.289 billion and HKD 4.455 billion [4][5] - The projected earnings per share for 2024, 2025, and 2026 are HKD 0.56, HKD 0.57, and HKD 0.54, respectively [5] - The price-to-earnings ratio for 2024, 2025, and 2026 is projected to be 6.2, 6.1, and 6.5 times, respectively [5]