Group 1 - The company, China Shipbuilding Leasing (03877), announced a mid-term dividend of 5 Hong Kong cents per share, to be distributed on November 13, 2025 [1]

Core Viewpoint - China Shipbuilding Leasing (03877) announced a mid-term dividend of 5 Hong Kong cents per share, to be distributed on November 13, 2025 [1] Company Summary - The company is set to distribute a mid-term dividend, indicating a commitment to returning value to shareholders [1]

免責聲明 | 灣仔 | | | --- | --- | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，董事會包括執行董事李洪濤先生，非執行董事張啟鵬先生及遲本斌先生，及獨立非執行董事盛慕嫻女士BBS, JP、 | | 李洪積先生及王德銀先生。 第 2 頁 共 2 頁 v 1.1.1 EF002 | 公告全部或任何部份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。 | 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 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 中國船舶集團（香港）航運租賃有限公司 | | 股份代號 | 03877 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公 ...

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 全部或任何部份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。 CSSC (Hong Kong) Shipping Company Limited 中國船舶集團（香港）航運租賃有限公司 （於香港註冊成立的有限公司） （股份代號：3877） 更改截止過戶日期及記錄日期 茲提述日期為二零二五年九月十二日的公告，內容有關（其中包括）中期股息 截止過戶日期、記錄日期及支付日期（「該公告」）。除文義另有所指外，本公告 所用詞彙與該公告所界定者具有相同涵義。 為確保合資格獲派中期股息，所有股份過戶文件連同有關股票必須於二零 二五年九月三十日（星期二）下午四時三十分前送達本公司之股份過戶登記處 香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓 1712至1716號舖。 派付中期股息 中期股息將以港元（「港元」）現金形式派付予各股東，除非股東選擇以人民幣 （「人民幣」）收取。 股東有權選擇全部或部分以人民幣收取中期股息。人民幣中期股息金額將根 據中國人民銀 ...

Group 1 - The core viewpoint of the report is that Cathay Pacific maintains an "overweight" rating for China Ship Leasing (03877), despite a year-on-year decline in net profit for the first half of 2025 due to the impact of Hong Kong's international corporate tax reform [1] - The company's net profit for the first half of 2025 is recorded at HKD 1.15 billion, representing a 14% year-on-year decrease, which is attributed mainly to the tax reform [1] - The report highlights that the company's pre-tax profit remains stable, with only a slight decline of 5% when excluding the impact of the tax reform [1] Group 2 - The report anticipates a peak season for refined oil transportation, which is expected to drive performance improvement in the second half of the year [1] - The company's earnings flexibility is derived from its short-term leasing business, particularly the MR tanker fleet, which is expected to enhance performance in the latter half of 2025 [1] - The company plans to increase its interim dividend for 2025 to HKD 0.05 per share, up from HKD 0.03 per share, indicating a commitment to improving shareholder returns [1]

Core Viewpoint - Cathay Securities maintains a "Buy" rating for China Ship Leasing (03877), forecasting a slight decline in pre-tax profit for the first half of 2025, with net profit estimates adjusted down to 2.2/2.4/2.5 billion HKD for 2025-2027 due to tax impacts [1][2] Group 1: Financial Performance - The company recorded a net profit of 1.15 billion HKD in the first half of 2025, a year-on-year decrease of 14%, primarily due to the impact of Hong Kong's international corporate tax reform [2] - Excluding the tax impact, pre-tax profit only slightly decreased by 5% [2] - The fleet consists of 143 vessels (including orders), with 121 operational vessels, and long-term leasing vessels estimated at 86, indicating stable profitability [2] Group 2: Market Outlook - The upcoming peak season for refined oil transportation is expected to drive performance improvement in the second half of the year, with the MR fleet likely to enhance earnings [3] - Short-term leasing business is highlighted as a source of profit elasticity, benefiting from the global shift of refineries and increased demand for refined oil transportation [3] Group 3: Dividend Policy - The company plans to increase its dividend payout ratio to 40% in 2024, with the mid-year dividend for 2025 raised to 0.05 HKD per share, reflecting a commitment to shareholder returns [4] - Current PE valuation stands at 5.5 times, with a dividend yield of 7.3%, which could rise to 9% if the payout ratio increases to 50% [4]

Core Viewpoint - Cathay Securities maintains an "overweight" rating for China Ship Leasing (03877), projecting a slight decline in pre-tax profit for the first half of 2025, with net profit estimates adjusted downwards for 2025-2027 to HKD 22/24/25 billion, respectively. The current PE valuation is 5.5 times, with a dividend yield of 7.3%, which could rise to 9% if the dividend payout ratio increases to 50% [1][2]. Group 1 - The impact of Hong Kong's international corporate tax reform has affected the company's performance, with pre-tax profit remaining stable. The company recorded a net profit of HKD 11.5 billion for the first half of 2025, a 14% year-on-year decline, primarily due to the tax reform leading to a significant increase in income tax [2]. - The company operates a fleet of 143 vessels, including 121 operational ships, with long-term leasing vessels estimated at 86, providing stable earnings, while short-term leasing vessels are subject to market fluctuations [2][3]. Group 2 - The peak season for product oil transportation is expected to drive performance improvement in the second half of the year, with the MR fleet likely to enhance earnings. The demand for product oil transportation is anticipated to grow due to the global shift of refineries [3]. - The company plans to increase its mid-year dividend to HKD 0.05 per share in 2025, up from HKD 0.03, reflecting a commitment to improving shareholder returns. The potential increase in the dividend payout ratio could elevate the dividend yield to 9% [4].

Investment Rating - The report maintains a rating of "Buy" for the company [2][9]. Core Views - The company's performance in the first half of 2025 is under pressure year-on-year, with a slight decline in pre-tax profit after excluding the impact of the Hong Kong international corporate tax reform [9]. - The peak season for refined oil transportation is expected to improve performance in the second half of the year, and the company is likely to enhance its dividend yield options [3][9]. - The company has adjusted its net profit forecasts for 2025-2027 to HKD 22 billion, 24 billion, and 25 billion respectively, considering the impact of income tax [9]. Financial Summary - Total revenue is projected to decrease from HKD 4,034 million in 2024 to HKD 3,606 million in 2027, reflecting a decline of 3% to 6% over the years [5]. - Gross profit is expected to increase slightly from HKD 2,952 million in 2024 to HKD 2,973 million in 2027 [5]. - Net profit (excluding minority interests) is forecasted to grow from HKD 2,106 million in 2024 to HKD 2,435 million in 2027, with a growth rate of 2% to 8% [5]. - The company’s PE ratio is projected to range from 4.84 to 5.48 over the forecast period, while the PB ratio is expected to remain between 0.75 and 0.81 [5]. Market Data - The current stock price is HKD 1.90, with a market capitalization of HKD 11,779 million and a total share count of 6,199 million [6]. - The stock has traded within a range of HKD 1.50 to HKD 2.29 over the past 52 weeks [6]. Dividend Outlook - The company plans to increase its dividend payout ratio from 40% in 2024 to a potential 50%, which could raise the dividend yield from 7.3% to 9% [9].

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

Core Viewpoint - China Shipbuilding Leasing (03877) announced that it will distribute an interim dividend of HKD 0.05 per share on November 13, 2025 [1] Company Summary - The company is set to pay an interim dividend, indicating a commitment to returning value to shareholders [1]