Core Viewpoint - The report from CICC indicates that Far East Horizon's performance in the first half of the year meets expectations, with a revenue decline of 4% year-on-year to 17.34 billion yuan and a net profit attributable to shareholders increasing by 4% year-on-year to 2.16 billion yuan [1] Financial Performance - Revenue decreased by 4% year-on-year to 17.34 billion yuan [1] - Net profit attributable to shareholders increased by 4% year-on-year to 2.16 billion yuan [1] - Annualized return on equity (ROE) increased by 17 percentage points year-on-year to 8.66% [1] Dividend Policy - The interim dividend payout ratio increased by 4 percentage points year-on-year to 50% [1] - The dividend per share remains at 0.25 HKD, which is growing slower than the profit growth due to the dilution effect from convertible bonds [1] Market Outlook - The company's performance and dividends are considered stable in an uncertain environment, with the current dividend yield still being attractive [1] - CICC maintains an "outperform" rating for the company and raises the target price by 10% to 8.8 HKD, considering market funding preferences [1]
研报掘金｜中金：上调远东宏信目标价至8.8港元 上半年业绩符合预期