Zhi Tong Cai Jing·2025-08-20 05:43Core Viewpoint - Bank of America Securities has downgraded Kunlun Energy's (00135) retail gas volume growth forecast for the year from 8% to 5%, along with a reduction in natural gas profit predictions for the period [1] Group 1: Financial Forecasts - The forecast for after-tax net profit for the fiscal years 2025 to 2027 has been lowered by 6% to 7% [1] - The target price for Kunlun Energy has been adjusted from HKD 8.7 to HKD 8.3, maintaining a "Neutral" rating due to limited growth potential [1] Group 2: Financial Performance - For the first half of the year, after-tax net profit decreased by 4% year-on-year to RMB 3.2 billion, aligning with the bank's expectations, which may disappoint some investors who anticipated flat year-on-year results [1] - The interim dividend increased by 1% year-on-year, with a payout ratio of 45%, meeting expectations [1] - The pre-tax profit from natural gas and liquefied petroleum gas (LPG) sales fell by 10% and 3% year-on-year, respectively, primarily due to a decline in unit gross margins and weak retail gas volume growth [1]