Ge Long Hui·2025-08-21 07:30Core Viewpoint - Bank of America Securities reports that Kunlun Energy's after-tax net profit for the first half of the year decreased by 4% year-on-year to 3.2 billion, which is largely in line with expectations but may disappoint some investors who anticipated flat year-on-year results [1] Financial Performance - The interim dividend increased by 1% year-on-year, with a payout ratio of 45%, meeting expectations [1] - The pre-tax profits 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] Forecast Adjustments - The company has revised its retail gas volume growth forecast for the year from 8% to 5% and has lowered its natural gas profit forecasts for the period [1] - The after-tax profit forecasts for the fiscal years 2025 to 2027 have been reduced by 6% to 7% [1] - The target price has been adjusted down from HKD 8.7 to HKD 8.3, maintaining a "neutral" rating due to limited growth potential [1]