Core Viewpoint - Citigroup reaffirms "Buy" rating on Yuehai Investment (00270) following its earnings surprise, projecting a net profit increase of 43% to HKD 4.493 billion, exceeding market expectations by approximately 2% due to lower-than-expected interest expenses [1] Financial Performance - The company is expected to achieve a net profit growth of 43% to HKD 4.493 billion, which is above market expectations by about 2% [1] - Citigroup has adjusted its net profit forecasts for the next two years upward by 2.1% to 2.6% based on the recent performance [1] Valuation and Target Price - The target price for Yuehai Investment has been raised by 10%, from HKD 8 to HKD 8.8, reflecting the anticipated earnings growth and forward valuation [1] Dividend Outlook - The group forecasts a dividend payout ratio of 6.3% for 2025, which is attractive and the highest among its peers, maintaining its position as Citigroup's preferred choice in Hong Kong utility stocks [1]
花旗：升粤海投资目标价至8.8港元 派息率吸引属香港公用股首选