Investment Rating - The report assigns a stable investment rating to Sinopec Kantons Holdings Limited (0934.HK) based on its consistent dividend policy and cash position [2][3]. Core Insights - The company's mid-year performance for 2024 was below expectations, with a revenue of approximately 331 million HKD, reflecting a year-on-year increase of about 7.29%. However, the net profit attributable to shareholders decreased by approximately 7.90% to 685 million HKD [3]. - The company maintained a stable interim dividend of 10 HKD per share, consistent with the same period in 2023, indicating a commitment to shareholder returns despite fluctuating profits [3]. - The cash and cash equivalents, along with time deposits maturing beyond three months, totaled approximately 6.437 billion HKD as of June 30, 2024, representing a year-on-year growth of about 10.49% [3]. Financial Performance Summary - Total revenue for the years 2020 to 2024H1 shows a slight decline from 601 million HKD in 2020 to 610 million HKD in 2023, with a projected revenue of 331 million HKD for the first half of 2024 [1]. - The net profit attributable to shareholders saw a significant drop from 2.302 billion HKD in 2020 to 435 million HKD in 2022, followed by a recovery to 1.299 billion HKD in 2023, and a projected 685 million HKD for 2024H1 [1]. - Earnings per share (EPS) decreased from 0.9259 HKD in 2020 to 0.1749 HKD in 2022, with a recovery to 0.5223 HKD in 2023 and a projected 0.2757 HKD for 2024H1 [1]. - The dividend per share remained stable at 0.2 HKD from 2020 to 2022, increased to 0.25 HKD in 2023, and is projected to decrease to 0.1 HKD in 2024H1 [1]. Segment Performance Summary - The petrochemical segment showed stable revenue growth, with a total of 57 oil tankers unloaded in the first half of 2024, achieving a crude oil unloading volume of approximately 7.39 million tons, a year-on-year increase of about 23.58% [4]. - The domestic joint venture terminal performance declined by 6.74% in the first half of 2024, attributed to a decrease in crude oil imports and the depreciation of the RMB against the HKD [5]. - The overseas storage business reported a significant increase in investment income, with average rental prices in Fujairah rising by 13%, leading to an investment income of approximately 67.05 million HKD, a year-on-year increase of about 34.67% [6].
中石化冠德：中期业绩低于预期，派息稳定