Group 1: Company Performance - The company reported a 7% year-on-year increase in attributable operating profit to HKD 4.466 billion, exceeding previous forecasts [1] - Adjusted EBITDA rose by 1% year-on-year to HKD 7.316 billion, driven primarily by significant growth in the financial services segment [1] - The company proposed a final dividend of HKD 0.35 per share, bringing the total dividend for the fiscal year 2025 to HKD 0.95 per share, alongside a stock dividend of 1 share for every 10 shares held [1] Group 2: Financial Services Segment - The financial services segment's AOP increased by 29% year-on-year to HKD 1.242 billion, with new business value profit margin improving by 3 percentage points to 30% [2] - The embedded value rose by 19% year-on-year to HKD 25.3 billion, indicating strong growth potential [2] - The logistics segment experienced a 3% increase in AOP, with China Railway International Container Transport Co., Ltd. contributing 23% to this growth [2] Group 3: Market Outlook - The company is currently undervalued, with an attractive dividend yield forecasted to reach 8.4% and 8.8% for the fiscal years 2026 and 2027, respectively [2] - The target price for the company is maintained at HKD 9.42, reflecting a buy rating [2]
交银国际每日晨报-20250930
BOCOM International·2025-09-30 02:14