Xinyi Energy (03868) fell more than 7% at the end of the session. As of press release, it was down 3.51% to HK$1.1, with a turnover of HK$16.7775 million.
The Zhitong Finance App learned that Xinyi Energy (03868) fell more than 7% at the end of the session. As of press release, it was down 3.51% to HK$1.1, with a turnover of HK$16.7775 million.
Daiwa published a report. Xinyi Energy's total annual dividend was 6 HK cents per share, a year-on-year contraction of 60%, far below market expectations. However, a payout ratio of 50% and a dividend ratio of 5.5% are acceptable. Management expects the dividend payout ratio to be more or less stable this year. According to the report, maintaining a dividend ratio of about 50% for the company this year and next two years is positive. The dividend payout is expected to be between 7.3 and 7.7 HK cents per share this year and next, which means that the predicted dividend rate is between 6.4% and 6.8%.
The bank pointed out that as the company transfers more HKD bonds to RMB this year, it is expected that its borrowing interest rate peaked at 5.3% last year. The bank anticipates that the company's financial cost growth this year and next will increase by 44% and 34% year-on-year in 2022 and 2023, respectively, and slow down 9% and 13% from now to next two years. Considering the company's new dividend policy, the bank lowered its dividend payout forecast for this year and next two years by 5% to 37%, the target price was lowered from HK$1.75 to HK$1.1, and the rating was raised from “sell” to “hold”.