The Zhitong Finance App learned that CNOOC Property (02669) continued to fall 5% and closed down more than 24% yesterday. As of press release, it decreased by 5.11% to HK$4.27, with a turnover of HK$103 million.
According to the news, CNOOC Property announced its 2023 annual results yesterday, with revenue of 13.51 billion yuan (RMB, same below), up 19.7% year on year; profit attributable to the company's shareholders of 1,342.5 billion yuan, up 22.8% year on year; final interest of HK 8.5 cents, or HK8 cents for the same period last year. Damo pointed out that the company's revenue rose 19.7% year on year to 13 billion yuan last year, which is 7% lower than the forecast, which means an 8% year-on-year increase in the second half of last year, mainly dragged down by basic property management and value-added business for non-owners.
Citi believes that CNOOC Properties' stock price fell 24.5% after disclosing last year's results, probably due to a slowdown in earnings in the second half of last year, a 6.6% year-on-year increase (partly due to a high base), and weak value-added services (VAS) performance. Due to last year's performance being 5% lower than expected, and management's more conservative targets, the bank lowered CNOOC Properties' earnings estimates by 15-19% this year and next two years, and the target price was reduced from HK$8.8 to HK$7.