The Zhitong Finance App learned that Guangdong Investment (00270) fell by nearly 5%. As of press release, it was down 4.7% to HK$3.65, with a turnover of HK$158 million.
According to the news, Guangdong Investment announced its 2023 annual results. The group received revenue of HK$24.2 billion, up 4.3% year on year; profit attributable to the owners of the company was HK$3.122 billion, a decrease of 34.5% year on year; and plans to pay a final dividend of HK12.33 cents per share. This dividend plus the interim dividend already paid in October 2023 was HK$18.71 cents per share. The total dividend for the year was HK31.04 cents per share and HK61.33 cents in 2022.
Citigroup published a research report saying that Guangdong Investment also recorded a loss of about 706 million yuan in the fourth quarter of last year. The company declared a final dividend of HK12.33 cents per share in 2023, a sharp decrease of 71.1% year-on-year. The dividend ratio fell 19 percentage points to 65%, lower than expected. Considering that the company announced that it will adopt a revised dividend policy starting in March this year to achieve a balance between returning shareholders and retaining sufficient capital for development and operation, Citi predicts that Guangdong Investment's dividend ratio will continue to decline, and it is estimated that its stock price will fluctuate after announcing the results.