（於百慕達註冊成立之有限公司） 股份代號： 0934.HK 年 報 致力發展 成為一流的 公司一覽 公里 7 原油碼頭 中石化冠德控股有限公司 二零二四年年報 設計概念 封面前方展示出中石化冠德三大業務平 穩發展，展望遠方曙光。用上燙藍圓點 連繫各大業務，象徵本公司在未來不斷 開拓發展，作出無限突破，於同業中閃 閃發光。 目錄 2 公司一覽 4 主席報告 8 管理層討論與分析 15 董事會報告 23 關連交易 28 董事及高級管理人員 35 企業管治報告 64 獨立核數師報告 71 合併收益表 72 合併全面收益表 73 合併財務狀況表 74 合併權益變動表 76 合併現金流量表 77 財務報表附註 145 五年財務概要 倉儲物流公司 碼頭 年設計總吞吐能力 2.91 億噸 泊位總量 座個 38 原油管線總長度 174 中 國 境 內 碼 頭、倉 儲 和 物 流 146 公司資料 國際石化 | 1. 唐山曹妃甸實華 | | --- | | 泊位： 1 座 | | 最大靠泊的油輪容量：300,000 | | 設計吞吐能力：2,000萬噸╱年 | | 2. 天津港實華 | | --- | | 泊位： 1 座 | ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of HKD 6.7 billion for 2024, a year-on-year increase of 9.4%, while the net profit attributable to shareholders was HKD 1.18 billion, a decrease of 9.3% [2][3] - The performance of the subsidiary, Huade Petrochemical, improved due to the initiation of naphtha unloading services, contributing to a revenue increase [2] - Investment income decreased by 12.5% to HKD 860 million, primarily due to reduced income from domestic terminals [3] - The company completed upgrades to the Ma Bian Zhou terminal, which is expected to increase business volume by over 20% [4] - The company has sufficient cash reserves, with cash and deposits amounting to HKD 6.94 billion as of the end of 2024, and plans to maintain the annual cash dividend at HKD 0.25 per share [4] Financial Performance Summary - For 2024, the company achieved a revenue of HKD 6.67 billion, with a gross profit of HKD 3.2 billion, reflecting a 25% increase year-on-year [2] - The net profit forecast for 2025 and 2026 has been revised down to HKD 1.28 billion and HKD 1.31 billion, respectively, with a new forecast for 2027 at HKD 1.36 billion [5] - The diluted earnings per share for 2024 is projected at HKD 0.47, with a slight increase expected in subsequent years [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of HKD 6.7 billion for 2024, a year-on-year increase of 9.4%, while the net profit attributable to shareholders decreased by 9.3% to HKD 1.18 billion [2][3]. - The performance of the subsidiary, Huade Petrochemical, improved due to the initiation of naphtha unloading services, contributing to a revenue increase [2]. - Investment income decreased by 12.5% to HKD 860 million, primarily due to reduced returns from domestic terminals [3]. - The company has completed upgrades to the Ma Bian Zhou terminal, which is expected to enhance business volume by over 20% [4]. - The company has a strong cash position with HKD 6.94 billion in cash and deposits as of the end of 2024, and it plans to maintain its annual cash dividend at HKD 0.25 per share [4]. Financial Summary - For 2024, the company achieved a revenue of HKD 6.67 billion, with a gross profit of HKD 3.2 billion, reflecting a 25% increase year-on-year [2]. - The net profit forecast for 2025 and 2026 has been revised down to HKD 1.28 billion and HKD 1.31 billion, respectively, due to weakened crude oil import demand [5]. - The company’s diluted earnings per share for 2024 is projected at HKD 0.47, with a return on equity of 7.4% [7].

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 667,091,000, representing an increase of 9.3% compared to HKD 609,872,000 in 2023[5] - Gross profit for the year was HKD 323,722,000, up from HKD 258,323,000 in the previous year, indicating a growth of 25.3%[5] - Operating profit decreased to HKD 174,008,000 from HKD 186,924,000, reflecting a decline of 6.1%[5] - The net profit for the year was HKD 1,177,400,000, down 9.3% from HKD 1,298,486,000 in 2023[5] - Basic and diluted earnings per share were HKD 47.36, compared to HKD 52.23 in the previous year, a decrease of 9.3%[5] - Total comprehensive income for the year was HKD 1,024,014,000, down from HKD 1,197,155,000, representing a decline of 14.5%[7] - The group achieved a total profit before tax of HKD 1,286,992,000 for the year ended December 31, 2024, after accounting for tax expenses of HKD 109,592,000, resulting in a net profit of HKD 1,177,400,000[23] - The group's pre-tax profit, after deducting the share of joint ventures and associates, was HKD 1.287 billion for 2024, compared to HKD 1.401 billion in 2023[40] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 16,298,947,000, an increase from HKD 16,027,223,000 in 2023[9] - The company's total equity increased to HKD 15,919,205,000 from HKD 15,516,731,000, reflecting a growth of 2.6%[10] - Non-current assets decreased to HKD 9,173,214,000 from HKD 9,276,280,000, a decline of 1.1%[9] - Current assets increased to HKD 7,125,733,000 from HKD 6,750,943,000, indicating a growth of 5.5%[9] - The group's total liabilities were reported at HKD 379,742,000, with segment liabilities for crude oil terminal and storage services at HKD 147,666,000[25] - The company's total liabilities were HKD 510,492,000, with total equity reflecting a strong financial position[29] Revenue Segmentation - The group reported segment revenue of HKD 667,091,000 for the crude oil terminal and storage services, with no revenue from the ship leasing and transportation services[23] - Revenue from major customer Sinopec Group and its subsidiaries was approximately HKD 592,972,000, accounting for 89% of total revenue[34] - The group’s revenue from external customers for the crude oil terminal and storage services was entirely accounted for, with no inter-segment revenue reported[23] Investments and Future Plans - The group invested HKD 90,509,000 in non-current segment assets during the reporting period[23] - The company plans to further invest in LNG transportation projects, with three LNG vessels expected to be launched between 2027 and 2028[60] Employee and Compensation - As of December 31, 2024, the company had a total of 220 employees[93] - Employee benefits expenses, including director remuneration, increased to HKD 153,014,000 in 2024 from HKD 149,131,000 in 2023[37] - Employee compensation includes base salary, bonuses, and benefits, with adjustments based on market conditions and employee performance[94] - The company emphasizes diversity and equal opportunity in its hiring practices, aligning gender ratios with business needs[93] Accounting and Compliance - The group has not adopted several new accounting standards that are expected to take effect after January 1, 2025, and is currently assessing their potential impact[17] - The group is actively evaluating the implications of new accounting standards on its consolidated financial statements, with no significant impact anticipated at this stage[17] - The audit committee consists of four independent non-executive directors responsible for accounting standards, auditing, and compliance[100] - All directors confirmed compliance with the standards set forth in the Securities Trading Code for the year ending December 31, 2024[103] Cash Flow and Dividends - The board proposed a final cash dividend of HKD 0.15 per share for the year 2024, consistent with the previous year, after an interim dividend of HKD 0.10 per share was already paid[55] - The total dividend payable for the year 2024 is HKD 621.54 million, unchanged from the previous year[44] - The company’s cash flow situation and future development needs were considered in the dividend proposal[55] Risk Management - The company does not use financial instruments for hedging against currency or interest rate risks, managing liquidity through cash flow budgeting and negotiations with financial institutions[88][90] - The company reported a loss from foreign exchange of HKD 59,254,000 in 2024, compared to a gain of HKD 4,186,000 in 2023[36] Operational Performance - During the reporting period, the company handled 109 oil tankers, achieving an oil unloading volume of approximately 13.92 million tons, a year-on-year increase of about 16.49%[56] - The total throughput of the six domestic terminal companies decreased to approximately 19 million tons, a year-on-year decline of about 9.09%[58] Other Income and Gains - The company’s other income and net other gains decreased by 98.78% to approximately HKD 982,000 due to increased foreign exchange losses[64] - Investment income from the company's joint ventures was approximately HKD 695.96 million, a year-on-year decrease of about 12.82%[67] - The company’s LNG shipping segment achieved an investment income of approximately HKD 120 million, a year-on-year increase of about 51.28%[60]

Financial Performance - In the first half of 2024, Sinopec Kantons Holdings Limited reported revenue of approximately HKD 331 million, an increase of about 7.29% compared to the same period in 2023[10]. - The company's profit for the first half of 2024 was approximately HKD 685 million, a decrease from the previous year due to foreign exchange losses and reduced investment income from domestic oil product terminal companies[10]. - Gross profit for the first half of 2024 was approximately HKD 177,610,000, reflecting a year-on-year increase of about 16.17% from HKD 152,888,000 in the first half of 2023[13]. - Operating profit decreased to approximately HKD 118,846,000, down about 17.79% from HKD 144,563,000 in the first half of 2023, primarily due to increased foreign exchange losses[13]. - The net profit attributable to equity holders for the period was HKD 685,367,000, down 7.9% from HKD 744,189,000 in the previous year[38]. - Total comprehensive income for the period was HKD 662,003,000, compared to HKD 537,952,000 in the same period last year, showing a significant increase[38]. - The company reported a total revenue of HKD 8,395,136,000 for the first half of 2024, a decrease from HKD 9,146,203,000 in the same period of 2023[43]. - The profit before tax for the period was HKD 752,810,000, with a tax expense of HKD 67,448,000, resulting in a net profit of HKD 685,362,000[53]. Operational Highlights - The subsidiary Huade Petrochemical handled 57 oil tankers, completing crude oil unloading of approximately 7.39 million tons, which represents a year-on-year increase of about 23.58%[10]. - The domestic six terminal companies experienced a throughput volume of approximately 100 million tons, a year-on-year decrease of about 4.76%[11]. - Investment income from the subsidiary Fujairah Oil Storage Company increased by approximately 34.67% to HKD 67.05 million in the first half of 2024[12]. - The segment performance for the crude oil terminal and storage services was HKD 607,873,000, while the shipping leasing and transportation services segment reported HKD 59,418,000[53]. - The company’s revenue from crude oil terminal services was HKD 252,078,000 for the six months ended June 30, 2024, compared to HKD 238,067,000 in the same period of 2023, marking an increase of approximately 5.9%[61]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2024, totaled approximately HKD 6,436,719,000, an increase of about 10.49% from HKD 5,825,350,000 at the end of 2023, due to received dividends and interest income[20]. - The group reported a net cash outflow from operating activities of approximately HKD 93,755,000, a decrease in outflow compared to HKD 102,673,000 in the first half of 2023[26]. - The company reported a net cash outflow from operating activities of HKD 50,216,000 for the first half of 2024, compared to an inflow of HKD 4,234,000 in the same period of 2023[44]. - The company incurred a net cash outflow from investing activities of HKD 97,013,000, significantly lower than the outflow of HKD 1,618,003,000 in the previous year[44]. - Financing activities resulted in a net cash outflow of HKD 378,197,000, compared to HKD 7,701,000 in the same period last year[44]. Dividends and Shareholder Information - The company declared an interim cash dividend of HKD 0.10 per share, consistent with the same period in 2023[10]. - The company declared an interim dividend of HKD 248,616,000 for the six months ended June 30, 2024, unchanged from the previous year[66]. - Sinopec Kantons Holdings Limited has a significant shareholder, Crown International, holding 1.5 billion shares, representing 60.33% of the issued shares[89]. Strategic Initiatives and Future Outlook - The company is focusing on customer and market expansion while maintaining stable operations and optimizing cost control measures[10]. - The company anticipates that the domestic economy may improve as multiple policies gradually take effect, despite ongoing external uncertainties[12]. - The company plans to expand its market presence and invest in new product development to drive future growth[42]. - The company has identified strategic opportunities for mergers and acquisitions to enhance its competitive position in the market[42]. - The company expects to improve its financial performance in the second half of 2024, with a guidance of revenue growth of approximately 10% year-over-year[42]. Risk Management and Compliance - The company faces currency risk due to operations in China, Europe, and the UAE, with revenues in RMB, EUR, and USD, but has not engaged in hedging activities[29]. - The company has complied with the Corporate Governance Code applicable as of June 30, 2024, ensuring high standards of corporate governance[90]. - The financial report is prepared in accordance with the Hong Kong Financial Reporting Standards and has been reviewed by KPMG[47]. - The company has not reported any significant events after the reporting period[33]. Employment and Corporate Structure - As of June 30, 2024, the company employed 221 staff, down from 228 a year earlier[32]. - The Audit Committee, composed of four independent non-executive directors, has reviewed the interim financial report for the six months ending June 30, 2024[94].

Investment Rating - The report maintains a rating of "Buy" for Sinopec Kantons Holdings Limited (0934) with a target price of HKD 5.33 [5][11]. Core Views - The company's 2024 interim results are in line with expectations, with improvements anticipated in LNG transportation in the second half of the year. The upgrade of the Ma Wan Chau terminal and the smooth progress of overseas projects indicate potential growth [4][5]. Summary by Sections Financial Performance - For the first half of 2024, the company's main revenue reached HKD 331 million, a year-on-year increase of 7.29%. The net profit attributable to shareholders was HKD 685 million, a decrease of 7.90% due to foreign exchange losses and reduced investment income from domestic oil terminal companies [5][6]. - The company declared an interim dividend of HKD 0.1 per share, unchanged from the previous year, with a payout ratio of approximately 36% [5]. Segment Analysis - **Oil Terminal Operations**: The throughput of Huade Petrochemical's crude oil reception was 7.39 million tons, up 23.58% year-on-year, while crude oil transportation reached 5.99 million tons, an increase of 3.45%. The segment's performance was HKD 161 million, a year-on-year increase of 17.27% [5]. - **Domestic Terminals**: The throughput of six subsidiary terminals was 10 million tons, down 4.76%, with investment income of HKD 363 million, a decrease of 11.46%, primarily due to a slowdown in domestic crude oil import demand [5]. - **Overseas Storage**: The Fujairah company achieved investment income of HKD 67.05 million, up 34.67%, while Vesta reported investment income of HKD 16.17 million, an increase of 60.10% [5]. - **LNG Transportation**: Investment income was HKD 59.42 million, down 8.10%, mainly due to a vessel malfunction at the end of 2023 leading to rental losses and increased repair costs [5]. Future Outlook - The LNG transportation business is expected to improve in the second half of the year, with the previously malfunctioning LNG vessel resuming normal operations in June 2024. The Ma Wan Chau terminal's upgrade is progressing on schedule, which will further enhance Huade Petrochemical's revenue scale [5][6].

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% within the next 6-12 months [5]. Core Insights - The company reported a revenue of HKD 331 million for H1 2024, representing a year-on-year growth of 7.3%, while the net profit attributable to shareholders was HKD 685 million, a decline of 7.9% compared to the previous year [1]. - The revenue and gross profit growth were primarily driven by the company's utilization of excess capacity at its terminals to provide unloading services for third-party clients, resulting in a 23.58% increase in crude oil unloading volume [1]. - Investment income decreased due to reduced returns from domestic terminals and foreign exchange losses, with total investment income for H1 2024 at HKD 510 million, down 5.3% year-on-year [1]. - The company is progressing well with various projects, including the upgrade of the Ma Bian Zhou terminal, which is expected to enhance revenue and profit margins once operational [1]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve net profits of HKD 1.36 billion, HKD 1.42 billion, and HKD 1.47 billion respectively, reflecting a steady growth trajectory [3]. - The company's revenue is expected to grow from HKD 616 million in 2023 to HKD 654 million in 2025, with a compound annual growth rate of approximately 6.12% [3]. - The diluted earnings per share are forecasted to increase from HKD 0.52 in 2023 to HKD 0.57 in 2025, indicating a positive outlook for shareholder returns [3].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 331,236,000, an increase of 7.3% compared to HKD 308,729,000 for the same period in 2023[3] - Gross profit for the same period was HKD 177,610,000, up 16.2% from HKD 152,888,000 year-on-year[3] - Operating profit decreased to HKD 118,846,000, down 17.8% from HKD 144,563,000 in the previous year[3] - Profit attributable to equity holders for the period was HKD 685,367,000, a decrease of 7.9% compared to HKD 744,189,000 in 2023[3] - Basic and diluted earnings per share were both HKD 27.57, down from HKD 29.93 in the previous year[3] - The company reported a net profit of HKD 685,362,000 for the six months ended June 30, 2024, compared to HKD 744,184,000 for the same period in 2023[15][19] - The total profit before tax for the company was HKD 752,810,000, with tax expenses of HKD (67,448,000)[15] - For the first half of 2024, the group's profit before tax was approximately HKD 752.81 million, a decrease of about 6.57% compared to HKD 805.71 million in the same period of 2023[46] - The group's net profit for the first half of 2024 was approximately HKD 685.36 million, down about 7.90% from HKD 744.18 million in the first half of 2023[46] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 16,177,786,000, compared to HKD 16,027,223,000 at the end of 2023[6] - Non-current assets totaled HKD 9,438,174,000, an increase from HKD 9,276,280,000 at the end of 2023[6] - Current assets decreased slightly to HKD 6,739,612,000 from HKD 6,750,943,000 at the end of 2023[6] - Total equity attributable to equity holders increased to HKD 15,803,872,000 from HKD 15,514,788,000 at the end of 2023[6] - The total liabilities for the company were HKD 371,976,000, with segment liabilities for the oil terminal and storage services at HKD 146,631,000[18][22] - The company’s total liabilities as of June 30, 2024, were not explicitly stated but can be inferred to have changed in relation to the increase in total assets[24] Cash Flow and Investments - The company reported a net cash flow from operating activities of HKD 662,003,000 for the period[5] - The company’s cash and cash equivalents as of June 30, 2024, were HKD 1,266,428,000, with time deposits exceeding three months amounting to HKD 5,170,291,000[16] - The company invested HKD 17,746,000 in non-current segment assets during the reporting period[15] - As of June 30, 2024, the group's cash and cash equivalents totaled approximately HKD 6.44 billion, an increase of about 10.49% from HKD 5.83 billion at the end of 2023[51] Revenue Segments - The total revenue for the oil terminal and storage services segment reached HKD 331,236,000 for the six months ended June 30, 2024, representing an increase from HKD 308,729,000 for the same period in 2023[15][19] - The profit from the oil terminal and storage services segment was HKD 161,261,000, while the profit from joint ventures amounted to HKD 357,935,000, leading to a total segment performance of HKD 607,873,000[15] - Revenue from crude oil terminal services for the six months ended June 30, 2024, was HKD 252,078 thousand, up from HKD 238,067 thousand in the same period of 2023, reflecting a growth of 5.4%[26] - The group's income from the crude oil terminal and storage segment was approximately HKD 331.24 million, an increase of about 7.29% compared to HKD 308.73 million in the same period of 2023[48] - The group's performance in the crude oil terminal and storage segment was approximately HKD 607.87 million, remaining stable compared to HKD 607.19 million in the first half of 2023[48] Customer and Market Insights - All revenue generated during the six months ended June 30, 2024, came from customers located in China[23] - The major customer, Sinopec Group, accounted for over 92% of the group’s revenue, totaling approximately HKD 305,698 thousand for the six months ended June 30, 2024, compared to HKD 286,527 thousand in 2023[25] Dividends and Shareholder Information - The company declared an interim dividend of HKD 248,616 thousand for the six months ended June 30, 2024, consistent with the same amount declared in 2023[30] - The company announced an interim cash dividend of HKD 0.10 per share for 2024, consistent with the same period in 2023[40] - The major shareholder, Sinopec Guande International Co., Ltd., holds 1,500,000,000 shares, representing approximately 60.33% of the issued shares[66] Operational Highlights - The subsidiary Huizhou Daya Bay Huade Petrochemical Co., Ltd. handled 57 oil tankers, achieving a crude oil unloading volume of approximately 7.39 million tons, a year-on-year increase of about 23.58%[41] - The total throughput of the six domestic terminal companies decreased by approximately 4.76% to about 10 million tons in the first half of 2024[41] - The investment income from the subsidiary Fujairah Oil Storage Company increased by approximately 34.67% to about HKD 67.05 million in the first half of 2024[41] - The share of results from joint ventures was approximately HKD 408.66 million, a decrease of about 6.74% compared to HKD 438.21 million in the first half of 2023[45] Strategic Initiatives - The company aims to enhance its core business and explore business transformation to become a leading international petrochemical storage and logistics company[42] - The company decided to cease the Batam project due to economic infeasibility influenced by energy transition and increasing competition in the oil storage market from the Greater Singapore area[62] Compliance and Governance - The company has maintained compliance with the Corporate Governance Code during the six-month period ending June 30, 2024[67] - No purchases, sales, or redemptions of the company's listed securities occurred during the six-month period ending June 30, 2024[71] - The company has implemented a biodiversity policy and successfully introduced green electricity, with plans to complete ISO 45001 certification by September 2024[71] Employment and Workforce - As of June 30, 2024, the company had a total of 221 employees, down from 228 employees on June 30, 2023[63]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 5.36 HKD [2][3]. Core Insights - The company is the largest petrochemical storage and terminal company in China and the only red-chip subsidiary of Sinopec, focusing on petrochemical storage and logistics, including oil unloading, storage, and transportation, as well as LNG shipping [1][4]. - In 2023, the company reported a total throughput of 220 million tons, accounting for 40% of the national crude oil import volume, with a stable gross profit margin above 40% since 2017 [1][4]. - The company plans to expand its business by developing new services for third-party naphtha unloading, which is expected to increase revenue by 0.32-0.63 million HKD annually [1][25]. Summary by Sections Company Overview - The company specializes in petrochemical storage logistics and has a total unloading capacity of approximately 300 million tons per year across seven domestic terminals [1][20]. - In 2023, the company achieved a revenue of 610 million HKD, a slight decrease of 1% year-on-year, while net profit surged by 199% to 1.3 billion HKD due to a low base from the previous year [1][14]. Petrochemical Storage Logistics - The company is expanding its domestic operations by developing naphtha unloading services, which could increase business volume by 20%-40% [1][20]. - The company has divested from loss-making projects and is optimizing its overseas asset layout, which is expected to enhance investment returns [1][29]. LNG Transportation Business - The company currently operates eight LNG vessels, with plans to add three more, which will increase total capacity by 38% and is expected to boost investment returns [1][3]. - The average annual investment return from the existing LNG fleet has been 0.93 billion HKD since 2018 [1][3]. Financial Forecast and Valuation - The company forecasts net profits of 1.36 billion HKD, 1.42 billion HKD, and 1.47 billion HKD for 2024, 2025, and 2026, respectively [1][3]. - The valuation methods used include the price-to-book ratio and the dividend discount model, leading to a target price of 5.36 HKD [1][3].