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].
中石化冠德2024年中报业绩点评：业绩符合预期，项目顺利推进增长可期