Bank of America Securities: KUNLUN ENERGY (00135) performance last year fell short of expectations, maintaining a "neutral" rating.

16:26 25/03/2026

The management is committed to returning value to shareholders, pledging a minimum dividend payout ratio of 50% for the years 2026 to 2028, supported by the company's strong and clean cash position.

Bank of America Securities released a research report stating that KUNLUN ENERGY (00135) is expected to see a 10% decrease in its net profit after tax to 5.346 billion yuan in 2025, with a core net profit after tax decline of 7% to 5.923 billion yuan, slightly below the bank's expectations. The bank pointed out that the company may face challenges in the short term due to the growth of gas sales, as demand for CHINA GAS HOLD has slowed down due to tight maritime supply and high prices, leading to a shift from gas to coal. However, with strong net cash support from the company's management, they remain committed to returning value to shareholders, promising a minimum dividend payout ratio of 50% from 2026 to 2028. The bank maintains a "Neutral" rating with a target price of 8.5 Hong Kong dollars.

KUNLUN ENERGY (00135) spent 6.7151 million Hong Kong dollars to repurchase 882,000 shares on March 25.

On March 25, SPRING REIT (01426) spent 2.4514 million Hong Kong dollars to repurchase 163.7 million fund units.

TAO HEUNG HLDGS (00573) released its annual financial results, with a net loss attributable to shareholders of HK$59.93 million, representing a 13.5% increase year-on-year.

KUNLUN ENERGY (00135) spent 6.7151 million Hong Kong dollars to repurchase 882,000 shares on March 25.

On March 25, SPRING REIT (01426) spent 2.4514 million Hong Kong dollars to repurchase 163.7 million fund units.

TAO HEUNG HLDGS (00573) released its annual financial results, with a net loss attributable to shareholders of HK$59.93 million, representing a 13.5% increase year-on-year.