Glonghui, Feb. 20 | UBS published a report saying that Hishen (0014.HK)'s core profit fell 10% year-on-year to HK$1.7 billion last year, lower than the bank's forecast. The company kept its final interest rate of HK$1.17 per share unchanged, bringing the annual dividend per share to HK$1.44 in 2021, in line with the bank's forecast. This means that the company's dividend rate further boosted the distribution ratio from 80% in 2021 to 88%. The bank believes that Hysan should be able to maintain its absolute dividend per share policy, mainly when the border with the mainland returns to normal, and that its retail rental income can offset the gradual decline in office rental income. The bank lowered Hysan's 2023-2025 profit forecast by 5% to 9% and lowered its target price from HK$29.7 to HK$28.7, maintaining its “buy” rating.