Hopewell Highway Infrastructure (0737.HK) net profit fell 28 per cent year-on-year to RMB 601 million in the fiscal year to the end of June, with basic earnings per share of RMB0.1975, with final and special interest per share totaling Rmb0.19,5 per cent more than Rmb0.29 for the whole year, or more than 100 per cent. Hopewell Infrastructure held 1.82 billion yuan in cash by the end of June, down 50 per cent year-on-year.

Bank of America Merrill Lynch pointed out that Hopewell Infrastructure performance was in line with expectations and operating expenses were well controlled to offset the increase in interest expenses, but management did not promise to maintain a high dividend ratio, with a target price of HK $4 for the stock.