On August 2, | Citibank published a research report stating that it carried out a 90-day negative catalyst observation on Hong Kong Dench-SS (2638.HK) and reiterated its “sell sale” rating, with a target price of HK$4.45. According to Citibank, Hong Kong Light has submitted a 2024-2028 development plan to the government, which mentions proposed capital investment for the next five years. It is expected that the results will be announced in October this year. Since the current plan is to build only one new gas generator set, it is estimated that the capital investment amount will be reduced 15% from HK$26.6 billion in the past five years. The bank pointed out that as a utility stock attracted by dividend returns, Hong Kong Light's return on assets was fixed at 8.243% until 2033, and the SOC asset base had a four-year compound annual growth rate of 5.4%. Due to reduced construction, capital expenditure in the first half of this year had already fallen more than 22% year on year, and it is expected that this negative trend will continue.