The Zhitong Finance App learned that J.P. Morgan released a research report saying that US interest rates continue to be high, which may limit the upward space for public stock dividend rate investment. High financial costs and payout ratios may limit their ability to raise dividends. It is expected that dividends per share will only increase by 0-1% from 2023-2024, and lack of mergers and acquisitions will also hinder the room for earnings per share to rise. The bank is cautious about changing Hong Kong's utility shares, downgrading the ratings of Cheung Kong Infrastructure Group (01038), Electric Power Industries (00006) and China Power Holdings (00002) from “increased holdings” to “neutral”. Only Guangdong Investors (00270), which have an attractive dividend rate, maintained a “increase in holdings” rating.

J.P. Morgan Chase said that the target price of the Yangtze River infrastructure was lowered by 23% from HK$52 to HK$40, while the target price for the electric power industry was lowered by 22% from HK$51.5 to HK$40. It believes that a stronger US dollar may drag down the profits of both, because of the high exposure of its overseas business. As for CLP, Motong believes that the Australian regulator recently charged CLP's subsidiary with violating the electricity retail code, which would dilute investors' potential expectations for short-term sales of Australian business. The target price was lowered by 15.6% from HK$67.5 to HK$57. In addition, the target price of Motong's investment in Guangdong also fell by 19%, from HK$9 to HK$7.25.