The Zhitong Finance App learned that CLP Holdings (00002) rose more than 4% after the results. As of press release, it had risen 4.39% to HK$6.665, with a turnover of HK$130 million.

According to the news, CLP Holdings announced its annual results for the year ended December 31, 2023, with revenue of HK$87.169 billion, down 13.4% year on year; profit attributable to shareholders of HK$6.655 billion, up 620.2% year on year; profit per share of HK$2.63; and proposed a fourth interim dividend of HK$1.21 per share.

In addition, Citi published a report that raised CLP's rating from “neutral” to “buy” and raised the target price by 16% to HK$72, as the uncertainty of the Hong Kong business has been eliminated, and SOC capital expenditure has been fixed in 2024-28 according to an agreement signed with the Hong Kong government. The business accounts for 70% of its operating profit; Australian Energy's performance is expected to continue to improve in 2024. Most of the low-cost electricity sales contracts have expired last year. In addition, interest rate cuts are expected to benefit the Group.