The Zhitong Finance App learned that UBS released a research report saying that the “neutral” rating of Yu Changhe (00001) lowered last year's profit forecast by 18%, and lowered the target price by about 3% to HK$45.3. The bank expects the company's net profit last year (IFRS post-16 accounting standards) to fall 35% year on year to 23.9 billion yuan, and pay a dividend of 2.58 yuan per share for the whole year, down about 12% year on year.

The bank expects that Changhe's profit for the second half of last year will improve compared to the first half of the year, mainly due to more favorable foreign exchange trends, improved profit margins in the telecommunications business, and continued improvements in the retail industry. Cenovus' contribution was lower due to lower oil prices and refining profits in the second half of last year, partially offsetting the positive factors.