According to a report published by UBS, CLP Holdings' operating profit last year was HK$10.1 billion, up 33% year over year, excluding one-off projects (mainly Australian customer business goodwill depreciation of HK$5.9 billion), which is basically in line with the company's earlier forecast of HK$10.9 billion, exceeding the bank's forecast of HK$9.1 billion for the whole year, mainly due to the better-than-expected recovery of Australian business. The loss reached HK$182 million, compared to the bank's expected loss of HK$1.1 billion. Hong Kong's energy business remained stable, with profits growing 1% year-on-year to HK$8.536 billion. The company's annual dividend was flat at HK$3.1 per share, which meant a dividend ratio of about 5%. The bank raised CLP's 2024-2026 earnings per share forecast by 6%, mainly due to better business prospects in Australia. It also reiterated its “buy” rating. The target price was raised from HK$70 to HK$74, which meant a dividend ratio of 4.3%.