Bank of America Securities published a report indicating that CLP Holdings' total dividend last year was the same as HK$3.1 per share; last year's operating profit increased 33% year-on-year, which is also in line with earlier profit forecasts. According to the report, CLP's Australian wholesale business is expected to reverse losses this year because the low price contract has already expired. The compound annual profit growth of the Hong Kong business is expected to be between 3% and 4% over the next five years. Due to capital expenditure of HK$52.9 billion under the 2024-2028 development plan, the capital base will expand, and debt costs (in anticipation of interest rate cuts) are expected to decrease.

The Group mentioned that the dividend policy must balance actual profits with future investment needs. The bank expects CLP's dividend per share to rise by 3% in 2024 and 2025, but its earnings estimates for the current and next two years will be reduced by 7% to 8% to HK$4.68 and HK$4.83 respectively, reflecting the decline in mainland electricity prices and pressure on mainland business profits; and Australian retail business profits are expected to be lower due to increased competition. The bank lowered its target price from HK$69.2 to HK$67, reaffirming its “neutral” rating. Due to limited room for appreciation, it predicts a dividend rate of 5% over the next 12 months, which is only 80 pips higher than the yield on US 10-year Treasury bonds, and more than one standard deviation below the historical average yield premium.