The Zhitong Finance App learned that Goldman Sachs released a research report stating that maintaining the “buy” rating of Changshi Group (01113), taking into account last year's performance, the annual earnings estimates for 2024 to 2026 will be reduced by 1%, 2% and 9%, respectively, and the dividend forecast per share for each year 2024 to 2026 will be reduced by 12% to 16%. It is expected that the total dividend payout ratio per share will remain flat at $2.05 in 2026, which means that the target price will be reduced from HK$53 to HK$49.

The bank said that the focus of the 2023 performance was on the Group's dividend per share being cut beyond expectations. Although the company's dividend per share was flat in the first half of 2023, the dividend per share for the second half of the same year was cut, and the dividend per share was reduced by about 10% for the full year. Goldman Sachs mentioned that Changshi Group cut dividends per share by about 14% in FY2020. Because the Group's management at the time anticipated a longer-term and more serious negative impact of the pandemic. The bank indicated that although the Group's debt ratio remained low at about 3% in 2023, the company's dividends were still cut.