Glonghui, November 30 | ICBC International published a report stating that China Fuel's interim results at the end of September fell short of expectations, recording a year-on-year decline in net profit of 43.9% to 1.83 billion yuan, mainly due to the depreciation of the RMB against the Hong Kong dollar, a sharp decline in the number of new connections, and rising financial costs. Despite weak performance, management increased the interim interest rate by 50% to HK15 cents per share on a yearly basis, which meant that the dividend payout ratio reached 44%. The bank lowered its profit forecasts for the 2024 and 2025 fiscal years of China Fuel by 25% and 32% to $4,501 billion and HK$4,841 billion. It expects a moderate recovery in earnings in fiscal year 2024, with a year-on-year increase of 4.8%, which is at the lower end of the 5% to 10% growth range guided by management. The bank adjusted the company's target price to HK$9.1 to maintain its “outperform the market” rating.