Glonghui, Feb. 23 | Lyon published a report stating that Credit Bank (0083.HK)'s medium-term dividend of 15 cents per share remained flat year-on-year, lower than the bank's expectations. Management explained that it was because the group re-linked dividends to underlying profit, while underlying profit fell 36% year-on-year during the period. Although the bank lowered the Group's dividend per share growth forecast for fiscal year 2023, it believes that as China reopens, it will benefit its property sales and leasing business in Hong Kong, thereby benefiting earnings and dividend growth in fiscal 2024. The bank said it has noticed a strong recovery in sales of luxury residential projects by Credit Trust and believes its net cash position is of good value in an environment of interest rate hikes. The target price was lowered from HK$13.4 to HK$12.1, but the “buy” rating was maintained due to the attractive risk return.