CLSA: CTF SERVICES (00659) 2H Results and Final Dividend Beat Expectations; Maintain "Outperform" Rating
CTF Services' adjusted recurring profit for the second half of FY2026 rose 10% year-on-year to RMB1.539 billion, while the final dividend increased 4% year-on-year to RMB0.33 per share, beating CLSA's expectations by 8% and 3%, respectively.
CLSA issued a research report maintaining the "Outperform" rating and target price of HK$11.5 for CTF SERVICES (00659) unchanged. The company's adjusted recurring profit for the second half of FY2026 rose 10% year-on-year to RMB1.539 billion, while the final dividend increased 4% year-on-year to HK$0.33 per share, exceeding the bank's expectations by 8% and 3% respectively.
The report noted that, same as last year, the company announced another 1-for-10 bonus share issuance, which the market should view as neutral to positive. On the operational front, the bank sees gradually positive factors, and CHOW TAI FOOK Life appears to retain some resilience amid intensifying policy headwinds.
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