Delivering promising growth and yield
- 1Q22 net profit of Rmb34.3bn made up 34% of consensus’ full year estimate
- All-in cost inched up to US$30.59/boe due largely to higher windfall tax
- Declared final and special dividend of HK$1.18 for FY21; full year DPS of HK$1.48 offers 14% dividend yield
- Maintain BUY; TP HK$16.00