Beijing Enterprises Holdings Ltd

00392: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$62.63	Gmxdz	Pcrwchfc

Beijing Enterprises Posted Decent 2021 Results, but Dividend Is Disappointing.

Jennifer Song

Apr 1, 2022

Beijing Enterprises’, or BEH’s, 13.6% year-over-year growth in recurring net profit to HKD 8.6 billion was slightly higher than we expected, on higher natural gas sales and the rise in oil prices driving contribution from its Russian upstream business. However, the company’s dividend of HKD 1.25 per share was disappointing, which implies a payout ratio of 18.3% on recurring earnings per share. This is lower than the average of 20% payout ratio over the past five years, missing management's earlier guidance to raise the payout ratio.

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