Daiwa has released a research report downgrading SITC (01308) from "Buy" to "Hold," advising investors to wait for a more favorable entry point. However, the firm raised its target price for the stock from HK$31 to HK$32, implying a forward price-to-earnings ratio of 9 times. SITC declared a final dividend of US$0.13 per share. Combined with the interim and special dividends of US$0.17 and US$0.09 per share respectively, the total dividend for 2025 amounts to US$0.39 per share, representing a payout ratio of 85%. The company's revenue for 2025 increased by 12% year-on-year to US$3.412 billion, supported by average selling price and volume growth of 4.5% and 7.8% respectively. Gross profit margin expanded by 1 percentage point to 38.4%, driving a 19% year-on-year increase in profit to US$1.23 billion. In the second half of 2025, revenue declined by 1% year-on-year, and gross profit margin contracted by 5.4 percentage points to 36.7%, due to a higher base of comparison from the previous year and the first half of 2025.