Brilliance China drops most in 3 months on disappointing special dividend

Brilliance China Automotive Holdings

16/01/2023 03:27

** Shares of Brilliance China Automotive  1114.HK  drop as
much as 14.3% to HK$4.19, on course for the biggest daily pct
decline since Oct. 6, if losses hold
    ** Stock hits the lowest since Dec. 29, snapping three
straight sessions of gain
    ** The Chinese auto maker says it resolved to declare a
special dividend of HK$0.96 per share  urn:newsml:reuters.com:*:nFWN33Y0PD
    ** Daiwa downgrades Brilliance China to "hold" from "buy"
and cut TP to HK$5 from HK$7.20, saying the first batch of
special dividend was disappointing and a big miss on
expectation, and the brokerage cut total special dividend
pay-out ratio forecast to 50% from 80% 
    ** Daiwa says Brilliance China may be eyeing investment
projects and thus reserved cash
    ** The Hang Seng Commerce & Industry Index  .HSNC  gains
0.4% while the Hang Seng Composite Index on industrials
 .HSCIIG  rises 1.4%
    ** The Hang Seng Composite Index  .HSCI  rises 0.7% and the
benchmark Hang Seng Index  .HSI  climbs 0.6%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))