China State Construction slips to 6-year low on "underweight" rating

China State Construction International Holdings

23/10/2018 07:53

** Shares in China State Construction International Holdings
Ltd  3311.HK  dive as much as 10.7 pct to HK$6.29, lowest since
June 2012, after Morgan Stanley gives the builder an
"underweight" rating
    ** Stock is set for worst day since Aug. 15, 2016
    ** Morgan Stanley rates the company "underweight" with a
target price of HK$8.50, saying revenue and operating profit
growth in the third quarter has been largely dragged lower by
its joint venture businesses and depreciation in the yuan
    ** Co reports 9-month aggregate unaudited operating profit
of HK$5.81 bln, unaudited group revenue and share of revenue of
joint ventures at HK$38.2 bln and HK$1.78 bln, respectively
 urn:newsml:reuters.com:*:nFWN1WX03J
    ** As of the previous close, the stock has fallen 35.65 pct
so far this year
    ** Hong Kong's benchmark index  .HSI  drops about 3 pct

 ((Reuters Messaging:
tingting.liu.thomsonreuters.com@reuters.net))