HK's Kerry Properties heads for worst day in 10 years on lower div

Kerry Properties

22/08/2018 03:43

** Stock of Kerry Properties Ltd  0683.HK  falls 11.1 pct to
HK$32.55, the lowest since Dec. 15, after the developer declares
lower interim dividend    
    ** The stock is heading for worst day since November 2008
    ** Co's H1 profit increases 21 pct, including fair value
gain on investment properties, but net profit plunges 45 pct if
it excludes the fair value increase  urn:newsml:reuters.com:*:nFWN1VC003 
    ** Co declares interim dividend of HK$0.40 per share, down
from HK$0.45 in the same period a year earlier  
    ** Nomura cuts target price to HK$34.4 from HK$38.1, saying
the dividend miss is a negative surprise 
    ** As of the previous close, the stock has risen 4.52
percent so far this year
    ** Kerry Properties has outperformed the Hang Seng Property
Index sector  .HSNP  by 1.2 percentage points in the past month
    ** As of 0217 GMT, about 2.04 million shares of the
developer change hands, compared with their 30-day moving
average of 1.52 million shares a day
    ** Among the 17 analysts that cover Kerry Properties, the
current average rating on the shares is "hold"; the breakdown of
recommendations is five "strong buy" or "buy", nine "hold" and
three "sell" or "strong sell". The mean price target is HK$37.82
    ** Hong Kong benchmark index  .HSI  rises 0.2 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)