S.F. Holding-backed Kerry Logistics falls on weak earnings outlook

Kerry Properties

29/06/2023 05:08

** Shares of S.F. Holding-backed Kerry Logistics Network Ltd
 0636.HK  fall as much as 8.2% to HK$9.06, their lowest since
June 8
    ** Stock marks its biggest intraday pct drop since Oct 10
    ** The international freight forwarder says it expects to
see a considerable disparity between its financial performance
in 2023 and that in the previous year amid a deeper slowdown in
global economy in 2023 with greater market volatility,
uncertainties and risks
    ** Co says it recorded core net profit of HK$290 mln ($37.03
mln) for first five months of 2023, versus a core net profit of
HK$2.37 bln in H1 2022 
    ** Says its overall performance has bottomed out in Q1 2023
and is expected to gradually improve in H2 2023 
    ** Shenzhen-listed shares of S.F. Holding  002352.SZ  fall
as much as 8.4% to 43.39 yuan, their lowest since March 2022    
    ** In China, CSI 300 Index  .CSI300  eases 0.4% and Shanghai
Composite Index  .SSEC  slips 0.2%
    ** In Hong Kong, Hang Seng Composite Index  .HSCI  falls
1.3% and Hang Seng Index  .HSI  declines 1.4%
    ** As of last close, Kerry Logistics stock down 29.7% this
year
    ($1 = 7.8318 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))