HK's Nine Dragons Paper falls most in 2 months on lower profit, dividend

Nine Dragons Paper (Holdings)

23/02/2022 02:41

** Shares of paper products maker Nine Dragons Paper
(Holdings) Ltd  2689.HK  fall 4% to HK$7.82, their biggest daily
percentage decline since Dec. 20 
    ** Co posted a 30.7% year-on-year drop in profit
attributable to equity holders to 2.77 bln yuan ($437.7 mln) for
six months ended in December on Tuesday and it declared an
interim dividend of 0.08 yuan per share, down from 0.1 yuan the
same period a year ago  urn:newsml:reuters.com:*:nFWN2UX0UY
    ** Says the company will take a proactive approach to seize
opportunities to further increase its market share
    ** Citi maintains "buy" rating on the stock, saying 1HFY22
results mostly in-line but expects the net dollar margin in
2HFY22 to fall further due to low season and worsening China
end-demand 
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.1%
while Hang Seng consumer goods and services index  .HSCGSI 
slips 0.1%
    ** Hang Seng Composite Index  .HSCI  gains 0.4% and the
benchmark Hang Seng Index  .HSI  climbs 0.6%



($1 = 6.3280 Chinese yuan renminbi)

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