HK's Nine Dragons Paper heads for worst day in 3 mths, Citi cuts price target

Nine Dragons Paper (Holdings)

20/09/2018 05:35

** Shares of Nine Dragons Paper Holdings Ltd  2689.HK  fall
as much as 6.5 pct to HK$8.88, on track to end two straight
sessions of gain  
    ** Citi Research cut Nine Dragons Paper's target price to
HK$15.50 from HK$23, saying it reduces earnings estimates by
12-13 pct in FY19-20F owing to slowing retail sales growth in
China, and yuan weakness due to trade war 
    ** Stock later trims loss to HK$8.95, still down 5.9 pct and
heading for the worst day since June 25
    ** As of last close, stock had fallen 24.1 percent so far
this year
    ** Nine Dragons Paper has outperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 10.4 percentage
points in the past one month
    ** The Hong Kong benchmark index  .HSI  edges up 0.1 pct

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