China's developer Shui On Land jumps most in 4 years on upbeat results, buyback plan

Shui On Land

25/03/2022 03:15

** Shares of property developer Shui On Land  0272.HK  jump
10.1% to HK$1.20, the biggest intraday percentage gain since
February 2018 
    ** Stock hits the highest since Feb 24, extending gains for
a fifth straight session 
    ** Biggest percentage gainer in the Hang Seng Composite
Index on properties and construction stocks  .HSCIPC  and second
biggest in the Hang Seng Composite Index  .HSCI 
    ** Co says its 2021 revenue soared 282% year-on-year to
17.56 bln yuan ($2.76 bln) due to a significant increase in
property sales with net profit amounting to 1.64 bln yuan,
versus a net loss in 2020 in the wake of the COVID-19 outbreak
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    ** Proposes a final dividend of HK$0.084 per share 
    ** Co proposes to repurchase up to HK$500 mln ($63.9 mln)
worth of shares, a deal to be funded by existing available cash
reserves and free cash flow  
    ** Hang Seng Mainland Properties Index  .HSMPI  and the Hang
Seng Composite Index, which tracks properties and construction
stocks  .HSCIPC , rise 1.2% each
    ** The Hang Seng Composite Index  .HSCI  and the benchmark
Hang Seng Index  .HSI  each slip 0.4%
    ($1 = 7.8230 Hong Kong dollars)
    ($1 = 6.3603 Chinese yuan)

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