HK-listed shares of Sinotrans at near 6-year low on weak Q3

Sinotrans

30/10/2019 04:06

** Hong Kong-listed shares of freight forwarder Sinotrans
Ltd  0598.HK  fall as much as 2.5% to HK$2.32, lowest since
December 2013
    ** Stock on track for fourth consecutive session of declines
    ** Company says profit for nine months ended September rose
9.3% to 2.1 bln yuan ($297.2 mln), while Q3 profit fell 6.6% to
599.8 mln yuan  urn:newsml:reuters.com:*:nL8N27E283
    ** Brokerage Daiwa reiterates "buy" on the Hong Kong stock
but trims PT to HK$2.80 from HK$3.40, saying Q3 results were
lower than expected
    ** Daiwa says it is cautious on company's Q4 outlook amid
slowdown in trade activity
    ** Company's Shanghai-listed shares  601598.SS  slide 0.9%
    ** As of Tuesday's close, the Hong Kong-listed stock down
30% this year
    ** Beijing-based Sinotrans has underperformed the Hang Seng
Commerce & Industry index  .HSNC  by 2.9 pct points in the past
one month
    ** The Hang Seng China enterprises index  .HSCE  slides
0.4%, and the benchmark index  .HSI  eases 0.3%
 ($1 = 7.0649 Chinese yuan renminbi)

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