HK developer Sun Hung Kai Properties hits 14-year low on weak results

Sun Hung Kai Properties

11/09/2023 03:20

** Shares of Sun Hung Kai Properties  0016.HK  drop as much
as 12.7% to HK$77.10, their lowest since April 2009
    ** Stock marks biggest intraday pct drop since March 2012,
and is biggest pct loser in the Hang Seng Index  .HSI , Hang
Seng Property Index  .HSNP , and Hang Seng Composite Index
 .HSCIPC , which tracks properties and construction firms 
    ** The Hong Kong-based property developer said its
underlying profit attributable to shareholders for the year
ended June fell 17% YoY to HK$23.89 bln ($3.05 bln), from
HK$28.73 bln in the year-ago period amid a decline in profit
generated from property sales
    ** Co says its sizeable recurring profit generated from
rental portfolio and non-property businesses remained relatively
stable
    ** Jefferies downgrades Sun Hung Kai Properties to "hold"
from "buy" and trims PT to HK$80 from HK$115 saying 2HFY23
underlying attributable profit missed 
    ** Hang Seng Mainland Properties Index  .HSMPI  declines
2.5% and Hang Seng Composite Index on properties and
construction stocks  .HSCIPC  was down 3%
    ** Hang Seng Property Index  .HSNP  drops 3.9% and Hang Seng
Index  .HSI  falls 1.2%
    ** As of last close, stock down 17.3% this year
    ($1 = 7.8401 Hong Kong dollars)

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