HK's Nine Dragons Paper Falls Most in 2 Months on Lower Profit, Dividend

Reuters2022-02-23

** Shares of paper products maker Nine Dragons Paper (Holdings) Ltd 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

** 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 rises 1.1% while Hang Seng consumer goods and services index slips 0.1%

** Hang Seng Composite Index gains 0.4% and the benchmark Hang Seng Index climbs 0.6%

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