SHENGUAN HLDGS (00829.HK) down 13% on soaring volume on mild pft growth of 2.5% in IR
SHENGUAN HLDGS (00829.HK) 1H earnings edged up by only 2.5%, being the poorest result since the listing in October 2009 (the net profit in interim periods of 2011 and 2012 rose 37% and 72%). The stock gaped lower to $3.69, being the fresh low for 2.5 months. It was last $3.74, down 13%, on volume soaring to 24.6 million shares, the highest for the past two years. Technically, RSI (14) falls to 21 in oversold zone.
The Company's interim net profit edged up by only 2.5% to RMB312 million, representing EPS of 9.41 cents. The interim dividend rose 4.6% year-on-year to HK4.5 cents, plus special dividend of 1 cent. During the period, the operating revenue and gross profit rose nearly 15% and 8%; gross margin fell 3.7 percentage points to 60.1%. (r)
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