Changes in Hong Kong stocks | Changshi Group (01113) once fell nearly 8%, and core profit rose 5% year on year in the first half of the year, Bank of America said it would not pay special interest or disappointed the market

The Zhitong Finance App learned that Changshi Group (01113) once fell nearly 8%. As of press release, it fell 6.57% to HK$44.94, with a turnover of HK$196 million.

According to the news, Changshi Group announced that it obtained revenue of HK$40.306 billion in the first half of this year, an increase of 58.77% over the previous year; net profit of HK$8.683 billion, up 37.78% year-on-year; and plans to pay an interim interest rate of HK41 cents, an increase of 5.13% over the previous year. The Group's unaudited base profit for the period was HK$6.64 billion, up 4.9% year over year. The fair value of real estate investment trusts and investment properties held by the Group decreased by HK$255 million and HK$1,466 million respectively. The associated company's impairment amounted to HK$6.023 billion. Profit of HK$9.787 billion was obtained from the sale of the British joint venture.

Bank of America Securities believes that Changshi Group's core profit for the first half of the year rose 5% year on year to HK$6.64 billion, slightly lower than the bank's forecast of 3%, mainly affected by weak profit margins for property development in Hong Kong. Furthermore, Changshi decided not to pay a special mid-term dividend or disappointed the market. The management cited macroeconomic uncertainties, but the Group has about HK$22 billion in net cash, a sound balance sheet, and the ability to cope with the uncertain environment and seize potential opportunities.