The Zhitong Finance App learned that Dongfang Overseas International (00316) plummeted 16% on the last trading day and fell more than 4% in early trading today. As of press release, it decreased by 4.01% to HK$95.7, with a turnover of HK$141 million.
According to the news, Oriental Overseas International recently announced its annual results. The group obtained revenue of US$8.344 billion, a year-on-year decrease of 57.9%; profit attributable to shareholders of US$1,368 billion, a year-on-year decrease of 86.27%; a final interest of 14.5 US cents per share. It is also proposed to pay a second special interest of 3.6 US cents per share, with a final interest of US$2.61 per share and a second special interest of US$1.95 per share for the same period last year.
Damo released a research report saying that Dongfang Overseas's dividend for the second half of last year was unattractive, and since this year, the company's stock price performance has outperformed the market index by 10 percentage points, in contrast to the company's weak fundamentals and the sluggish performance of the global industry. Therefore, if the spot market continues to weaken, the bank and the market's profit forecast for Dongfang Overseas in 2024 will risk being lowered.