HSBC: China Overseas Development (00688.HK) Core Net Profit in the first half of the year slightly better than expected. Rated as "Hold".

According to the Zhidao Finance APP, J.P. Morgan released a research report stating that the core net profit of China Overseas Development (00688.HK) in the first half of the year decreased by 17% year-on-year to 8.8 billion yuan, which was 4% higher than the bank's estimate. This was mainly due to a 4% year-on-year decrease in revenue and a 25% year-on-year decrease in EBIT. The dividend per share decreased by 17% year-on-year to 25 Hong Kong cents, while the dividend payout ratio remained unchanged. The gross profit margin was 17.4%, a year-on-year decrease of 4.7 percentage points. The rating was to hold, with a target price of 16.5 Hong Kong dollars.