The 00738-HK group, which Rose 14.29% in a half-day to HK $1.12 and traded HK $4.4026 million, was able to recover from its earlier losses yesterday and hit a new high to HK $1.17 a year, possibly buoyed by attractive dividend yields and lower valuations. The unit fell 6.67% after its results yesterday, with net profit of February 28 falling 7.7% from a year earlier, with investors taking advantage of news shipments. But East Asia said that, despite its full-year results, it may have raised concerns about the undervalued retail unit, which announced a final dividend of HK $0.045 per share, plus a medium-term dividend of HK $0.03, with a total payout rate of 66.7%. The bank noted that the shares were valued at 8.7 times times the forecast price-to-earnings ratio for the 09 fiscal year and were cheaper to compare with industry peers.
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