1200.HK 's annual net profit for fiscal 2011 fell 75 per cent to HK $134 million, or a loss of about HK $190 million in the second half, and full-year income fell 9 per cent to HK $3.398 billion. No final dividend, but a special dividend of HK $0.0834 per share and HK $0.3067 per share, 48 per cent less.

CLSA refers to the recent rebound in local property transactions, but as speculators are subject to additional stamp duty (SSD), there is expected to be limited room for further trading, reiterating the sell rating on Wachovia, looking down for HK $3.80 (equivalent to 11 times 12-year price-to-earnings ratio).