SAN MIGUEL HK (SEHK: 00236) shares tumbled more than 10% in trading. At the time of writing, the stock was down 10.43% to HK$1.03, with a turnover of HK$445,300.

The decline follows the company's announcement of its earnings expectations. The group anticipates reporting a consolidated net profit of approximately HK$11.4 million for the six-month period ending June 30, 2026. This represents a significant decrease compared to the net profit of HK$51.1 million achieved in the same period last year, marking a 77.7% year-on-year decline.

The board of directors attributed this substantial profit drop primarily to the adverse effects stemming from the conflict in Iran and the resulting geopolitical tensions in the region. These developments have negatively impacted export sales volumes and led to increased business costs during the first half of the 2026 financial year.