SHUN Tak Holdings has operations in shipping, property, restaurants, and hotel management. A year ago, Nomura Securities placed a hold on the stock saying business was not bright but the share price was unlikely to fall far. This proved poor advice. The stock plummeted as tourism to Macau fell and competition on the Macau-Hong Kong ferry route increased. One year ago, Shun Tak shares traded at $5.20 , now they are worth $2.525, having trailed the Hang Seng Index by 38.3 per cent.