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RTNominal unchange33.600 0.000 (0.000%)

30/06/2020 17:28

{I-bank focus}JEF raises Shimao Group (00813) to HK$36.53

[ET Net News Agency, 30 June 2020] Jefferies Research raised its target price for
Shimao Group Holdings (00813) to HK$36.53 from HK$31.69 to factor in the higher
profitability of the spin-off and latest land banking. It maintained its "buy" rating.
Shimao yesterday submitted the spin-off application for Shimao Services. The research
house is surprised by its much higher margin (boosted by significant growth in community
VAS) and estimated a fair value of HK$29bn that is equivalent to 20+% of Shimao's market
cap on attributable basis.
Jefferies expects the spin-off to be completed by year-end. It tweaked its FY2021-22
earnings forecasts slightly to remove the contributions from Shimao Services. (KL)

Remark: Real time quote last updated: 18/09/2020 17:59
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