J.P. Morgan lowered its target price for Shimao Group Holdings (00813) to HK$41 from HK$43.5 and maintained its "overweight" rating.
The research house said Shimao Services, the property management arm of Shimao Group, has issued a prospectus with a price range.
The Shimao Group has started trading ex-preferential allocation rights this week, and its share price has underperformed, due mainly to the exit of investors who want to hold Shimao Group for allocation of Shimao Services, JPM added.
JPM believes growth in all Shimao Group's businesses, including development property, investment property, and property management, will outperform. Hence, the current sell-off is temporary.
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