20150612-广发证券(香港)-深圳控股（0604）：New+share+placement，beneficiary+of+Shenzhen+land+bank+appreciation；raise+TP+to+HK$6.00.

New share placement at HK$4.13；2015 EPS may be diluted by 10% The company has announced that it will issue no more than 670m new shares at HK$4.13/share.According to our calculations，this new share issuance may dilute total shares and 2015 EPS by 10%.2015 EPS may decline 9% YoY to HK$0.48.Maintain Buy As an asset play，the stock is trading at an undemanding 0.8x 2015E NBV.Given rapidly rising property ASP in Shenzhen，we believe 1.2x P/B is more appropriate.We maintain our Buy rating，and give a new target price of HK$6.00（up 46% from HK$4.10），equal to 1.2x 2015E NBV.