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.

$深圳控股(hk00604)$  
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.
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*声明:文章为作者独立观点,不代表格隆汇立场

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