20150612-JEFFERIES-深圳控股(0604):ONE_MISSION_COMPLETED,ANOTHER_MISSION_ON_THE_WAY;REITERATE_BUY-098439

$深圳控股(hk00604)$  
In our view,share placing done by SZI differs from most of its peers given the preparation for value-accretive acquisitions.Fundamentally,its financial strength was enhanced with the expected net gearing to fall below 60% post the equity issue.The increased free float should also compel investment flow into the stock.Reiterate Buy with parent injection as the key catalyst.We raised our TP from HK$4.9 to HK$5.1,based on a 30% disc to NAV of HK$7.3(up 3%).Key risks:lower-than-expected presales and unexpected economic turmoil.
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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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