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

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.