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RTNominal down3.600 -0.270 (-6.977%)

31/10/2019 17:56

{I-bank focus}HSBC downgrades SOHO China (00410) to "hold"

[ET Net News Agency, 31 October 2019] HSBC Global Research maintained its target price
for SOHO China (00410) unchanged at HK$3.1 but downgraded its rating to "hold" from "buy".
The research house said it has long-argued that asset disposal presents a share price
catalyst for the stock and SOHO's yesterday's 18% share price rally has effectively priced
in the potential upside from asset sale.
However, the news paints an uncertain outlook for shareholders. HSBC sees two possible
scenarios playing out from the asset sale initiative. It would be near-term positive if
the sale proceeds were distributed to shareholders via payment of a special dividend.
However, absent this, there will be a need to justify the use of proceeds and new
investment plan, which introduces high execution risk as the company deviates from its
core property leasing model. (KL)

Remark: Real time quote last updated: 08/04/2020 17:17
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