HSBC Global Research raised the target price for Sun Art Retail (06808) to HKD1.7 from HKD1.13 and maintained the "hold" rating.
The research house said if a change in the controlling shareholder materialises, it could trigger a general offer, which could support the current share price. However, earnings could linger around breakeven, given the market competition and uncertainty around a potential change in the controlling shareholder.
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