Shimao Services is looking to raise up to US$218m from its top-up placement and another US$400m from a convertible bond issue. Together, the company is looking to raise about US$618m. In this note, we will briefly discuss recent performance, share our thoughts on deal dynamics, and run the deal through our ECM framework.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
GREATER CHINA Economics Trade: Broad-based recovery in exports; but may not sustain. Sector Automobile: November auto sales growth estimated at 11.1%, in line with estimates. Maintain OVERWEIGHT. Top picks: BYD, CATL and Minth. Update China Zhengtong Auto Services Holdings (1728 HK/SELL/HK$0.85/Target: HK$0.55): Stake in Dongzheng at risk due to compliance issue. Maintain SELL. Target price: HK$0.55. Shimao Group Holdings (813 HK/BUY/HK$23.80/Target: HK$31.40): Sales growth still above average d...
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