SMOORE INTL Shares Slip Over 4% as Eve Energy Plans to Reduce Stake; DAIWA Flags Valuation as Reflecting Potential

Stock News07-24

SMOORE INTL (06969) saw its shares drop more than 4% during the afternoon trading session. As of the latest update, the stock was down 3.94% at HK$8.30, with a turnover of approximately HK$23.46 million.

On the news front, Eve Energy Co.,Ltd. announced earlier this month that its wholly-owned subsidiary, EBIL, plans to sell up to 3.5% of its stake in SMOORE INTL over the next 12 months. The company stated that the proceeds from the share sale will be used to support the construction of its R&D platform and capacity expansion, focusing on its core lithium battery business. Notably, this marks the fifth consecutive year Eve Energy has announced a plan to reduce its holdings in SMOORE INTL, although the previous three attempts were never actually executed.

DAIWA recently released a research report, downgrading its investment rating on SMOORE INTL from "Outperform" to "Hold". The new target price has been slashed from HK$17.00 to HK$7.60, based on 27 times the average earnings per share for the 2026 to 2027 period. The brokerage noted that while e-cigarette products could generate upside sales surprises and new heated tobacco (HNB) clients would help offset the impact of destocking by British American Tobacco in the Japanese market, the current valuation already fully reflects the company's medium- to long-term potential.

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