Morgan Stanley: SEAZEN's Share Placement Expected to Alleviate Liquidity Concerns and Drive Potential Re-rating

Stock News02-05 17:34

Morgan Stanley has released a research report stating that SEAZEN (01030) has announced a share placement of 198 million shares, representing a dilution rate of 2.73%, to raise approximately HKD 4.7 billion at HKD 2.39 per share. The report views this move as likely to further reduce market concerns over liquidity risks related to the repayment of approximately USD 400 million in offshore bonds maturing in May. This action could potentially drive the stock price higher from its current forecasted price-to-earnings ratios of 6x and 5.6x for 2026 and 2027 recurring earnings, respectively. The firm has set a target price of HKD 2.81 for the stock with an "Overweight" rating. Morgan Stanley indicated that the group's strong operational capabilities in shopping malls located in lower-tier cities may benefit from potential consumption stimulus plans and maintain high single-digit rental growth while capturing higher market share. It is forecasted that as property sales decrease, the drag on performance from properties under development will lessen, leading to an earnings rebound over the next three years.

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