Stock Track | Dongfang Electric Soars 7.31% Intraday on Citi Target Price Hike and Morgan Stanley Stake Increase

Stock Track04-23

Dongfang Electric's stock surged 7.31% during intraday trading on Thursday, following positive analyst coverage and institutional buying activity.

The sharp rise comes after Citi published a research report raising its target price for Dongfang Electric by 20% from 45 HKD to 54 HKD, while maintaining a Buy rating and listing it as a top pick in the power equipment sector. The bank highlighted the company's high exposure to potential overseas gas turbine sales, coupled with strong domestic demand for nuclear and hydropower equipment. Citi also raised its net profit forecasts for the coming years by 3% to 9% to reflect higher hydropower and nuclear equipment sales.

Additionally, Morgan Stanley increased its stake in Dongfang Electric, purchasing approximately 2.61 million shares at an average price of around 42.12 HKD per share. Following this purchase, Morgan Stanley's holding rose to approximately 20.47 million shares, representing a 5.01% stake in the company, signaling institutional confidence in the stock's prospects.

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