Stock Track | SMOORE INTL Plummets 5.09% Intraday on Stake Sale Plan and Analyst Downgrade

Stock Track07-24

SMOORE INTL (06969) shares plummeted 5.09% during Friday's afternoon trading session, reflecting a sharp sell-off amid mounting negative sentiment.

The decline was partly triggered by news that Eve Energy Co., Ltd. plans to sell up to 3.5% of its stake in SMOORE INTL through its wholly-owned subsidiary EBIL over the next 12 months. This marks the fifth consecutive year Eve Energy has announced a reduction plan, although previous attempts were not executed, raising concerns about potential share overhang.

Adding to the pressure, DAIWA downgraded the stock from "Outperform" to "Hold" and slashed its target price from HK$17.00 to HK$7.60. The brokerage noted that while e-cigarette and new heated tobacco clients could provide growth, the current valuation already fully reflects SMOORE's medium- to long-term potential, leaving limited upside.

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