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<Research>Citi: MAO GEPING Controlling Shareholders & Executive Directors' Proposed Holdings Reduction Will Create Short-term Selling Pressure
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MAO GEPING (01318.HK) announced that its controlling shareholders and executive directors, including Mao Geping, Wang Liqun, Mao Niping, MAO Huiping, Wang Lihua, Song Hongquan, plan to cut their holdings due to personal financial needs, according to a Citi report. Citi found this move surprising. With the potential reduction in shares representing up to 6.6% of the H-share capital and 16% of the free float, it may heap short-term pressure on its stock price. That being said, MAO GEPING has a robust earnings outlook and will likely record a 28% increase in EPS this year, Citi stressed. As the current valuation level is not too high, the broker has rated MAO GEPING as Buy, with a target price of HKD82. It has also initiated a 30-day short-term downside observation period for the stock. AAStocks Financial News |
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