Macquarie initiated coverage of HKC Holdings (190) with an "Outperform" rating and a target price of HK$3.17. The research house noted the company offers attractive upside potential of 32% and strong earnings prospects with a three-year earnings CAGR of 61%. "HKC is a restructure play with two sources of NAV upside: the sale of non-core assets and future acquisitions", its analyst Chris Cheng said. (KL)
5 comments:
Thanks for the info on 190! I am a constant reader of your blog for 190 news.
martin, thanks for your support. what makes you interested in HKC?
I was looking for a mainland property developer for my portfolio. 190 management caught my eyes. I am impressed they turned the company around during the bad time.
I was looking for a mainland property developer for my portfolio. 190 management caught my eyes. I am impressed they turned the company around during the bad time.
martin, yup, the management team looks like a responsible and able one. i especially like the CEO's commitment to the firm, he even pledged his own shares to deutsche and BEA for funds which were immediately lent to the firm for projects' deposits. he's also sticking to the 2.27/share subscription price when cerberus/penta requested a price cut from 2.27 to 2.05. that demonstrated something to me.
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