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<Research>Citi Foresees GIANT BIOGENE (02367.HK) Shr Price to Be Under ST Pressure; Profit Outlook Still Solid
Recommend 3 Positive 6 Negative 6 |
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GIANT BIOGENE (02367.HK) placed up to 35 million shares, equivalent to 3.27% of its enlarged share capital, at a price of $66.65, a discount of 9.5% to the closing price of the last trading day (16th), according to GIANT BIOGENE's announcement on Thursday morning (17th). The proceeds will mainly be used for overseas business development, as most of its cash is in China, GIANT BIOGENE said. The stock price is expected to come under pressure in the near term in view of the larger discount, according to a research report issued by Citi Research. Nevertheless, GIANT BIOGENE still has a solid earnings outlook. Therefore, the broker kept rating at Buy on the stock, with a target price of $78.1. AAStocks Financial News |
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