Lyon: First Shell-W (02423) “Outperform the Market” rating target price of HK$61

The Zhitong Finance App learned that Lyon released a research report saying that with the normalization of the mainland property market, bottoming out of new home sales, and the resilience of second-hand transactions, shell-W (02423) is ready to capture the increase in turnover. The bank predicts a compound annual profit growth rate of 27% for the 2025-2028 fiscal year. The first shell received a “outperforming the market” rating, with a target price of HK$61. According to the report, the mainland property market is showing signs of stability, and the growth in the second-hand market is offsetting weak first-hand sales. The national new home sales market is forecast to fall by 4% in 2026, and the market is expected to grow by 5% per year from 2026 to 2028. Second-hand housing turnover is expected to rise 2% in 2026 and remain generally stable until 2028, offset by a return in demand to the primary market due to structural growth.