Lyon: Maintaining the Seashell-W (02423) “Outperform the Market” Rating Target Price of HK$62

The Zhitong Finance App learned that Lyon released a research report stating that it maintains the Seashell-W (02423) “outperforms the market” rating, with a target price of HK$62. The bank pointed out that recent regulatory concerns about Shell have subsided, and the State Administration of Market Supervision and Administration has turned its attention to other industries. The bank believes that this move has removed a key emotional suppression factor and is believed to be a catalyst for falling valuations.

The bank said that as investors' attention returns to profits and the prospects for cyclical recovery, Shell is supported by the strong second-hand housing market, potential housing price recovery and limited impact of new housing sales reforms, and is therefore still the preferred stock in China's real estate sector.