Shares of Midea Group, a leading Chinese home appliance manufacturer, soared nearly 8% on Monday, hitting a new high since its Hong Kong market debut in September. The stock surge came after Citi initiated coverage on Midea's Hong Kong shares with a "buy" rating and a bullish target price of HK$90.08, more than 30% above its current level.
In a research note, Citi analysts cited Midea and Haier as their top picks in the Chinese home appliance sector, citing improving earnings prospects. The investment bank also maintained a "buy" rating on Midea's Shenzhen-listed shares and raised its target price to 81.89 yuan, representing around 20% upside potential.
Midea's Hong Kong shares have already surged more than 26% from their IPO offer price of HK$54.80 since their market debut last week. The strong performance underscores investor confidence in the company's growth trajectory and leadership position in the domestic appliance market.
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