Shares of YUEXIU PROPERTY (00123) soared by 6.84% on October 7th, 2024, fueled by a bullish outlook from Morgan Stanley. The investment bank set a target price of HKD 5.48 for the stock, reflecting confidence in the company's strong fundamentals and growth prospects.
According to Morgan Stanley's analysis, YUEXIU PROPERTY is poised to benefit from its superior sales performance, robust profitability, and attractive dividend prospects. The firm cited the company's high-quality saleable resources and a robust land reserve pipeline as key strengths underpinning its positive stance.
The surge in YUEXIU PROPERTY's stock price aligns with the broader rally in the Hong Kong market, where major indices such as the Hang Seng Index (HSI), Hang Seng China Enterprises Index (HSCEI), and Hang Seng Tech Index (HSTECH) all posted significant gains. Sectors like Asset Management & Custody Banks, Aerospace & Defense, and Advertising led the charge, reflecting strong investor sentiment across various industries.
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