China's Zhongsheng hits nearly 12-month high; Jefferies lifts PT after Seres deal

Seres Therapeutics

11/11/2024 04:43

** Chinese automobiles distribution and services firm
Zhongsheng Group  0881.HK  soars as much as 31.7% to HK$20.55,
highest since Nov. 21, 2023; set for fifth straight session of
gain
    ** Stock on course for the biggest one-day pct gain; top pct
gainer in Hang Seng Index  .HSI 
    ** Jefferies retains "buy", lifts PT to HK$18.10 from
HK$15.20 after co's agreement with Seres  601127.SS  to expand
EV brand AITO's China stores, supporting new car sales and
after-sales services
    ** Sees partnership as "positive for Zhongsheng and we lift
our earnings estimates for 2024-25" to factor in contribution
from Huawei-backed AITO
    ** Seres' Shanghai stock rises 3.1% 
    ** Zhongsheng down 16.5% YTD

($1 = HK$7.7748)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))