HK's Shangri-La Asia hits 9-week high, brokerage raises price target

Shangri-La Asia

19/05/2020 04:23

** Hotel operator's shares  0069.HK  climb as much as 4.3%
to HK$6.76, highest since March 16
    ** Shares on track for third consecutive session of gains 
    ** Stock trims gains to HK$6.67, still up 2.9%, heading for
best day since April 29
    ** Brokerage Daiwa Capital lifts PT to HK$6.60 from HK$5.00
to factor in a more normalised cash flow for the company, and
says stock has bottomed out following chairperson's recent share
purchase
    ** Daiwa maintains "hold" amid company's low visibility
outside China and estimates occupancy across the firm's
properties outside the country to be at high single digits to
low teens
    ** As of last close, stock down 20.4% so far this year
    ** Shangri-La has outperformed Hang Seng Commerce & Industry
index  .HSNC  by 6.9 pct points in past one month
    ** Hong Kong Hang Seng Commerce & Industry index  .HSNC 
gains 1.1%, and the benchmark index  .HSI  rises 1.7%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)