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<Research>CLSA: CATL's Potential USD5B H-Shr Placement Entails Positives; High-Conviction Outperform Reiterated
Recommend 16 Positive 18 Negative 19 |
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CLSA, in its research report, cited a Bloomberg report and wrote that CATL (03750.HK) is considering an H-share placement of up to USD5 billion. The broker viewed that if the fundraising materializes, the positives are likely to outweigh the negatives. The potential USD5 billion fundraising would represent only about 1.2% dilution to existing issued shares, implying limited impact. On the flip side, CATL H-share liquidity would increase by approximately 33%, reflecting a radical improvement and providing investors with an opportunity to add to their positions and ride the multi-year ESS story. Based on the SOTP valuation methodology, CLSA set a TP of RMB505 for CATL's A-shares (300750.SZ) and a TP of HKD710 for its H-shares, reiterating its High-Conviction Outperform rating. Auto-translated by AI AASTOCKS Financial News |
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