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Investing.com - HSBC initiated coverage on Seazen Group Ltd (HK:1030) with a Buy rating and a price target of HK$3.30 on Tuesday.
The investment bank’s bullish stance comes despite Seazen being privately-owned at a time when investors generally prefer state-owned real estate companies amid China’s property market downturn.
HSBC highlighted that Seazen recently became the first privately-owned enterprise to break a two-year hiatus in offshore USD bond issuance, which the bank views as a key inflection point for the company.
The firm also noted Seazen’s diversified shopping mall portfolio in third-tier Chinese cities, where consumer spending has shown more resilience compared to first-tier cities.
HSBC positioned Seazen as "a good candidate for investors with a higher-risk appetite and looking for property stocks with a consumer element," citing the company’s strength as a major shopping mall landlord despite current consumer spending caution.
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