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Investing.com - UBS upgraded Seazen Group Ltd (HK:1030) to Buy from Neutral and raised its price target to HK$3.30 from HK$2.50.
The upgrade reflects declining negative NAV and earnings contribution from Seazen’s property development business due to land bank shrinkage, as well as potential value unlock for its investment properties in private CREITs.
UBS noted reduced liquidity concerns following Seazen’s issuance of a Rmb1bn medium-term note with a 2.68% coupon backed by the China Bond Insurance Company in August 2025.
The investment bank raised its 2025-27 earnings estimates for Seazen by 3-26% to Rmb711-1,434mn, citing lower interest expense from refinancing at lower rates and less earnings drag from the property development business.
The new price target of HK$3.30 is based on a 42% discount to UBS’s sum-of-the-parts based net asset value for Seazen Group.
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