CLSA Maintains Outperform Rating on CTF Services with HK$11.5 Target Price

Deep News

Oct 06

CLSA has released a research report maintaining its "Outperform" rating on CTF Services (00659) with a target price of HK$11.5, and reiterating its view that the stock is one of the two top picks in Hong Kong's conglomerate sector.

According to Hong Kong Stock Exchange disclosures, the Cheng family purchased 34.2 million shares of CTF Services in the open market last Tuesday (29th) at HK$8.1275 per share, representing approximately 0.75% of existing share capital, with a total investment of approximately HK$278 million.

The investment bank noted that this marks the Cheng family's first open-market share increase since December 2006, and also the largest net purchase by board members since the first half of 2005.

CLSA believes this share increase represents an opportunistic purchase and sends a value signal.

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