DJ Weimob's Strategy Could Drive Long-Term Growth -- Market Talk
0251 GMT - Weimob's recent fund-raising and push into more research and development could continue to drive its long-term growth, UOB Kay Hian says. The company has recently issued US$300 million worth of zero coupon convertible bonds in a private placement, for which the proceeds could go toward research and development, as well as potential M&A activity. The brokerage views the fundraising as being timely amid intensifying competition in the e-commerce sector. UOB maintains its target price of HK$25.00 and its buy rating, as it remains optimistic on Weimob's smart retail business. Shares last closed 0.8% lower at HK$17.42. (yiwei.wong@wsj.com)
(END) Dow Jones Newswires
June 13, 2021 22:51 ET (02:51 GMT)
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