Jinwu Financial News | Shimao Group (00813) continued to decline, hitting a new low of HK$0.285 in the intraday period. As of press release, it was reported at HK$0.29, still down 7.94%, with a turnover of HK$2.283,600.
Additionally, Shimao Services (00873) fell 5.33% to HK$0.71, and saw an intraday price of HK$0.7, a record low.
According to the Citigroup Research Report, Shimao Group's core net loss for fiscal year 2023 reached 14.5 billion yuan, hampered by financial assets and property inventory impairment provisions of 2 billion yuan and 3 billion yuan respectively. Considering weak property sales, investment and related services, Shimao's net debt ratio of 473.2%, the auditor's inability to express an opinion on the multiple uncertainties relating to continuing operations in the financial report for the fiscal year 2021 to 2023, and the creditor's winding-up petition against Shimao submitted to the High Court on the 5th of this month maintained the “selling/high risk” rating for Shimao. The target price was reduced from HK$0.7 to HK$0.25. The bank also maintains the Shimao Service's “Neutral/High Risk” rating. The target price was reduced from HK$1 to HK$0.85.