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Switching into expansion mode

  • An expected share placement at a wider-than-expected discount; sizeable M&As may land in the near term 
  • Best poised for the increasing vibrant M&A market given its leading cash resources in the sector after placement
  • Expected negative reaction from the market may offer decent entry opportunity for this quality industry leader
  • Maintain BUY and sector top pick; TP revised to HK$75.61
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