Damo: Target price of HK$73.5 for “gain” rating for Xinao Energy (02688)

The Zhitong Finance App learned that Morgan Stanley released a research report saying that the stock price of Xinao Energy (02688) is likely to rise in the next 30 days because the short-term valuation of the stock is attractive. The company also recently announced a new HK$600 million share repurchase plan and a new incentive share purchase plan, and has repurchased 100 million US dollars worth of shares since September 2023. The bank believes that the company's stock price has been adjusted excessively, deviating from its own fundamentals. The target price is now HK$73.5 and an “Overweight” rating.