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<Research>Citi Says GANFENGLITHIUM (01772.HK) Shr Placement & CB Issuance Plan Negative for ST Mkt Sentiment
Recommend 7 Positive 12 Negative 7 |
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GANFENGLITHIUM (01772.HK) planned to raise a net amount of $1.17 billion through a share placement, and issue $1.37 billion convertible bonds, Citi Research issued a research report saying. Of which, 40%, 30% and 30% of the proceeds will be used for debt repayment, capacity expansion and operating working capital respectively. Cash flow pressure for FY2025 also increased due to significant capital expenditures on the Goulamina and Mariana projects this year, as well as potential share buybacks of GANFENGLITHIUM. The broker believed that this will negatively impact the stock's market sentiment in the short term, and rated GANFENGLITHIUM at Neutral, with a target price of $20.43. AASTOCKS Financial News Website: www.aastocks.com |
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