Daiwa: Reiterates "Buy" rating on Zhongjin (03908.HK), target price of 28.9 Hong Kong dollars.

According to the iFinance APP, Morgan Stanley released a research report stating that China Jin (03908.HK) has announced details of a stock merger. The implied price-to-book ratio of the stock swap includes: China Jin (601995.SH) A shares at 1.8 times, Dongxing Securities (601198.SH) at 1.8 times (including a 26% premium), and Sinotrans Securities (601059.SH) at 3.1 times. The "overweight" rating on China Jin H shares is reiterated to reflect the upside potential of synergies and limited dilution impact, with a target price of 28.9 Hong Kong dollars.