The Zhitong Finance App learned that Shell-W (02423) opened low in early trading and fell more than 6%. As of press release, it fell 6.71% to HK$37.55, with a turnover of HK$292,400.

According to the news, the temperature has been rising continuously recently, but the property market has already begun to enter a low season. With the release of the backlog of demand for home purchases in the early stages, the activity of the new and second-hand housing markets in major cities has generally declined since April, and buyers' enthusiasm for buying a home has declined. Experts said that real estate sales continued to decline in May, market trends in June were the key, and real estate still needed strong policy support. However, some experts believe that the trend in the property market is in line with expectations, and that the second quarter may reach the bottom of the market. Since 2023, the popularity of land auctions in hot Tier 1 and 2 cities has picked up, and land markets in the vast majority of third- and fourth-tier cities are still operating at low temperatures.

Goldman Sachs released a research report saying that to maintain the company's “buy” rating, the target price was raised from HK$68 to HK$70. The company achieved an adjusted net profit of 3.56 billion yuan in the first quarter, which was better than the bank's expectations. It is believed that there will be room to increase market share under the business contraction of several industry leaders in the past few years. The bank said it raised the company's total transaction volume and revenue forecast to reflect stronger market capture prospects and revenue growth from the “two wings” business. It also indicated that gross margin and adjusted net interest rate forecasts were raised under cost control, efficiency improvements, and operating leverage driven by improved profitability. At the same time, the adjusted net profit forecast for 2023-24 was raised by 21%/18% to RMB 87.81/10.101 billion yuan respectively.