Glonghui, November 23 | According to the First Shanghai Research Report, Shell (2423.HK) has solid cash reserves and sound financial management, and has carried out many stock repurchases. It also achieved its first dividend during the year, actively giving back to shareholders and achieving efficient capital allocation. The bank is optimistic about the steady development of the company's “integrated” business and the increase in industry penetration as a leader in housing services, and the ability of the “three-wing” business to consolidate the company's resilience after crossing the real estate cycle. The company's adjusted net profit for the next three years is estimated to be 9.1 billion yuan, 9.6 billion yuan and 10.5 billion yuan respectively, giving 2024 18 times PE. Plus, the company obtained a target price of HK$73.2 /$28.8 after holding broad cash, maintaining the buying rating.