The Zhitong Finance App learned that Xiaomo released a research report stating that it maintained the Shell-W (02423) “gain” rating and raised the 2024 revenue/earnings per share forecast by 2%/1%, respectively, to reflect more optimistic policy prospects and improved market sentiment, and raised the target price to HK$51. With the introduction of the strongest real estate support policy in the past three years, the bank's view on Shell's stock price performance turned more positive.

According to the report, both Shell's core business and new business continue to make progress. The market share of the core agency business continues to grow. New home sales outperformed the industry by 10% in the first quarter. In terms of new business, revenue from the home improvement/rental business grew strongly by 71%/189% respectively in the first quarter, contributing a total of 35% of total revenue (33% in the fourth quarter of 2023). In the first five months of this year, the company spent 340 million US dollars on repurchases, accounting for 2% of the total number of shares in circulation. Looking back at the full year of 2023, the company's repurchases of shares accounted for about 3.7% of the total number of shares in circulation. This indicates that stock buybacks so far this year have been slightly faster than last year.