[ET Net News Agency, 30 August 2019] Citi Research lifted its target price for
Guangdong Investment (GDI)(00270) to HK$16.8 from HK$15.5 and maintained its "neutral"
rating.
The research house said GDI's recurrent profit in 1H looks in line with market
expectations. GDI bought a 79% stake of Jiangxi Haihui Public Utilities Group Co., Ltd. at
Rmb1,627m with daily designed water supply capacity of 1,09m tons and wastewater
processing capacity of 81k tons. It has also got the greenfield water supply project in
Xinghua, Jiangsu, with a daily capacity of 0.43m tons to be built at Rmb.276bn to be
funded by cash from GDI. Its investment hurdle rate is high single-digit unleveraged IRR
over 25-30 years.
Citi trimmed its 2019-21 net profit forecasts 2-3% for Rmb depreciation and less profit
from hotels and property investment. (KL)
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00270 GUANGDONG INV
Nominal 
3.480 -0.080 (-2.247%) Research Report
30/08/2019 15:08
{I-bank focus}Citi ups Guangdong Investment to HK$16.8
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