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RTNominal down11.580 -0.160 (-1.363%)
Research Report

22/12/2020 14:45

{I-bank focus}Guangdong Inv's (00270) 4.9% yield attractive

[ET Net News Agency, 22 December 2020] Citi Research said a new water supply agreement
has been agreed by the Guangdong provincial government and Hong Kong government so that
Guangdong Investment (GDI) (00270) will receive HK$4,821m (flat) in 2021, HK$4,888-4,951m
(up 1.39-2.68%) in 2022 and HK$4,953-5,016m (up 1.33%) in 2023, with the actual payment
depending on usage volumes.
The research house thinks the mild increments are in line with GDI's guidance. More
importantly, the agreement should be conducive to mitigate share price overhang as this
revenue source is important representing 52% of GDI's 2020 pre-tax profit.
Amid a volatile stock market from uncertainty due to the global COVID-19 epidemic, GDI
should render a safe haven with more profits in 2021-23 being locked in by this agreement,
Citi said. Its 14.1x 2021 PER is 14% below the historical mean in the last 5 years, and
its 4.9% yield is attractive.
Citi reiterated its "buy" call and HK$16 target price on GDI. (KL)

Remark: Real time quote last updated: 17/06/2021 17:59
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