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00270 GUANGDONG INV
RTNominal down11.580 -0.160 (-1.363%)
Research Report

23/12/2020 17:32

{I-bank focus}HSBC lifts Guangdong Invest (00270) to HK$15.8

[ET Net News Agency, 23 December 2020] HSBC Global Research lifted its target price for
Guangdong Investment (GDI) (00270) to HK$15.8 from HK$14.9 and retained its "buy" rating.
GDI announced that the Hong Kong Water Supply Agreement has been submitted to the Hong
Kong Legislative Council for review. The revenue for 2021 will be frozen at the 2020 level
of HK$4.8bn, and a new variable pay mechanism will be adopted starting from 2022 based on
actual volume until at least 2029, while the annual ceiling for 2022-23 is set at
HK$4.9-5bn.
The research house estimated the new mechanism implies an increase of 2-3% for water
supply revenue in 2022-23, compared to 2020.
Meanwhile, HSBC noted that other businesses of GDI showed a recovery. Rental rates for
GDH Teem (GDI's interest: 76%) seems to have bottomed out. Losses for toll roads have
shrunk. Hotels in mainland China turned profitable in 3Q, although outlets located in HK
are still suffering from travel bans. Department stores also saw better foot traffic and
sales volume. (KL)

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