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Research Report

29/11/2019 14:22

{I-bank focus}Nomura starts Guangdong Inv (00270) at HK$20

[ET Net News Agency, 29 November 2019] Nomura initiated coverage on Guangdong
Investment (GDI)(00270) with a "buy" rating and a target price of HK$20.
The research house sees GDI as a unique investment, as it combines the defensiveness of
utility assets and the growth potential of mainland Chinese real estate projects. Nomura
expects GDI's water resource business to provide cash flow stability from being the sole
water supplier in HK.
For the next three years, Nomura expects annual mid-single-digit growth for the water
business, propelled by mid-double-digit growth in mainland water and sewage projects. The
acquisition of Jiangxi Haihui in May 2019 signals that GDI will accelerate its expansion
beyond Guangdong through inorganic means. (KL)

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