[ET Net News Agency, 11 September 2020] Guotai Junan International lifted its target
price for Guangdong Investment (GDI)(00270) to HK$17.35 from HK$17 and maintained its
"accumulate" rating.
The research house said GDI's 1H net profit of HK$2,369mn was in line with its
expectation. Taking out the effect of the fair value change in investment properties, the
adjusted core net profit grew by 6.7% to HK$2,675mn.
Guotai Junan raised its earnings estimates under the expectation of further capacity
expansion in the water business and of accelerated delivery of residential properties. Its
adjusted EPS estimates for 2020-2022 are HK$0.868/ HK$0.999/ HK$1.027 respectively. (KL)