[ET Net News Agency, 8 April 2021] Daiwa lowered its target price for Guangdong
Investment (00270) to HK$14.2 from HK$16 and its rating to "outperform" from "buy".
The research house expects Guangdong Investment to be able to maintain 3-5% YoY growth
in its DPS over 2021-23, with a 74-79% payout over the same period (vs. 90% payout ratio
cap). It thinks its financial position remains solid despite turning to a slight net debt
positon (with a net gearing of 1.3% at end-2020) from a net cash position at end-1H20.
(RC)