HSBC Global Research lowered its target price for Bay Area Dev (00737) to HK$3.9 from HK$4.2 and maintained its "buy" rating.
The research house said it thinks the progress of land development and GS Superhighway widening could be key catalysts for the share price. Downside risks include GS Superhighway widening project financing; less-than-expected traffic growth; and exchange losses due to depreciation of the RMB.
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