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Citi ups Zhejiang Expressway (00576) to "buy"
Citi Research upgraded Zhejiang Expressway (ZJE)(00576) to "buy" from "neutral" after
the stock was down 5% over the past week on the 3Q results but on sentiment only
rather than fundamentals.
It also lifted its target price for the stock to HK$10.7 from HK$10.
Citi attributed the stock decline on investors looking into ZJE's worsening brokerage
business amid a weak A-share trading turnover. This dragged ZJE's valuation below
historical averages again in terms of PE and PB, presenting attractive 2017/18 dividend
yield at 4.9% and 5.4% respectively.
  In addition, the research house thinks 3Q results were not that bad since the toll roads
performance with an organic revenue growth of 19% was impressive despite a low base, and 
this eased Citi's concerns on toll roads performance amid a high base going forward.
As such, it raised its earnings forecasts by 1-4% for 2017-2019.

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