The Zhitong Finance App learned that Lyon released a research report saying that it maintains the Changhe (00001) “buy” rating and believes that the stock buyback is the catalyst. The PSA, which is wholly controlled by Temasek, may sell its shares in Hutchison Whampoa Port, which also provides further room for the net asset value of Changshi's port business to improve. Based on the market valuation of Changjiang Infrastructure Group (01038), the target price was raised from HK$61 to HK$65.

According to the report, the company's adjusted recurring profit for the second half of last year increased by 1% compared to the first half of the year to 12.9 billion yuan; the annual dividend was 7% higher than expected. Based on the latest foreign exchange forecasts and lower port throughput forecasts, the bank lowered its profit forecasts for the long-term and 2023/24 fiscal years by 1%, respectively. In addition, Lyon also lowered the company's recurring profit forecast for the 2023/24 fiscal year by 1%, and lowered the port business throughput forecast and infrastructure profit assumptions. However, this was partly offset by higher average monthly earnings per household (ARPU) forecasts for the European Group 3 and their higher revenue assumptions for Asian health and beauty businesses, including the mainland.