Glonghui, March 21丨According to the Lyon Development Research Report, Changhe (0001.HK) adjusted recurring profit for the second half of last year increased 1% to 12.9 billion yuan compared to the first half of the year. The reason was that currency headwinds offset the underlying recovery. The full-year 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 fiscal years 2023 and 24 by 1%, respectively. However, based on the market valuation of Changjian (1038.HK), the group's target price was raised from HK$61 to HK$65, maintaining the “buy” rating, believing that the stock repurchase was the catalyst. The PSA, which is wholly controlled by Temasek, may sell its shares in Hutchison Whampo Port, which also provides further room for the net asset value of Changshi's port business to rise. The stock is currently reported at HK$4815, with a total market value of HK$184.4 billion.