Dahua Jixian lowered the estimated net asset value of Minmetals Construction (0230.HK) by 4% to HK$3.65. As the price of the Nanjing Riveria Royale project was lower than expected, the market value of Fangxing Real Estate's stock price shrank. Based on the calculation of a 35% discount of the target price compared to the net asset value, Dahua Jixian reduced the target price of Minmetals Construction by 3% to HK$2.37. Dahua Jixian maintained its purchase rating for Minmetals Construction because the stock's valuation was more than 60% discounted compared to its net asset value, and the average discount margin in the industry was 45%. The bank said that based on Minmetals Construction's strong background and continuous improvement in sales conditions, it is now a good opportunity to buy shares of this state-owned enterprise. The bank added that the company currently holds a net cash position to support its purchases when land prices are weak. The stock closed at HK$1.22 last Friday.