GuocaCapital maintained the purchase rating of Tianjin Development (0882.HK), with a target price of HK$6.10 (30% off book value).

GuocaCapital said that the low valuation of Tianjin's development is very valuable for long-term investors, because according to the government's 11th five-year plan, the Tianjin Bohai New Area enjoys a series of preferential policies. GuocaCapital added that speculation that this red-chip stock will return to A-share listing will be a catalyst for the stock price in the second half of 2009.

The stock rose 0.77% to HK$5.23 today.