Daifuku published a report stating that it gave Baishida Holdings (01168-HK) a buying rating, with a target price of HK$1.5, which is equivalent to a market capitalization ratio of 1.1, that is, a 25% discount from the bank's estimated net asset value of HK$2 per share, and a 32% premium over the market price. Daifuku said that although Baishida's stock price has tripled since October last year, its valuation is still seriously underestimated. Baishida's year-to-date property sales revenue is approximately $2.9 billion. It is estimated that the company's net cash has increased to about $4.5 billion ($1.37 per share), of which $3.3 billion will be used to pay accrued land value-added tax and other liabilities. However, after a comprehensive calculation of properties for sale in Mangrove West Bank and Baishida Lake, the company's net cash may increase to about 5.2 billion yuan, or 1.58 yuan per share. Baishida Holdings rose 1.77% to HK$1.15 on Friday.