Citi reiterated its 01777.HK "buy" rating, raising its target price to HK $2.10 from HK $1.56.

Citigroup points out that Citi has taken the lead in transforming its business model and has now been able to enjoy the results of optimizing the scale of property development and has achieved the synergy of new businesses. 01778.HK is a successful example, while its heavily discounted assets have been fully revalued.

The bank pointed out that there are 2.39 million square meters of land storage in the flower year, and 26% of the net asset value is expected to be located in Shenzhen, which will benefit from the strong property market in Shenzhen. At the same time, the company's light asset model and price-added services will support the company to have good sales and stable cash flow.