ICBC International accepted the purchase rating of International (2288.HK) for the first time. The target price is HK$4.40, which is equivalent to 10 times the price-earnings ratio for fiscal year 10 (ending March).

ICBC International said that it undertook international residential and hotel renovation projects, with a contract value of over 1 billion Hong Kong dollars. The projects were distributed across Hong Kong, Macau and the mainland. In fiscal year 10, the company successfully obtained various new projects in Macau and Hong Kong; ICBC International expects to achieve a 35% increase in profit over the same period last year to HK$194 million. The stock price is equivalent to the predicted price-earnings ratio of 5.5 times, net price-earnings ratio 1.3 times, and dividend yield of 7.3%.

The stock closed down 1.9% to HK$2.54 yesterday.