Goldman Sachs published a report saying that maintaining the development of Tianjin Port (03382-HK) in the Asia-Pacific region's selling list has a target price of only HK$1.1. Goldman Sachs pointed out that although the integration with the port assets of its sister company Tianjin Port (600717-CN) may be viewed as strategically favorable, the huge dilution effect of issuing new shares and the lack of an immediate profit contribution per share have made this move currently interpreted by the market as being basically neutral. Goldman Sachs estimates that if the latest market value of Tianjin Port is taken into account, the net asset value of Tianjin Port Development will rise by 23%-26%, which is based on different estimates of the number of new shares issued; if the profit of Tianjin Port is included (according to the general forecast value of I/B/E/S), the predicted price-earnings ratio for the 10th fiscal year of Tianjin Port Development will be 18-19 times.