Citigroup raised the rating of Tianjin Port Development (3382.HK) from sale to purchase, and raised the target price from HK$1.15 to HK$4.40, which is equivalent to 1.9 times the book value of HK$2.31 per share in FY2009 after the acquisition was completed. The ratio of this price to book value is equivalent to the historical average. The bank feels that the market has yet to fully absorb the strategic impact of the company's acquisition of shares in Tianjin Port Co., Ltd.; the bank said that when the acquisition announcement is issued at the end of June, the stock will receive renewed attention, believing that the company is an attractive investment path for the topic of rising commodity demand in China. The stock rose 13.84% to HK$3.29 yesterday.