On June 17th, Guolonghui reported that UBS Group expects China Communications Construction Company to benefit from overseas expansion and fundamental improvement. Its profit forecast for the fiscal years of 2024 to 2026 was increased by 5% to 12% to reflect better-than-expected performance in fiscal year 2023 and optimistic performance guidance for fiscal year 2024. Due to better-than-expected performance in the first quarter of 2023 and 2024, as well as themes of high dividend yield and improved industry sentiment due to the State-owned Assets Supervision and Administration Commission's market cap management assessment, the stock price of the company's Hong Kong stock rebounded 50% from its low in January. UBS pointed out that China Communications Construction Company's forward P/E ratio is currently 2.9 times, which is 0.5 standard deviations lower than the five-year average P/E ratio. They believe that the market has not fully priced in the group's better overseas business positioning, continually improving fundamentals, and higher income and new contract targets for 2024 than major peers. The bank has raised its target price from HKD 4.1 to HKD 6.1 and has put a "buy" rating on the stock.