The net profit of Hopewell Highway Infrastructure (0737.HK) fell 34 per cent year-on-year to 310 million yuan in the first half of December last year, mainly due to a drop in toll income due to a new toll scheme implemented in Guangdong in June last year; the interim interest per share fell 31 per cent.

Barclays pointed out that the medium-term results of Hopewell Highway were weaker than the bank's expectations because of the greater-than-expected impact of the holiday toll exemption policy and higher-than-expected staff and depreciation costs. It reiterated the downgrading and lowered its target price by 11% to HK $3.56.