Bank of America Merrill Lynch reiterated its real (00363.HK) buying rating, and the target price was raised from 24.7 yuan to 25 yuan. Shangshi acquired 23% of the interest in Hangzhou Bay Bridge from Shangshi Group, the controlling shareholder, at a cost of 1.8 billion yuan. Bank of America Merrill Lynch said the purchase price was equivalent to 26 times PE. It is believed that the bridge's profit growth was good because of ideal traffic volume growth and low interest costs. The bank assumes an annual profit increase of 10% in 2016-2017, and the yield of the acquisition is close to 5%, so the purchase price is reasonable, which has a positive effect on the group's profit. The bank expects the group to borrow money to carry out the acquisition at a cost of about 3-4%, and the bridge can provide a return of 5%, which is profitable, so it raised the actual 2017 profit forecast by about 3%. It is expected that the transaction will be completed by the end of this year, and it will start contributing to the field collection performance next year. The report mentioned that it is actually defensive and has a return of 4%, PE about 9.4 times, and a 49% discount on net asset value per share. It is predicted that net profit will rise 11% to 3.1 billion yuan this year. It is estimated that this year's net profit will rise 11% to 3.1 billion yuan, and there is potential for an increase in dividends of at least 0.45 yuan per share.