Guotai Junan raised its target price for China Water (00855) to HK$11.5 from HK$8.5 and maintained its "buy" rating.
The research house said it expects city water supply and construction operation revenue to grow at a CAGR of 12.8% in FY21-FY24, in which tap water supply services revenue to increase at a CAGR of 17.6%.
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