Lyon: Upping FIRST PACIFIC (00142) target price to HKD 6.3, maintaining "Outperform" rating.

Lyonnaise released a research report stating that despite a 55% increase in the stock price of FIRST PACIFIC (00142) since the beginning of the year, the company's value still exists because its trading price is 56% discount to the net asset value of 11 Hong Kong dollars. Lyonnaise has raised the target price of FIRST PACIFIC from 5.6 Hong Kong dollars to 6.3 Hong Kong dollars, maintaining a "outperform" rating. Lyonnaise stated that FIRST PACIFIC is still expected to list "Maynilad" before January 2027, while also noting the possibility of listing toll roads. Although the specific time is unclear, investors are also expecting more meaningful dividend growth to maintain the current stock price.