The analyst rating is based on CTF Services' strategic decision to sell its 100% equity interest in the Changsha-Liuyang Expressway for RMB1.6 billion, which is seen as a way to streamline its toll road portfolio. Despite the asset recording a loss in FY25, the implied price-to-book ratio of 1.05x is considered attractive compared to peers. The company also has strong cash flow and a sustainable dividend yield of around 7%, which supports the Buy rating.
