Citigroup has issued a research report stating that CTF SERVICES announced the sale of its 100% equity stake in the operating target company for the Changsha to Liuyang Expressway to two Shanghai State-owned Assets Supervision and Administration Commission-linked firms for approximately RMB 1.61 billion. Around RMB 109 million of this amount is reserved to cover potential costs associated with the sale. Citigroup has increased its target price for CTF SERVICES from HK$10.6 to HK$10.9, maintaining a "Buy" rating. The company expects to record an after-tax loss of approximately RMB 80 million from this sale in the 2026 fiscal year. Upon completion of the transaction, the target company's bank borrowings of approximately RMB 2.11 billion will remain its own responsibility. The bank anticipates the transaction could be finalized as early as the first half of the 2027 fiscal year. Citigroup believes the combined value of the transaction consideration, after debt removal, is about 105% higher than its calculation of the target company's total asset value. The report notes that this asset sale reflects management's proactive approach to capital recycling, which should help further reduce the company's current net asset value discount. Although the 2026 fiscal year profit forecast is expected to be lowered by 3% due to the sale loss, Citigroup believes the financing cost savings from the sale will offset most of the operational profit loss starting from the 2027 fiscal year.