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CII [M-PF +3.1%] - Recent news already priced in - Update

We switch our rating for CII from O-PF to M-PF as CII’s share price has rallied 39% YTD. We reiterate our fundamental views and target price, following our update report dated March 6, 2017. Recent corporate news since our last update report, described below, has contributed to continuing positive market sentiment for CII, but has an immaterial impact on our sum-of-parts valuation driven by contributions from stable cash flows of its current BOT projects and our expectation of high returns