All Fintech China Property Financial Sector Other Coverage Weekly (2103.HK) Sinic Oct 4, 2021 Discontinuation of Coverage (230.HK) Minmetals Land Limited Sep 2, 2021 Growth Accelerates on the Back of 2020 Asset Injection (0095.HK) LVGEM (China) Real Estate Investment Company Limited Sep 2, 2021 Making Progress on Baishizhou Project Phase 1 (1996.HK) Redsun Properties Group Limited Sep 2, 2021 Solid 1H21 Performance, On Track to Beat Sales Target (3662.HK) Aoyuan Healthy Life Group Aug 27, 2021 M&A Drives Growth to Beat Expectations, Reiterate Buy (3883.HK) China Aoyuan Group Aug 27, 2021 Slower Growth Ahead as Deleveraging Takes Priority (1922.HK) Yincheng Life Service Aug 27, 2021 Strength in Organic Expansion Underpinning Diversified Growth (0123.HK) Yuexiu Property Aug 23, 2021 Growth on Solid Foundations of Strong Balance Sheet and GBA (0382.HK) Edvantage Group Aug 23, 2021 3Q Earnings Boosted by Sichuan Colleges, Vocational Businesses (0832.HK) Central China Real Estate Limited Aug 23, 2021 Undervalued Amid Market Concerns, Reiterate Buy (9983.HK) Central China New Life Limited Aug 23, 2021 Rise in Third-Party Projects to Underpin Future Growth (9993.HK) Radiance Holdings Aug 23, 2021 Solid 1H21 All-Round Performance, Maintain Buy (0405.HK) Yuexiu REIT Aug 11, 2021 Recovery On Track, Interest Savings to Drive 2H21E Growth (35.HK) Far East Consortium Jun 29 2021 Riding on the Tide of COVID-19 Macro Recovery (35.HK) Far East Consortium Jun 18 2021 Another Major Milestone On the Road to COVID-19 Recovery China Property May 24, 2021 China Developers’ Evolution into Conglomerates: 2021-2025 (832.HK) Central China Real Estate Limited May 14, 2021 Post Spin-Off Trading offers Buying Opportunity (35.HK) Far East Consortium May 11 2021 UK Economy Reopening will Boost Property Sales (0382.HK) Edvantage Group Holdings Limited Apr 22, 2021 Growth on Track, Entering the M&A Harvest (0095.HK) LVGEM (China) Real Estate Investment Company Limited Apr 9, 2021 All Eyes on Baishizhou as Phase 1 Starts Construction (832.HK) Central China Real Estate Limited Apr 9, 2021 A New CEO, A New Dawn (1996.HK) Redsun Properties Group Limited Apr 9, 2021 Recapitalised Balance Sheet, Steady Growth Ahead (3883.HK) China Aoyuan Group Apr 1, 2021 Solid and Steady, Dividend Surprise (3662.HK) Aoyuan Healthy Life Group Apr 1, 2021 All-Stars Aligned - Valuation, Results, Growth Outlook (9983.HK) Central China New Life Limited Mar 31, 2021 Property Management 2.0 – The Digital Era (230.HK) Minmetals Land Limited Mar 30, 2021 Consolidating for a Brighter Future (0405.HK) Yuexiu REIT Mar 5, 2021 The Comeback Kid, Reiterate Buy (1238.HK) Powerlong Real Estate Holdings Limited Mar 4, 2021 Solid All Round Execution, Reiterate Buy (0405.HK) Yuexiu REIT Feb 16, 2021 A Great Turnaround Story of 2021, Initiate with Buy (0382.HK) Edvantage Group Holdings Limited Jan 25, 2021 Fundamental Growth drives Stock Outperformance, Reiterate Buy (35.HK) Far East Consortium Jan 19, 2021 Recovery has just begun, More Legs to Run, Reiterate Buy At the Forefront of China Property Dec 31, 2020 Opportunities emerging in Property Management Sector (35.HK) Far East Consortium Nov 27, 2020 Emerging from the Eye of the Storm, Maintain Buy At the Forefront of China Property Nov 27, 2020 Fully Recovered From COVID-19, Back to the New Normal (0095.HK) LVGEM (China) Real Estate Investment Company Limited Nov 11, 2020 Latest Market Transaction Underpins HK NEO Asset Value (832.HK) Central China Real Estate Limited Nov 11, 2020 Asset-light Business Spin-off to Unlock 64% Valuation At the Forefront of China Property Sep 29, 2020 A Solid Macro Economy Recovery (3662.HK) Aoyuan Healthy Life Group Sep 22, 2020 Dual Engine To Propel Long Term Growth (9983.HK) Central China New Life Limited Aug 31, 2020 Geographical Focus to Drive Outperformance (1996.HK) Redsun Properties Group Limited Aug 28, 2020 A Year of Harvest, Maintain Buy (832.HK) Central China Real Estate Limited Aug 27, 2020 Solid 1H20 Results, Earnings Growth On Track (0095.HK) LVGEM (China) Real Estate Investment Company Limited Aug 26, 2020 Asset Injection Propels Stock to New Heights, Upgrade to Buy (0095.HK) LVGEM (China) Real Estate Investment Company Limited Aug 24, 2020 All Eyes On Baishizhou 2H20 Potential Asset Injection (1238.HK) Powerlong Real Estate Holdings Limited Aug 20, 2020 Strong 1H20 results sets the stage for a share price rally, Reiterate Buy (DUO.US) Fangdd Network Group Aug 18, 2020 A Mispriced SaaS company with Valuation Re-rating Potential (3662.HK) Aoyuan Healthy Life Group Aug 18, 2020 Post-Acquisition Integration to be 2H20 Key Catalyst (3883.HK) China Aoyuan Group Aug 18, 2020 Solid 1H20 Results Despite Unprecedented Challenges (9983.HK) Central China New Life Limited Aug 03, 2020 Blossoming on Deep Roots in Henan Province At the Forefront of China Property Jul 20, 2020 1H20 Results Preview: Size Matters? (832.HK) Central China Real Estate Limited Jul 16, 2020 Greentown Listing Paves Way to Unlock Asset-Light Value (35.HK) Far East Consortium Jul 3, 2020 Riding through the Storm, Property Sales offer the Silver Lining At the Forefront of China Property Jun 23, 2020 Developers Recapitalising Balance Sheets ahead of Interim Results (230.HK) Minmetals Land Limited Jun 5, 2020 An Important Milestone that Transforms Sales Growth Outlook China Property May 5, 2020 A Bumpy Ride Ahead, Take Shelter under Dividend Yield (0832.HK) Central China Real Estate Limited Apr 2, 2020 Reaping in the Harvest and More is to Come (6111.HK) Dafa Properties Group Limited Apr 1, 2020 Project launches in 2Q20 Holds the Key to Full Year Growth Outlook (0095.HK) LVGEM (China) Real Estate Investment Company Limited Mar 31, 2020 Solid Execution on Highly Profitable Urban Redevelopment Land Bank (1996.HK) Redsun Properties Group Limited Mar 27, 2020 Solid Balance Sheet, Stable Growth, Inexpensive Valuations (3662.HK) Aoyuan Healthy Life Group Mar 27, 2020 Profitability Over Scale, Growth Quality Underappreciated (3883.HK) China Aoyuan Group Mar 25, 2020 Execution Strength Shines Through in Times of Adversity (1238.HK) Powerlong Real Estate Holdings Limited Mar 17, 2020 Growth Trajectory Intact, Reiterate Buy (35.HK) Far East Consortium International Limited Mar 4, 2020 The Chase for Yield Accelerates, Positive for Overseas Property Sales (17.HK) New World Development Mar 3, 2020 Solid Foundations to Ride out Near Term Challenges China Property Feb 7, 2020 Virus Outbreak Tightens Cash Flow, but End-User Demand will remain Intact 6111.HK Dafa Properties Group Limited Jan 8, 2020 Rapidly Rising Through the Ranks, beating Market expectations 3662.HK Aoyuan Healthy Life Group Dec 17, 2019 A Major Step in Building a Healthcare and Beauty Business Empire 0035.HK Far East Consortium Dec 03, 2019 Hospitality Trust spin-off will drive Share Price Re-rating, Reiterate Buy 0832.HK Central China Real Estate Limited Nov 12, 2019 All Set to be the next Shining Star in the Sector, Initiate with Buy Special Focus: Victoria Dockside Nov 5, 2019 A Key Milestone that marks The Dawn of a New World 0095.HK LVGEM (China) Real Estate Investment Company Limited Oct 30, 2019 Crown Jewel acquired at a minimal cost, a Positive Surprise 1238.HK Powerlong Real Estate Holdings Limited Oct 16, 2019 Recapitalised Balance Sheet for Value Accretive Opportunities China Property Oct 8, 2019 Time to ditch Stock Picking methodology based on Tier-1, 2, 3 exposure China Aoyuan Property - Consensus Earnings Upgrades to Drive Share Price Higher August 2, 2019 We expect consensus to continue to revise their earnings upwards and eventually the share price will reflect the earnings growth potential Far East Consortium FY19 review Jul 3, 2019 FY19 revenue grew by 17.3% yoy with growth across the segments. Development gross margin came back to a more normalized level as expected. As a result, core cash profit grew by 9.6% yoy. Full year DPS was maintained at HK$22 cents, same as FY18. We estimate that FY19 contracted sales slightly declined to HK$5.0bn vs HK$6.3bn in FY18. For FY20 FEC plans a HK$15.4bn worth of new launches. A leading property management service provider May 24, 2019 Aoyuan Healthy Life provides property management service for residential and non-residential properties and commercial operational service for mid-high end shopping malls in China. China Renaissance - All eyes on Science and Technology Innovation Board March 21, 2019 China Renaissance is the leading investment bank dedicated to China’s new economy companies and entrepreneurs. We believe China Renaissance’s unmatched ability to engage new economy entrepreneurs, its deep understanding of the new economy companies China Aoyuan Property - Upgrade to Buy rating on valuation and strong sales momentum March 1, 2019 We upgrade Aoyuan to Buy. The company has maintained a faster-than-peer sales momentum on sufficient landbank, strong execution and a strong balance sheet New World Development - A GBA conglomerate dedicated to craftsmanship and unparalleled living experience February 18, 2019 NWD has created a series of products and living concepts with forward-looking ideas and tastes, which reflects its dedication to craftsmanship and provides an unparalleled array of exclusive experience to its customers under the ecosystem of The Artisanal Movement living sphere 35 Far East Consortium - Gaming segment becomes visible November 29, 2018 FEC has strong contracted sales in 1HFY19 and revenue grew by 7% yoy; Interim DPS was maintained at HK$ 4 cents, same as 1HFY18; Gaming sector become increasingly important, for the first time, gaming sector started to contribute to revenue. Trans World Corporation contributed HK$177 million revenue in gaming and hotel operations; Revise up price target to HK$5.86 35 Far East Consortium - The Value of Diversification June 28, 2018 FEC has a diversified property development portfolio and hotel portfolio in Australia, Singapore, UK&Europe, China, HK and Malaysia and has demonstrated its ability to time different cycles in different markets. In FY18, FEC has turned more bullish in Singapore and UK and increased land purchases in light of potential slowdown in other markets A Battle for Survival - Intensified market consolidation & battle for resources May 15, 2018 Tightening on property market comes to the harshest moment. We recommend names with strong access to acquiring lands from M&A, urban redevelopment projects and shanty housing redevelopment. SOE will have advantage in this elimination game: low funding cost, access to land resource and shanty housing redevelopment experience. 2007 HK Country Garden - Sales momentum in lower tier cities continues April 12, 2018 Country Garden's sales momentum remains strong in FY2017 and 1Q18; Revise up price target to HK$17.20, 'HOLD' 3383 HK Agile - Diversifying non-property businesses April 12, 2018 Thanks to the high margin of projects in Hainan and Zhongshan, growth of gross profit improved by 67% YoY to RMB 20.69 bn.Revise up price target to HK$17.80, 'HOLD' 3900 HK Greentown - Uncertainty of profit pattern April 12, 2018 Gross profit margin slightly dropped, low visibility on profit from non-investment projects. 2017 result in line; core net profit increased by 13.5% YoY; Revise up price target to HK$11.62, maintain 'HOLD' 813 HK Shimao - Growth comes back again April 3, 2018 Upgrade to 'BUY', net profit has bottomed out and accelerate its turnover for achievable sales growth. 2017 result in line; core net profit surged by 43.5% YoY Far East Consortium - Strengthening alliance with The Star March 29, 2018 FEC entered share subscription agreement with The Star Entertainment Group (ASX stock code SGR) in which FEC and Chow Tai Fook Group (CTF) each will subscribe for 4.99% of The Star’s new shares; Reiterate “BUY” and Price target of HK$5.34 688 HK COLI - Targeting stable high-quality growth March 27, 2018 Upgrade to 'BUY' on steady growth and revise up price target to HK$33.92revise up price target to HK$33.92, reasonable profitability and low valuation; 2017 results in line 1813 HK KWG Seeking balance between scale and profitability March 27, 2018 Downgrade to 'HOLD' and revise down TP to HK$12.50: 2017 result missed our estimation; core net profit dropped by 19% YoY, expansion execution takes times to testify 960 HK Longfor property Stable growth as always March 27, 2018 Upgrade to 'Buy' and revise up TP to HK$ 25.34: 39% YoY growth of core net profit, GPM enhanced to 34% 3380 HK Logan Property - The best proxy in Great Bay area March 23, 2018 87% YoY growth of core net profit, GPM enhanced to 35%; Revise up price target to HK$12.32, 'HOLD' 1109 HK CR Lands - Winner of next 5 years, BUY March 21, 2018 2017 result: slow growth, but high profitability; CR Lands' multi-channel of land acquisition is irreproducible competitiveness to scale pursuer with high land cost.Upgrade to 'BUY' Revise up price target to HK$34.74 2777 HK R&F properties - High growth but higher gearing March 21, 2018 Solid 2017 result, core net profit grew by 107% YoY; RMB 300 bn of sales target in 2020 implying 54% CAGR in 2017-2020; Revise up price target to HK$23.89, 'HOLD' 3883 HK China Aoyuan - All eyes on scale - targeting RMB 73bn contracted sales in 2018 March 16, 2018 Solid 2017 result, robust growth in net profit, but GPM missed; Execution will be the key to achieve RMB 73bn of 2018 sales target; Revise up price target to HK$8.10, 'HOLD' 35 HK FEC - Acquiring a small casino & hospitality group in Europe March 6, 2018 FEC has announced that it had entered merger agreement with Trans World Corporation, which is engaged in hospitality and gaming business in Germany, Austria and Czech. Reiterate “BUY” and Price target of HK$5.34 1813 HK KWG - Shifting to fast track February 5, 2018 Contract sales in Jan. surged 155% YoY to Rmb 5.56 bn. Rmb 100 bn of saleable resource support fastgrowth of contracted sales in 2018 3380 HK Logan Property - Abundant resource supports rapid growth January 26, 2018 Logan targets 50% growth of contracted sales in 2018; Upgrade PT to HK$12.11; maintain 'HOLD' Land supply reform to support multi land supplies in future January 18, 2018 Minister of Ministry of Land and Resource: Exploring separation of ownership, qualification and use right of rural homestead; government will not be the only land supplier in future 3883 HK China Aoyuan - Targeting RMB 100bn of sales by 2020 January 15, 2018 Positive profit alert for 2017, at least up 75% YoY; Looking forward, the company has strong confidence and targets a RMB 50-60bn of contracted sales in 2018 and RMB 70-80bn of contracted sales in 2019. Reiterate Buy and price target of HK$6.94 Fixed income - Ronshine China - Capex Expansion & Refinancing Pressure in Next 2 Years January 10, 2018 High Capex for expansion ahead and gearing ratio should increase; Marketperform on RONXIN 19, still 180 bps value over MOLAND 19 35 HK FEC - 1H18 review November 28, 2017 1HFY18 net profit surged by 52% yoy to HK$1.0bn (+52% yoy); interim DPS raised to 4 HK$ cents from 3.5 HK$ cents in 1HFY17; Price target upgrade to HK$5.34; hidden gem with deep NAV discount Chinese High Yield Properties November 3, 2017 The story in 2017 is playing safely & holding for carry. Asian bond market continued to enjoy abundant liquidity while Chinese funding contributing increasing shares. Supplies from property sector dominate the Chinese HY names due to depressed onshore bond issuance and a strong physical property market in China. China Property Sector 1H17 Results Review September 15, 2017 Majority of developers in 1H2017 delivered improved GPM, lower net gearing and lower borrowing costs. Some companies even showed ambition of further fast growth in next 4-5 years, which we think may look challenging in light of future tightening policies. 2H17 China Property Sector Outlook - Bubble Burst? Nope! Just Slow Down! June 30, 2017 We expect the property sector valuation to de-rate in 2H17. We selectively overweigh developers with achievable presales growth, less share price gain YTD, and relatively low valuation. China Aoyuan (3883.HK; Buy) - Continuous growth supported by strong execution April 7, 2017 Initiate with Buy rating: High earnings visibility; low valuation; industry consolidation provides growth opportunity. Initiation of Coverage: Far East Consortium (FEC, 35.HK) October 25, 2016 Far East Consortium International Limited (FEC) is a medium-sized property conglomerate. It has a geographically diversified portfolio with a balanced revenue mix in property development, hotel, car park management and property investment. We initiate coverage on Far East Consortium with a Buy rating.