Still another leg up 6
Comprehensive evaluation –
weighted scorecard 15
NAV and target discount
adjustments 20
Earnings estimate revisions 24
The great balancing act –
acquisition vs. balance sheet 28
Reality check on the physical
market 32
With this report, Derek Kwong assumes coverage of Sino
Ocean and Stanley Cheung assumes coverage of Yanlord.
Ratings and risks 36
Financials and valuation 42
Appendix 56
Key company statistics 57
Key property sector statistics 64
Disclosure appendix 76
Disclaimer 79