Shanghai Industrial:Steady growth but NAV discount likely to widen; resume with Neutral上海实业控股[00363]   

研究机构：高盛高华证券 分析师： Frank ... 撰写日期：2010年12月03日

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    We resume coverage on Shanghai Industrial (SIHL) with a Neutral ratingand 12 month price target of HK$35.4. While we expect SIHL to continue tobenefit from support by its parent company, we are concerned about recentslow property contract sales and the high EV contribution from projects inShanghai, which could be subject to further tightening measures. With arising earnings contribution from property, SIHL’s discount to NAV is likelyto widen as China property developers trade at a 50% discount to 2011ENAV. In order to become more constructive on shares we would need tosee successful execution of its ambitious three year development plan.