Ying Li: DBS Vickers cuts target price to $0.52 from $0.67, based on 40% discount to reduced RNAV estimate, to account for lower rental assumptions. Notes Chongqing developer's retail rentals could take up to 3 years to ramp up before tenant mix optimized. Projects Rmb55m loss for FY10 vs Rmb62m profit previously, tips FY11 profit of Rmb299m vs Rmb705m forecast, to reflect delay in launch of Daping project by 6-9 months as it redesigns devt plan to fetch higher prices.
Still keeps Buy call on significant upside potential.
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