Ying Li

Ying Li: Maybank KE has an update report on Group, noting that the latest round of property cooling measures on 1 Mar 2013- which included the 20% capital gains tax and higher downpayments for 2nd-time home buyers, does not affect Ying Li much, given that residential projects account for ~22% of GFA and 13% of portfolio value. Current projects have been largely sold out and upcoming development will only be delivered after 2015. The recently appointed CEO, previously from Singbridge- invests in and master-develops large scale integrated townships mainly in China. Maybank KE suggests that there could be a possibility that Ying Li can leverage on the CEO's experience to explore new business models such as developing large scale integrated township projects. Maybank KE has a BUY with TP of $0.61 pegged to 25% discount to RNAV, as well as a 40% EPS growth in the next 3 years; notes that the Counter has the most direct exposure to Chongqing's fast-growing economy and could stand to benefit from Chongqing’s ambition to be a commercial and manufacturing hub in west China.