Target price at 15% discount to our NAV estimate of HK$186.8; risks
Our target price is based on a 15% discount to our NAV estimate of HK$186.8/shr, which implies 2014E PER of 11x. Our target discount is based on the historical average discount of 15%, which we believe is appropriate and adequate to reflect the current point of the market cycle. Risks: performance from Hutch, further government policy and sales performance of upcoming project launches.