Share price fell 27% from its peak after multi-year growth; we expect steady operations in 2014
Time to revisit a quality conglomerate with a track record of NAV growth, good property assets and robust financial strength
Lower target price to HKD64 (from HKD67.5) mainly from higher cap rates, but we argue the stock is now better valued at a 0.6x 2014e PB; upgrade to Overweight from Neutral