Paul Louie +852 2252 6189 @ RUNNING THEME ANCHOR REPORT Trick or Treat? Value proposition after Stocks for action Current Local Price the 1H09 run in Asian property stocks Stock rating price* target Most preferred The strength of the Asian property stocks must be one of the big surprises in 1H09. SHKP (16 HK) BUY Asian property stocks have risen 55% y-t-d, rebounded some 131% from the 2008- Sino Ocean (3377 HK) BUY Unitech (UT IN) BUY 2009 trough, but remain 48% below their 2007-2008 peaks. While the 1H09’s strong CCT (CCT SP) BUY performance was nice, what value propositions do the stocks offer now? Will property Least preferred stocks continue to be a treat or will they turn out to be a trick? Unlike 1H09, where Champion REITs REDUCE most markets benefitted from a reduction in risk premium, we see more differentiation (2778 HK) Country Garden NEUTRAL between the property markets in 2H09. Since property is local in nature, we ask our (2007 HK) property analysts in China, Hong Kong, India and Singapore what catalysts they would DLF (DLFU IN) REDUCE look for to trigger the next up or down leg to the property market and what have current City Dev (CIT SP) REDUCE valuations priced in. Our bottom-up view suggests BUY China, take profit in Singapore * Closing prices as of 19 June, 2009 and be selective in Hong Kong and India. Analysts c Property stocks up 131% from trough but 48% below the peak. Is the Paul Louie property market tracking better or worse than expectations? (Regional Head of Property) +852 2252 6189 @ d How big is the upside/downside? What are the catalysts to trigger the
next up/down leg? Tony Darwell (Head of SE Asia Property) e Valuation overlay: chase or take profit? +65 6433 6963 @ f
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