ed-CK/ sa-CS / DL Where will Evergrande lead us to? • Can Evergrande repay its debt? • Is it really “too big to fail”? • How should we position ourselves for this phenomenon? Can Evergrande overcome its financial struggle? A question that was asked many times by various parties during the past week. Here is our analysis: What will Evergrande need to do to sustain its business? ........................... 2 What are the other factors that can come into play and help? .................. 3 Will disposal of its existing assets enough to fully service its outstanding debts? ......................................................................................................................... 4 What would happen if Evergrande struggles to fulfil its debt obligations? ..................................................................................................................................... 6 Will the government step in? ............................................................................. 11 What is the impact on the sector in the longer term? ................................. 12 How should we position ourselves for this phenomenon?......................... 13 How about banks? ................................................................................................. 15 HSI: 27,322 ANALYST Danielle WANG CFA, +852 36684176 [email protected]Cindy WANG +852 36684175 [email protected]Ken HE CFA, +86 21 38562898 ken.he@dbssecurities.com.cn Jason LAM +852 36684179 [email protected]Zoe ZHANG +86 21 38562892 zoe.zhang@dbssecurities.com.cn Ben WONG +852 36684183 [email protected]Recommendation & valuation Price Target Price Rec Mkt Cap FY22F PE HK$ HK$ US$bn x Country Garden (2007 HK) 8.25 12.45 BUY 23.4 3.8 CR Land (1109 HK) 31.45 49.60 BUY 28.9 6.2 Longfor (960 HK) 43.25 57.65 BUY 33.8 8.6 China Minsheng Banking (1988 HK) 3.51 3.39 SELL 26.2 4.5 Source: Thomson Reuters, DBS Bank (Hong Kong) Limited (“DBS HK”) DBS Group Research . Equity China / Hong Kong Industry Focus China Property and Banking Sector 26 Jul 2021 Refer to important disclosures at the end of this report
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ed-CK/ sa-CS / DL
Where will Evergrande lead us to?
• Can Evergrande repay its debt?
• Is it really “too big to fail”?
• How should we position ourselves for this phenomenon?
Can Evergrande overcome its financial struggle? A question that was asked many times by various parties during the past week.
Here is our analysis:
What will Evergrande need to do to sustain its business? ........................... 2
What are the other factors that can come into play and help? .................. 3
Will disposal of its existing assets enough to fully service its outstanding
Buyers: Approximately 600k families may be waiting for project delivery. Evergrande has
c.Rmb500bn of sold but undelivered property sales as at end-Dec-20. Assuming that
Evergrande struggles to service its financial obligations and its presold projects pending
delivery are left incomplete, we estimate this could affect around 600k families that have
already paid their down-payments upfront and drawn out mortgages from banks. Upon
increased odds of project incompletion, value of these yet-to-deliver projects may
potentially come into question, and this may affect the LTV ratios of these families’
mortgages, together with their unchanged obligations to continue servicing their
mortgages.
Employees: Evergrande had a total of c.123,276 employees as at end-Dec-20, of which
42,244 works for property management, and 8,796 for new energy vehicles. We believe
the jobs of these employees would depend highly upon Evergrande’s ability to overcome
its financial difficulties. Additionally, we estimate there could be c.2.7m of employees in
the general contractor segment that are related to Evergrande’s project constructions as
well.
Local government. Evergrande paid c.Rmb39.5bn tax on average during the past five
years and spent an average of Rmb160bn on land acquisition each year.
Industry Focus
China Property and Banking Sector
Page 11
Will the government step in?
The government has always been there.
Evergrande is already under regulators’ close watch. We believe the central government is
fully aware of the company’s high debt levels and has been providing “window guidance”
to urge the developer to deleverage in a controlled manner. The recent news report
relating to a conversation that took place between the Financial Stability and
Development Committee (FSDC, a regulatory body directly under the State Council) and
Chairman Hui in Jun-21 would be a clear case in point, with the FSDC urging Evergrande
to consider the introduction of strategic investors as a potential way for deleveraging, and
the company’s overall debt reduction progress must be well controlled to ensure minimal
shocks for the economy.
Regulators incline to let Evergrande handle its own debt issues. In our view, we believe
regulators would prefer to stay on the sidelines and let Evergrande to resolve its issues,
so long as it has a complete and viable deleveraging plan. Nevertheless, we expect the
regulators to offer a hand and help to coordinate with various parties whenever
necessarily.
Industry Focus
China Property and Banking Sector
Page 12
What is the impact on the sector in the longer term?
Contractors may demand better payment terms. Contractors are likely to be more
sceptical about developers’ repayment capability and thus, they will likely demand for
more guarantees/more favourable payment terms over construction payments going
forward.
Banks and regulators to impose stricter control over presales proceeds. In the attempt to
minimise risks from development loans, we expect banks and regulators to turn more
stringent over developers’ project level presales proceeds and ensure those money stays
in the escrow account.
Reduce operational leverage and capital efficiency. With general contractors asking for
better payment terms, and banks/regulators to become more stringent over the
utilisation of presales proceeds, we believe developers’ operational leverage and capital
efficiency will be reduced.
Landbank size to shrink... With lower operating leverage and capital efficiency, smaller
developers or highly levered companies may have to scale back and reduce their
landbank.
…with land market to see higher land supply through M&A; calmness likely to persist in
the land market. In anticipation of developers having to trim their landbanks, the land
market will see more opportunities on the M&A front for a prolonged period of time.
Meanwhile, developers will also be less capable of acquiring land at their current pace. All
in all, the land market will likely see some coolness, with land cost to moderate.
Ongoing property price controls. The above phenomenon will likely translate into a slower
development pace and therefore, lower housing supply. Thus, despite expected
moderation in land costs, property prices will likely continue to see upward pressure on
the back of supply shortage. Policy tightness will likely be maintained.
Industry Focus
China Property and Banking Sector
Page 13
How should we position ourselves for this phenomenon?
We believe scenario 2 would be the likely outcome.
Capable to repay debt given sufficient time. As indicated from our analysis above, we
believe Evergrande should be well capable of servicing its outstanding debts in full via
asset disposals, raise funds via spin-off of various of its businesses, and to sell existing
stakes in their subsidiaries. However, this is based on the assumption that Evergrande
has sufficient time to execute the above processes.
Scenario 1 may require policy relaxations to smooth out possible short-term shocks,
which may unwind years of deleveraging effort from regulators. In our view, if scenario 1
happens – i.e. Evergrande has insufficient time to carry out our outlined measures and
fails to fully service its debt obligations – this will likely create a short-term shock to the
market that will likely impact the overall supply chain of the property development sector
and thus meaningfully affect other developers as well. Consequently, the central
government may have to ease out existing restrictive policies and initiate a round of
loosening to smooth out such impact. As a result. their overall goal to stablise property
prices and control risks (i.e. deleveraging) could be delayed.
Scenario 2 would likely land with manageable impact and at a more orderly and
controlled manner. Meanwhile, in scenario 2 where we assume Evergrande will be given
sufficient time to carry out necessary asset disposals and funding raise to repay its debts,
things will likely be maintained largely status quo and end in a more orderly and
controlled manner. Banks will likely remain largely normal in terms of their grant of
property loans to Evergrande and will slowly trim their exposures. Meanwhile,
Evergrande’s disposal of assets and trimming of scale will create limited impact to the
banking system and to the overall supply chain in the property development sector. We
therefore take the view that Scenario 2 will be the likely outcome.
Should Scenario 1 occur, we believe the best picks would be to stay with high beta names
like Sunac (1918 HK) and Zhongliang (2772 HK), both of which have seen their share price
and bond price affected by recent Evergrande’s news flow. Under scenario 2, things will
remain status quo and we believe large developers with stronger balance sheet and
execution capabilities will continue to extend their advantages from their financial
strength (thus better land accessibility under concentrated land supply reform) and stand
out from the crowd – thus our pick of CR Land (1109 HK),Longfor (960 HK) and Country
Garden (2007 HK).
Industry Focus
China Property and Banking Sector
Page 14
Potential outcomes upon different scenarios and stock picks
Source: DBS HK
Scenar io 1: Shock to the market Scenar io 2: Gradual asset disposal and funding rais ing
Developers with an offshore credit rating below BB may take a hard hit in their bond prices Onshore and offshore bond market sentiment would progressively recover
Offshore refinancing window for most developers would be shut, except for SOEs and Investment Graded
developersIssuance window of the offshore bond market may reopen
More developers will offer price promotion to accelerate presales and cash collection Larger yield differentiation between investment grade and high yield developers
Some of developers will suspend land acquisitionsRegulators to have more flexibility on policy setting, with controls over the physical market to remain in place,
but liquidity to ease up on a progressive and controlled manner
More developers with weaker credit profiles may head into similar situation as Evergrande with banks to take
a more cautious attitude
A likely U-turn in policies and the government will inject liquidity to the system. Sector returns to pre-liquidity
squeeze situation
Highly levered companies will likely witness a strong rebound in share price
Scenar io 1: Shock to the market Scenar io 2: Gradual asset disposal and funding rais ing
Upon injection of liquidity into the system, the move would unwind the years of efforts that regulators made
over property sector deleveragingAll developers will continue to deleverage as per existing guidance of regulators
Policy relaxation may spark another round of property price rally Larger yield differentiation between investment grade and high yield developers
Policy to tighten up again after the shocks were absorbed
Scenar io 1: Shock to the market Scenar io 2: Gradual asset disposal and funding rais ing
Sunac (1918 HK) CR Land (1109 HK)
Zhongliang (2772 HK) Longfor (960 HK)
Country Garden (2007 HK)
Short term impacts to the sector
Medium term impacts to the sector
S tock picks
Industry Focus
China Property and Banking Sector
Page 15
How about banks?
CMSB (1988 HK, SELL) has the highest loan balance from Evergrande, yet Jiangxi Bank
(1916 HK, NR) and Shengjing Bank (2066 HK, NA) have higher exposure in terms of loan
portfolio. Approximated with available 1H20 debt breakdown data on the company, more
than 80 banks and 120 non-bank financial institutions were Evergrande’ debtors – of
which concentration risks from each bank/FIs are actually low. Under China banks, CMSB
had the highest loan balance of Rmb29.3bn with Evergrande, followed by ABC of
Rmb24.2bn and Zheshang Bank of Rmb11.3bn, accounting for only 0.8%, 0.2% and 1% of
each bank’s total loans. Among the top 10 banks, Jianxi Bank and Shengjing Bank had the
higher loan exposure of 3.7% and 1.5%. Loan exposure for city/rural banks was higher
than JS/SOE banks given the former’s loan balance was much smaller than the latter’s,
while city/rural banks tend to support more POEs and local government projects which
were hit the most after shadow banking activities (channel financing) were constrained by
PBOC.
Among city banks, Shengjing Bank fuelled market concerns, as Evergrande controls 36%
of stake and it was fined for illegally financing real estate projects in May 2021. Different
from other China banks lowering developer loan in the portfolio, Shengjing Bank’s
exposure to developer loans surged 98% y-o-y to Rmb70bn in FY20, or 13% of its total
loans, much higher than the industry average of 9%, while its non-performing developer
loan ratio was 2.03% in FY20, up from 1.91% in FY19. However, the ratio was diluted from
rising developer loans as the absolute amount of non-performing developer loans
dramatically increased 110% y-o-y to Rmb1.4bn in FY20. As Evergrande is the biggest
shareholder, Shengjing Bank likely also do channel financing to trusts to compensate for
the liquidity squeeze from other banks. Thus, we believe Shengjing Bank could be the
hardest hit among China banks.
Top 10 bank exposures in Evergrande loans
Source: Companies, DBS HK
29.3
24.2
11.3 10.5 10.3 9.4 9.2 8.1 7.7 7.0
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
0.0
5.0
10.0
15.0
20.0
25.0
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Bank loan % of each banks' loan balance (RHS)
(Rmb bn)
Industry Focus
China Property and Banking Sector
Page 16
City/rural banks’ loan exposures are higher than JS/SOE banks
Source: Companies, DBS HK
Shengjing Bank has higher concentration risks in developer loans
Source: Companies, DBS HK
0.0%
1.0%
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5.0%
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Shengjing Bank 70.1 13.0% 61% 2.03% 3.26%
Jiangxi Bank 8.1 3.7% 31% 1.90% 1.73%
Industry Focus
China Property and Banking Sector
Page 17
Valuation comparison
^ Denominated in SGD for price, ~ Simple average discount to NAV; Market cap weighted average NAV = 51%
DBS HK recommendations are based on an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return, i.e., > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable share price catalysts within this time frame)
*Share price appreciation + dividends
Completed Date: 26 Jul 2021 17:29:38 (HKT)
Dissemination Date: 26 Jul 2021 19:08:36 (HKT) Sources for all charts and tables are DBS HK unless otherwise specified. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Bank (Hong Kong) Limited (“DBS HK”). This report is solely intended for the clients of DBS Bank Ltd., DBS HK, DBS Vickers (Hong Kong) Limited (“DBSV HK”), and DBS Vickers
Securities (Singapore) Pte Ltd. (“DBSVS”), its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by
any means or (ii) redistributed without the prior written consent of DBS HK. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., DBS HK, DBSV HK, DBSVS, its respective connected
and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any
information or sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any representation or warranty as
to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any
recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the
information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts
no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given
in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with
any of them may from time to time have interests in the securities mentioned in this document. The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may
also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be
consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be
incomplete or condensed, it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is under no obligation to update the information in
this report. This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned schedule or frequency for updating research publication relating
to any issuer.
Industry Focus
China Property and Banking Sector
Page 20
The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant
uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will
vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation
and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that:
(a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and
(b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein.
Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.
Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as
recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report.
DBS Vickers Securities (USA) Inc (“DBSVUSA”), a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a
manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making.
Industry Focus
China Property and Banking Sector
Page 21
ANALYST CERTIFICATION
The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect
his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research
analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate1 does not serve as an officer of the issuer or the new listing applicant (which includes in
the case of a real estate investment trust, an officer of the management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is
responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or his associate does not have financial interests2
in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the
production of research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in
place to ensure that confidential information held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment
banking function of the DBS Group.
COMPANY-SPECIFIC / REGULATORY DISCLOSURES
1. DBS Bank Ltd, DBS HK, DBSVS or their subsidiaries and/or other affiliates have proprietary positions in China Evergrande Group (3333 HK), China Minsheng Banking Corp Ltd (1988 HK), China
Overseas Land & Investment Ltd (688 HK), China Resources Land Ltd (1109 HK), China Vanke Co Ltd (2202 HK), Country Garden Holdings Co Ltd (2007 HK), Longfor Group Holdings Ltd (960
HK), Shimao Group Holdings Ltd (813 HK), Sunac China Holdings Ltd (1918 HK), Agile Group Holdings Ltd (3383 HK), Guangzhou R&F Properties Co Ltd (2777 HK) and Sino-Ocean Group
Holding Ltd (3377 HK) recommended in this report as of 22 Jul 2021.
DBS Bank Ltd, DBS HK, DBSVS or their subsidiaries and/or other affiliates have a proprietary position in Yanlord Land Group Ltd (YLLG SP) recommended in this report as of 30 Jun 2021.
2. Neither DBS Bank Ltd nor DBS HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report.
3. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates have a net long position exceeding 0.5% of the total issued share capital in China Minsheng Banking Corp Ltd (1988 HK)
recommended in this report as of 22 Jul 2021.
4. DBS Bank Ltd, DBS HK, DBSVS, DBS Vickers Securities (USA) Inc (“DBSVUSA”), or their subsidiaries and/or other affiliates beneficially own a total of 1% of the issuer's market capitalization of
Postal Savings Bank of China Co Ltd (1658 HK) as of 22 Jul 2021.
1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor
step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.
2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement
between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an
issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.
Industry Focus
China Property and Banking Sector
Page 22
5. Compensation for investment banking services:
DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from China
Minsheng Banking Corp Ltd (1988 HK), China Minsheng Banking Corp Ltd (600016 CH), Agricultural Bank of China Ltd (1288 HK), Agricultural Bank of China Ltd (601288 CH), China Everbright
Bank Co Ltd (601818 CH), Industrial & Commercial Bank of China Ltd (1398 HK), Industrial & Commercial Bank of China Ltd (601398 CH), China CITIC Bank Corp Ltd (998 HK), Shanghai Pudong
Development Bank Co Ltd (600000 CH), Industrial Bank Co Ltd (601166 CH), Huaxia Bank Co Ltd (600015 CH), China Aoyuan Group Ltd (3883 HK), China Jinmao Holdings Group Ltd (817 HK),
Times China Holdings Ltd (1233 HK), Central China Real Estate Ltd (832 HK), China Overseas Grand Oceans Group Ltd (81 HK), Greentown China Holdings Ltd (3900 HK), Hopson Development
Holdings Ltd (754 HK), LVGEM China Real Estate Investment Co Ltd (95 HK) and Yanlord Land Group Ltd (YLLG SP) as of 30 Jun 2021.
DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA, within the next 3 months, will receive or intend to seek compensation for investment banking services from
China Minsheng Banking Corp Ltd (1988 HK), China Minsheng Banking Corp Ltd (600016 CH), Agricultural Bank of China Ltd (1288 HK), Agricultural Bank of China Ltd (601288 CH), China
Everbright Bank Co Ltd (601818 CH), Industrial & Commercial Bank of China Ltd (1398 HK), Industrial & Commercial Bank of China Ltd (601398 CH), China CITIC Bank Corp Ltd (998 HK),
Shanghai Pudong Development Bank Co Ltd (600000 CH), Industrial Bank Co Ltd (601166 CH), Bank of Shanghai Co Ltd (601229 CH), Huaxia Bank Co Ltd (600015 CH) and Logan Property
Holdings Co Ltd (3380 HK) as of 30 Jun 2021.
6. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for Agricultural Bank of China Ltd (1288 HK),
Industrial & Commercial Bank of China Ltd (1398 HK), China CITIC Bank Corp Ltd (998 HK), Shanghai Pudong Development Bank Co Ltd (600000 CH), China Aoyuan Group Ltd (3883 HK), Logan
Property Holdings Co Ltd (3380 HK), Times China Holdings Ltd (1233 HK), Central China Real Estate Ltd (832 HK), China Overseas Grand Oceans Group Ltd (81 HK), Greentown China Holdings
Ltd (3900 HK), Hopson Development Holdings Ltd (754 HK), LVGEM China Real Estate Investment Co Ltd (95 HK) and Yanlord Land Group Ltd (YLLG SP) in the past 12 months, as of 30 Jun
2021.
DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment
banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any
security discussed in this document should contact DBSVUSA exclusively.
7. Disclosure of previous investment recommendation produced:
DBS Bank Ltd, DBSVS, DBS HK, their subsidiaries and/or other affiliates of DBSVUSA may have published other investment recommendations in respect of the same securities / instruments
recommended in this research report during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations
published by DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA in the preceding 12 months.
Industry Focus
China Property and Banking Sector
Page 23
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Industry Focus
China Property and Banking Sector
Page 24
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