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KIMENG中国房地产月报20103
Properties | 30 March 2010
China Property Monthly
Sector Update The pair trade monitor
Analyst The long short of it
Ivan CHEUNG, CFA We examined 31 mainland property developers/investors on several key
ivancheung@.hk
metrics: beta, capital structure, size of land bank and land bank
(852) 2268 0634
diversification. Based on this review, we table a list of long/short pair
Agile Property (3383) trades under four thematic frames: 1) high/low beta stocks in
15.0 rising/falling markets; 2) most/least affected developers in a
13.0 rising/declining interest rate environment; 3) developers with fast/slow
11.0 asset turns if land hoarding penalties magnify/abate; and 4)
9.0 beneficiaries/losers of a diversified/concentrated land banking strategy.
7.0
5.0
Theme 1: Capturing beta
3.0
Mar 09 May 09 Jul 09 Sep 09 Nov 09 Jan 10 Mar 10 Following corrections of 30‐40% from 2009 peaks, we see value emerging
PRICE PRICE REL. TO HANG SEN
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