Policy drive to accelerate fundamental recovery. What began as a slow drip of policies YTD to revive the property market has become a stronger dose of stimulus. The weight of policy stimulus that has emerged presents some surprise elements. We think this lays the groundwork for revived sales momentum after a period of slowdown, allowing the market to price in more "hope" of a recovery. New supply should be relatively tight as previously discussed (A five-factor guide to the inflection point, 4 August). Not ...

10 July 2025 COLI is the debate: Investors we have met with feel that the investment thesis is unclear despite its less favourable earnings track record relative to CRL and the recent price cut news. However, we reckon that hedge funds seem hesitant to short the stock given the depressed PB ratio at 0.3x, among the lowest in the SOE universe. We have a Hold rating on the stock, as we see earnings risk as being appropriately reflected by the current valuation. Disclosures & Disclaimer This report must be rea ...