内容摘要:We initiate coverage on Powerlong with a Buy rating and 12-month NAVbased
target price of HK$3.46 (33% upside potential). As a niche developer
focused on retail properties (60% of total 2010E NAV) in China’s emerging
cities, Powerlong offers the best proxy to take advantage of fast-growing
consumption on favorable macro trends there, in our view.