Changes and Implications
We have slightly revised up our FY12E/FY13E underlying EPS estimates by1.9%/1.7% for K Wah on the back of the company’s better-than-expectedsales progress and ASP achieved from its JV project, The Coronation, inWest Kowloon.
We do not view these changes as material, and there is no change to ourinvestment thesis, rating or target price.
For methodology and risks associated with our target price, please see ourpreviously published research.