| 【Company Research】SF Holding (002352 CH) – Further earnings downside risk; Wait for a better entry point |
| 【Company Research】Tian Lun Gas (1600 HK) – FY20 results in line; on track to earnings acceleration in 2021E |
| 【Fixed Income Research】Zhenro properties: Stable financial result support its credit rating (ZHPRHK) |
| 【Fixed Income Research】China Aoyuan: Tactical RV trade opportunity among CAPG, TPHL and KWGPRO curves |
| 【Sector Research】China Construction Machinery Sector – Excavator sales +60% YoY in Mar; BUY SANY Heavy & Hengli |
| 【Company Research】Dafa Properties Group (6111 HK) – Business model upgrade would lead to earnings recovery |
| 【Company Research】GAC Group (2238 HK) – Bottom-out in 2021E |
| 【Company Research】Vanke - H (2202 HK) – Takeaway from March sales conference call |
| 【Company Research】Redsun Properties (1996 HK) – Near to far: Scale, Shopping mall and profitability |
| 【Company Research】Meidong Auto (1268 HK) – Deserve a valuation premium |
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