♦ Upgrade valuations. We upgrade our valuations for the property stocks under
our coverage, as many have almost hit our target price recently. We still see
values in the sector led by sustained property prices and demand, and valuations
of many property stocks are still attractive, currently trading at or slightly below
their +1 stdev of 6-year P/B mean. Our expectation that ARPP will continue to hold
well until 2012/2013 suggests that the property sector will remain robust next year.
Property Sector Update - Going From Strength To Strength - 20/10/2010
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