Central China Real Estate Limited-Analyst Coverage

23 August 2021 Dividend upside DBS Vickers Buy

23 August 2021 Undervalued Amid Market Concerns, Reiterate Buy AMTD Buy

20 August 2021 Impact Needs Time to Diminish, "Accumulate" GTJA Accumulate

19 August 2021 1H21 Result: High Dividend Payout Though Earnings Growth Slowed Haitong Outperform

19 August 2021 CCRE Interim Results Flat, Lowers Contracted Sales Target BNP Paribas Buy

19 August 2021 As some concerns are put to rest, more arise CCBI Outperform

8 July 2021 A 15% dividend yield CCBI Outperform

9June 2021 Takeaways From Online Reverse Roadshow GTJA Accumulate

2 June 2021 Henan-Focused PRC Developer With Plans for Geographical Expansion BNP Paribas Buy

2 June 2021 Mispriced and oversold DBS Vickers Buy

17 May 2021 Don’t panic – discover the underlying value BOCOM Buy

14 May 2021 Post Spin-Off Trading offers Buying Opportunity AMTD Buy

14 May 2021 Market May Have Overreacted On The Spin-Off Haitong Outperform

13 May 2021 Ex-Dividend Date for the Spinoff and Fundamentals Intact GTJA Accumulate

4 May 2021 Catch the last train BOCOM Buy

12 April 2021 Growth on Greater Territory, Maintain "Accumulate" GTJA Accumulate

9 April 2021 A New CEO, A New Dawn AMTD Buy

7 April 2021 All eyes on the upcoming spin-off DBS Vickers Buy

2 April 2021 FY20 Results: High Payout Ratio in FY20 Haitong Outperform

17 November 2020 En route for value unlocking DBS vickers Buy

13 November 2020 Harvesting From Asset-Light Business, Maintain "Accumulate" GTJA Accumulate

11 November 2020 >40% yield for potential distribution of subsidiary Haitong Buy

11 November 2020 Raise TP on asset-light business spin-off plan BOCOM Buy

11 November 2020 Asset-light Business Spin-off to Unlock 64% Valuation AMTD Buy

16 September 2020 Recovery Is Ongoing; Initiate With "Accumulate" GTJA Accumulate

9 September 2020 BUY for high dividend yield DBS vickers Buy

27 August 2020 More conservative targets in the consolidation period CCBI Buy

27 August 2020 Results slightly missed on margin and dividend payout BOCOM Buy

27 August 2020 CCRE Delivers Steady Set of Interim 2020 Results, Land Acquisition Mode a Bright Spot BNP Paribas Buy

27 August 2020 Solid 1H20 Results, Earnings Growth On Track AMTD Buy

26 August 2020 1H20 Results: Maintain Sales Target of Rmb80bn in FY20 Haitong Outperform

16 July 2020 Greentown Listing Paves Way to Unlock Asset-Light Value AMTD Buy

7 July 2020 Contracted Sales Back on Pace Year to Date; Spin-Off of Asset-Light Model A Possibility BNP Paribas Buy

17 May 2020 Leading Regional Developer in Populous Province: Initiation Haitong Buy

13 April 2020 Initiating Coverage of Provincial Developer CCRE With No Moat and FVE of HKD 4.62 per Share Morningstar Neutral

9 April 2020 Strong growth plus attractive dividend yield DBS vickers Buy

2 April 2020 Strong FY19 results; choice of high yield with high growth BOCOM Flash note

2 April 2020 Reaping in the Harvest and More is to Come AMTD Buy

1 April 2020 Looking beyond an earnings recovery CCBI Outperform

12 Dec 2016 Getting it right with asset-light Mizuho BUY

16 Nov 2016 Credit Opinion: Central China Real Estate Ltd. Moody's Ba3/Stable

26 Aug 2016 Moody's: Central China Real Estate's ratings unaffected by lower 1H 2016 revenue Moody's Ba3/Stable

24 Aug 2016 Growing with an asset-light model DBS Vickers BUY

23 Aug 2016 Solid B/S; GP margin bottoming out Mizuho BUY

23 Aug 2016 Margin recovery kicked in faster than our expectations Deutsche Bank CreditBuy/CreditHold

5 Aug 2016 Credit Opinion: Central China Real Estate Ltd. Standard & Poor's B+/Stable

27 Jun 2016 CCRE - Investment case led by evolving strategy and favorable valuation AM Capital N/A

8 Jun 2016 Moody's: CCRE High JV exposure, modest credit metrics and margin pressure key rating constrains Moody's Ba3/Stable

7 Apr 2016 CCRE – Liquidity at the expense of margins Standard Chartered Bank Stable

7 Apr 2016 Moody's: Central China Real Estate's 2015 results in line with expectations; margin decline a key challenge Moody's Ba3/Stable

5 Apr 2016 Central China Real Estate Ltd. Ratings Lowered To 'B+' Following Substantial Decline In Margins; Outlook Stable Standard & Poor's B+/Stable

6 Apr 2016 Credit Commentary -CCRE Nomura Underweigh

6 Apr 2016 Starting to bear fruits in 2015; OW '18s JP Morgan Overweight

6 Apr 2016 Asset-light model to enhance profitability DBS Vickers BUY

6 Apr 2016 High dividend support with good potential for privatization Deutsche Bank BUY

5 Apr 2016 Move to asset-light model on track BNP Paribas BUY

4 Apr 2016 A mixed set of FY15 results Deutsche Bank CreditBuy/CreditHold

1 Apr 2016 Central China – Effective Deleveraging despite Margin Pressure; Value even after One Notch Downgrade Morgan Stanley EQUAL-WEIGHT

14 Jan 2016 More attractive than some high quality single-B credits; OW '18s JP Morgan Overweight

13 Jan 2016 Access China Conference 2016 Highlights Deutsche Bank BUY

21 Dec 2015 Consolidating the regional market DBS Vickers BUY

16 Dec 2015 Weaker FY15, Better FY16-17 BNP Paribas BUY

29 Sep 2015 Initiate with a BUY; a genuine urbanisation play Mizuho BUY

10 Sep 2015 Central China Real Estate (CENCHI; Ba3/BB- Stable/Neg): 1H15 update DBS Bank Ltd Overweight

7 Sep 2015 Credit Opinion: Central China Real Estate Limited Standard & Poor's BB-/Negative

4 Sep 2015 Acceptable 1H15 results with strong liquidity; maintain OW '18s JP Morgan Overweight

4 Sep 2015 Aiming to be a regional market consolidator DBS Vickers BUY

4 Sep 2015 Central China Real Estate's weakened credit metrics pressure its Ba3 rating Moody's Ba3/Stable

3 Sep 2015 Maintain UW30%; credit rating d/g risk only partially priced in BOA Merrill Lynch Underweight

2 Sep 2015 Profitability to be more resilient with favorable land-bank vintage Deutsche Bank BUY

2 Sep 2015 Good progress on earnings recovery BNP Paribas BUY

1 Sep 2015 A prelim take on interim results Deutsche Bank CreditHOLD

6 Aug 2015 Credit Opinion: Central China Real Estate Limited Standard & Poor's BB-/Stable

14 Jul 2015 Credit Opinion: Central China Real Estate Limited Moody's Ba3/Stable

12 Jul 2015 Central China - A Pure Henan Play CCB International Not Rated

22 May 2015 A new era of mixed-use developments Morgan Stanley EQUAL-WEIGHT

21 May 2015 JV with Huayi Brothers to diversify revenue, enhance brand awareness Deutsche Bank BUY

7 May 2015 Rerating continues on better margins BNP Paribas BUY

7 May 2015 Robust Apr contracted sales reaffirms strong recovery in Tier-3/4 cities Deutsche Bank BUY

5 May 2015 A laggard poised to catch up DBS Vicker BUY

4 May 2015 Right market focus with a favorable landbank vintage; reiterating Buy Deutsche Bank BUY

15 April 2015 Credit Opinion: Central China Real Estate Limited Moody's Ba3/Stable

14 April 2015 Central China Real Estate Ltd.'s Proposed U.S. Dollar Senior Unsecured Notes Assigned 'BB-' And 'cnBB+' Ratings Standard & Poor's BB-/cnBB+

30 March 2015 Central China Real Estate Ltd. Rating Unaffected By 2014 Results Standard & Poor's BB-/cnBB+

25 March 2015 Central China Real Estate's increased JV debt is credit negative Moody's Ba3/Stable

25 March 2015 Central China Real Estate Valuation tight UBS Stable

25 March 2015 Asia Credit Roundup J.P.Morgan Overweight

23 March 2015 Quick Comment: Results missed due to fewer bookings; dividends resumed Morgan Stanley EQUAL-WEIGHT

10 Feb 2015 Better 2015 ahead DBS Vicker BUY

15 Jan 2015 Access China conference 2015 highlights - CCRE Deutsche Bank BUY

6 Jan 2015 King of a rising region: Central China BNP Paribas BUY

4 Dec 2014 Moody's: Central China's ratings unaffected by proposed consent solicitation Moody's Ba3/Stable

2 Dec 2014 Central China Real Estate Ltd. Ratings Unaffected By Proposed Amendments To The Terms Of Its Notes Standard & Poor's BB-/cnBB+

24 Nov 2014 Research Tactical Idea Morgan Stanley EQUAL-WEIGHT

11 Sep 2014 BAML Sector Report BOA Merrill Lynch Underweight

4 Sep 2014 Managing inventory and cash flows DBS Vicker BUY

11 Jul 2014 1st Take: A steady 1H14, on track to meet full year target Morgan Stanley EQUAL-WEIGHT

27 May 2014 Credit Opinion: Central China Real Estate Limited Moody's Ba3/Stable

14 May 2014 Central China Real Estate Ltd.'s Proposed Singapore Dollar-Denominated Senior Unsecured Notes Rated 'BB-' And 'cnBB+' Standard & Poor's BB-/cnBB+

9 May 2014 Central China Real Estate Ltd 'BB-' And 'cnBB+' Ratings Affirmed; Outlook Stable Standard & Poor's BB-/cnBB+

17 Apr 2014 稳步增长的河南省域龙头 Industrial Securities (興證香港) BUY

9 Apr 2014 NDR takeaway: stronger lead in Henan DBS Vicker BUY

31 Mar 2014 Steady credit profile but the bonds lack RV BOA Merrill Lynch Underweight

28 Mar 2014 More trust loans on tighter credit condition UBS SELL

27 Mar 2014 1st Take: Solid and Steady Set of FY13 Results Morgan Stanley EQUAL-WEIGHT

9 Jan 2014 2013 contracted sales up 35% YoY Deutsche Bank BUY

20 Nov 2013 CCRE: Profound Inter-provincial Strategy Constantly Promoted Phillip Securities ACCUMULATE

15 Nov 2013 Central China Real Estate Ltd: A solid performer; fairly valued Morgan Stanley EQUAL-WEIGHT

12 Nov 2013 Portfolio Weight CENCHI 8% due 2020 Lucror Analytics PORTFOLIO WEIGHT

25 Oct 2013 Central China Real Estate Ltd: A solid performer; Assume coverage with Equal-weight Morgan Stanley EQUAL-WEIGHT

11 Sep 2013 A central China beneficiary of new-form urbanization Deutsche Bank BUY

4 Sep 2013 Hong Kong NDR takeaway: Poised for a faster growth DBS Vickers BUY

28 Aug 2013 Moody's comments on CCRE's 1H2013 results Moody's Ba3 STABLE

27 Aug 2013 Flattish 1H13 financials but balance sheet remained decent JP Morgan NEUTRAL

27 Aug 2013 Sound credit profile - Initiate OW30% on CENCHI'18 maintain UW30% on CENCHI'20 BOA Merrill Lynch OVERWEIGHT

27 Aug 2013 Healthy margins to hold DBS Vickers BUY

14 Jun 2013 Efforts to reduce financial cost bearing fruit DBS Vickers BUY

29 May 2013 Rating Report: Central China Real Estate Limited Standard & Poor’s cnBB+

10 May 2013 Credit Opinion: Central China Real Estate Limited Moody's Ba3

9 May 2013 China property sector: Love it, hate it, can't ignore it J.P. Morgan NEUTRAL

30 Apr 2013 Review on Performance of 2012 Phillip Securities BUY

22 Apr 2013 2012 業績符合預期料持續穩定增長 Guoyuan Securities BUY

22 Apr 2013 Continued strong sales growth should support further re-rating Deutsche Bank BUY

8 Apr 2013 Singapore NDR takeaway – Solid Fundamentals DBS Vickers BUY

3 Apr 2013 盈利增长符合预期，加快开发节奏 First Shanghai BUY

2 Apr 2013 Central China: Credit profile remains intact despite weaker 2012 J. P. Morgan Neutral

28 Mar 2013 FY12 results inline Core Pacific - Yamaichi BUY

28 Mar 2013 Sound and steady credit but lacks relative value BoA Merrill Lynch Underweight

28 Mar 2013 Decent pre-sales growth outlook DBS Vickers BUY

6 Mar 2013 Feb sales stronger-than-expected; Buy on share price weakness Deutsche Bank BUY

1 Mar 2013 Unwinding “sweet 17s”, value remerged in 20s BOA Merrill Lynch Underweight

28 Feb 2013 Steady and sustainable growth in Henan market ICBCI BUY

19 Feb 2013 Expecting another strong year in 2013 Deutsche Bank BUY

7 Feb 2013 China property sector - Older issues offer more value J.P. Morgan Overweight

7 Feb 2013 一月份合約銷售額創曆史新高，達16.7億元，環比增長66% First Shanghai Securities BUY

6 Feb 2013 Strong contracted sales recorded in January Deutsche Bank BUY

24 Jan 2013 Re-rating should continue in 2013 Deutsche Bank BUY

17 Jan 2013 河南省龍頭企業城鎮化助推公司成長 Guoyuan (Hong Kong) 國元證券 BUY

16 Jan 2013 A very strong 2012 with RMB10.35bn full-year contracted sales Deutsche Bank BUY

14 Jan 2013 2013 年，新十年的起點，戰略縱深階段，步入快車道 First Shanghai Securities BUY

27 Dec 2012 建業地產：合約銷售首破百億，連續四年超額完成全年目標 First Shanghai Securities BUY

27 Dec 2012 Central China Real Estate Alert: The first developer exceeding sales of Rmb10bn in Henan Deutsche Bank BUY

11 Dec 2012 Central China: In-depth development stage of towards county-level cities Phillip Securities BUY

5 Dec 2012 Central China Real Estate Alert: Beating full-year sales target Deutsche Bank BUY

6 Nov 2012 Central China Real Estate:Re-rating should continue on strong sales performance Deutsche Bank BUY

5 Nov 2012 China/Hong Kong Company: Central China: Small-cap laggard with solid fundamentals DBS Vickers BUY

2 Oct 2012 Central China Real Estate: Strong sales execution should support re-rating Deutsche Bank BUY

7 Sep 2012 China/Hong Kong Company Focus: Central China: Post-result NDR takeaways: Sound fundamentals DBS Vickers BUY

21 Aug 2012 建業地產：中期盈利符合市場預期，預計下半年可沖刺全年百億元的合約銷售額 First Shanghai Securities BUY

21 Aug 2012 China/Hong Kong Company Focus: Cental China DBS Vickers BUY

27 Jun 2012 Central China Real Estate (CCRE): CEO resigns Barclays B1/B Stable

30 May 2012 植根中原穩健的區域性龍頭 Guoyuan Securities BUY

26 Apr 2012 Global Credit Portal, Ratings Direct: Central China Real Estate Ltd. Standard&Poor's BB-/Stable

25 Apr 2012 China/Hong Kong Company Focus Central China: Takeaways from HK/SG NDR - Unique business model works DBS Vickers BUY

17 Apr 2012 Central China Real Estate (832 HK): Current Rec: NEUTRAL Ji Asia NEUTRAL

16 Apr 2012 CCRE sales in 1Q2012 progressed nicely Phillip Securities BUY

12 Apr 2012 China/Hong Kong company focus Central China: Stronger financials to drive growth DBS Vickers BUY

10 Apr 2012 Central China Real Estate Ltd's Singapore dollar senior fixed-rate notes assigned 'B+' rating Standard&Poor's BB-/Stable

10 Apr 2012 Moody's: No immediate rating impact to Central China's proposed SGD bond issuance Moody's BA3

10 Apr 2012 Central China: FY11 core net profit up 23% yoy, heading to a stable growth phase Core Pacific Yamaichi BUY

3 Apr 2012 Central China: Ample cash and solid sales JP Morgan BUY

3 Apr 2012 FY11 net profit up 23% yoy to RMB670 million, in-line with consensus First Shanghai Securities BUY

3 Apr 2012 Central China Real Estate Ltd: Steady credit profile reaffirmed BOA Merrill Lynch OVERWEIGHT

30 Mar 2012 Central China - Solid results for 2011, strong liquidity JP Morgan OVERWEIGHT

30 Mar 2012 China/Hong Kong company focus: Central China DBS vickers BUY

7 Mar 2012 Central China Real Estate - Seeking consent Barclays Non-Rated

7 Mar 2012 Central China – Consent solicitation on previous covenant breaches J.P. Morgan NEUTRAL

22 Feb 2012 Sweet spot arrives, with policies supportive of physical end-user market Core Pacific - Yamaichi BUY

15 Feb 2012 China Property Sector Report - revised target price up from HKD2.10 to HKD2.40 ICBC BUY

19 Jan 2012 Beat contracted sales target in 2011 Deutsche Bank BUY

18 Jan 2012 Ready for the worst DBS Vickers BUY

15 Dec 2011 Diligent execution of regional strategy First Shanghai Securities BUY

02 Dec 2011 CCRE achieved 108% of full year sales target be end November Deutsche Bank BUY

30 Nov 2011 Central China Real Estate: Henan leader defensive against policy tightening ICBC BUY

16 Nov 2011 CCRE Balance sheet kept stable Phillip Securities BUY

28 Oct 2011 Summary: Central China Real Estate Ltd Standard&Poor's BB-/Stable

12 Oct 2011 Credit Opinion: Central China Real Estate Limited Moody's BA3

7 Sep 2011 Company Alert: Central China Real Estate Deutsche Bank BUY

5 Sep 2011 Asia Matters Weekly AM Capital BUY

30 Aug 2011 Central China: Niche player in Henan with strong liquidity JP Morgan OVERWEIGHT

29 Aug 2011 China/Hong Kong Company Focus: Central China DBS Vickers Securities BUY

19 July 2011 China/Hong Kong Company Focus: Central China DBS Vickers Securities BUY

18 July 2011 Asia Matters Weekly AM Capital BUY

12 July 2011 China/Hong Kong Company Focus: Central China DBS Vickers Securities BUY

10 July 2011 Central China Real Estate：Sales accelerating financial positions strengthening Deutsche Bank BUY

7 July 2011 建業地產：收購擴張進行時 Guoyuan Securities BUY

2 June 2011 Central China: Growing within a safe harbour DBS Vickers BUY

31 May2011 CCRE maintains S&P corporate rating of BB-/stable Standard&Poor's BB-/Stable

26 May 2011 Central Chinas liquidity improves to in line with peers. Cash is expensive Royal Bank of Scotland NEUTRAL

17 May 2011 Central China Real Estates reported 2010 results were good. We see potential supply risk Royal Bank of Scotland NEUTRAL

20 Apr 2011 Central China: Highly defensive amid policy headwinds Core Pacific - Yamaichi BUY

18 Apr 2011 China economic data, Philippines, Hana Bank, Noble, Central China, Road King, Giti Tire JP Morgan OVERWEIGHT

15 April 2011 Equity Focus CMB International BUY

22 Mar 2011 Inland China Growth Plays - Central China Real Estate Finansa BUY

21 Mar 2011 Central China - A larger development scale in FY11 CMB International BUY

24 Feb 2011 Chinese Property - Smaller developers in a portfolio context UBS NON - RATED

19 Jan 2011 Central China Real Estate: Initiating Coverage Barclays Capital Market Weight

5 Jan 2011 A regional developer benefiting from demographic shift Finansa BUY

3 Jan 2011 China Property: More challenges ahead, but opportunities too Morgan Stanley Underweight

3 Jan 2011 Central China Steady growth with low policy risk Core Pacific Yamaichi BUY

22 Nov 2010 Asia Matters Weekly Finansa BUY

14 Oct 2010 Central China: Initiation: Niche Henan player with strong strategic partner JP Morgan OVERWEIGHT

24 Sep 2010 Central China Real Estate: Industry leader in Henan Deutsche Bank Pre-Deal Bond Research

16 Aug 2010 Asia Matters Weekly - Defensive regional developer benefiting from China's demographic shift Finansa BUY

14 Jul 2010 Central China: Analyzed non-rated snapshot: property conference takeaways Citi NON - RATED

05 Jul 2010 Central China strong rebound in FY10 Core Pacific Yamaichi BUY

24 Jun 2010 Central China Real Estate: Immune to tightening policies Oriental Patron BUY

4 Jun 2010 China Property: Gloom but not Doom; Opportunities Emerging Morgan Stanley EQUALWEIGHT

03 Jun 2010 Central China Real Estate Defensive against policy tightening ICBC International BUY

04 May 2010 Central China Real Estate remains safe and sound Oriental Patron NON - RATED

30 Mar 2010 Central China: FY09 results-profits decline on low ASP and area completion Core Pacific Yamaichi NON - RATED

27 Jan 2010 China property: Supply looms, policy mixed be selective Morgan Stanley EQUALWEIGHT

2 Dec 2009 Central China Real Estate: initiate coverage Ji Asia BUY

10 Nov 2009 Central China Real Estate: The largest developer in Henan ICBC International NON-RATED

6 Nov 2009 Central China Real Estate strong rebound in 2H09 Core Pacific Yamaichi BUY

7 Sep 2009 Central China playing a central role CIMB NON-RATED

22 Jul 2009 Central China Real Estate Ltd catching up in the race Morgan Stanley OVERWEIGHT

2 June 2009 China property: Early phase of recovery, focus on urban exposure Morgan Stanley OVERWEIGHT

30 Mar 2009 建業地産08年純利激增近三倍 Phillip Securities NON-RATED

19 Jan 2009 China Property: The short and long of it Morgan Stanley EQUALWEIGHT

04 Dec 2008 Central China Focusing on the birthplace of China Kingsway Group NON-RATED

15 Oct 2008 China Property: In search of value post capitulation Morgan Stanley EQUALWEIGHT

08 Oct 2008 Central China Real Estate Limited: In 2008H1 net profit soared 526%, adopting conservative strategy to deal with the industry downturn Phillip Securities BUY

22 Sep 2008 Central China Real Estate Tops in most populous province BOC International MARKETPERFORM

07 Sep 2008 Central China Real Estate Ltd unrivalled in populous area Morgan Stanley OVERWEIGHT

10 May 2008 Central China Real Estate Ltd: Regional exposure, absolute dominance Morgan Stanley Pre-Deal Equity Research

21 Mar 2008 Central China Real Estate: The leading homebuilder in the most populous province BOC International Pre-Deal Equity Research