Daiwa maintained the outperformance rating of 0088.HK, raising its target price from HK $4.40 to HK $4.85, a 50 per cent discount to its estimated net asset value at the end of 2009, and raised its net profit forecast for Dachang for the fiscal year 10-11 by 20 per cent and 31 per cent, respectively, to reflect the acceleration of its property sales. Daiwa believes that the sale of luxury homes should help Dachang achieve its net worth, and the company's net cash allows it to make new investments.

Dachang closed up 3.0% at HK $4.45 on Thursday.