Credit Suisse published a research report. For the first time, Hefu has a “outperform the market” rating and target price of 6.1 yuan. It is expected that its commission yield will continue to increase by 44%. It is expected that its commission yield will continue to rise to 1.1 by 2012, benefiting from business in second- and third-tier cities.

According to Credit Suisse, due to the increase in new listings launched in the mainland property market in September, it is estimated that Hefu will benefit from the recovery in the mainland property market. It is expected that this will continue for 3 to 6 months. It also indicates that its valuation currently only predicts a price-earnings ratio of 8.3 times in 2011, which is discounted compared to the same industry.

Credit Suisse estimates that Hefu Huihuang's earnings forecasts per share for 2010 and 2011 were $0.48 and $0.51, respectively.

Hefu Brilliant closed at HK$4.25 last Friday.