Daiwa estimates that the net asset value of Jin Chaoyang (0878.HK) has risen to HK$71.00 per share; Daiwa has maintained its buying rating and has more than doubled its target price, from HK$13.95 to HK$28.40. Daiwa believes that Jin Chaoyang has the qualities of being transformed from an animal owner to an active asset manager. The company has successfully achieved significant expansion in net asset value. This is based on the fact that the Kim Chaoyang Center has achieved rent growth, Midtown is currently renting, THE SHARP has begun sales, and announced that it holds 90% interest in Russell Street land on February 4. Although Jin Chaoyang's stock price has more than doubled in the past 52 weeks, Daiwa believes its valuation is still low.