Credit Suisse raised the target price of Associated Press Group (1,200.HK) from HK$4.30 to HK$5.87, which is equivalent to 11 times the price-earnings ratio for FY12 excluding cash (previously 8 times). The reason is that the spot real estate market has become more popular and remains superior to market ratings. The bank said that mortgage interest rates have peaked and declined, and suppressed demand is very strong, thus driving up turnover after the Spring Festival. Past experience shows that if there are no changes in property market measures or economic conditions, then the trend of recovering transactions after the Spring Festival will usually continue for at least 3 months. Credit Suisse raised second-hand property turnover expectations, from a 23% year-on-year decline to an 18% decline.