Nomura raised the rating of the Associated Press Group (1200.HK) from reduced holdings to neutral, with a target price of HK$3.60; Nomura believes that the stock is currently close to fair valuation. The Associated States Group has fallen 15% since March 16, while the Hang Seng Index has fallen 10% over the same period. According to Nomura, the turnover of the 35 housing agencies of the Associated States Group fell 22% from the previous month to 167, down 32% from the average of 247 cases before the implementation of the special stamp duty policy in 2010. Nomura believes that the current level of turnover in the secondary market may be maintained throughout the year.