Credit Suisse reiterated that Associated Union Group (1200.HK) outperformed the market rating, with a target price of HK$5.2; it is estimated that the cost of restructuring will cause the relevant business to continue to record losses in the second half of the year 11, and that the positive impact after the restructuring will surface in 2012; it is estimated that Hong Kong's new market sales were the profit engine for the second half of the year 11, accounting for 36% of revenue during the period. The secondary market business is expected to continue to be profitable, as the turnover of the Hong Kong second-hand property market fell by less than 70% in half of the year; It means that the United States Union holds a large amount of cash, and the current price-earnings ratio for the year 11 is 6.6 times. Excluding cash, it's only 1.9 times more. The United States Federation rose 2.6% yesterday to close at HK$3.51.