Daiwa gave the first purchase rating to Renmin Commercial (1387.HK), with a target price of HK$1.95.

Yamato pointed out that since listing in 2008, the stock price of Renmin and Commerce has been discounted by an average of 48% from the net asset value, but the bank expects that given the continuous improvement in project implementation, the discount margin between the stock price of Human and Commercial and the net asset value may narrow. Yamato anticipates that the company's experience in successfully developing and operating shopping malls in Harbin and Guangzhou will create conditions for its transformation into China's largest underground shopping mall developer and operator.

People and Commerce closed flat at HK$1.43 on Thursday.