Event: The company released its 2013 three-quarter report. During the reporting period, the company achieved operating income of 1,355 billion yuan, a year-on-year decline of 44.98%; net profit attributable to shareholders of listed companies was 111 million yuan, a year-on-year decrease of 23.05%; and basic earnings per share of 0.10 yuan. Investment advice: The company's real estate business is entirely concentrated in Tianjin, covering commercial housing, guaranteed housing and first-class land development business. Since last year, the company has increased its reserves for guaranteed housing projects (involving 1.2 million square meters of guaranteed housing built on behalf of agents). Currently, the company's equity construction area totals 4.37 million square meters (not considering the 1,700-acre Hangu Hexi land reclamation project), which can meet the company's development over the next three years. In the context of real estate regulation, the company maintained a cautious mindset, so its debt and cash flow were good, and the advance income per share was high. We expect the company's 2013 and 2014 EPS to be 0.18 and 0.22 yuan respectively, and the corresponding RNAV is 7.0 yuan. As of October 25, the company closed at 3.34 yuan, corresponding to PE 18.74 times in 2013 and 15.16 times PE in 2014. The company was given 65% of RNAV as its target price, corresponding to the target price of 4.55 yuan, maintaining the company's “increased holdings” rating.