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 for 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 6.89 yuan. As of April 26, the company closed at 3.19 yuan, corresponding to 18.16 times PE in 2013 and 14.44 times PE in 2014. 55% of the company's RNAV was given as its target price, corresponding to the target price of 3.79 yuan, maintaining the company's “increased holdings” rating.