Tai Fook maintains its 0733.HK buy rating, with a target price of HK $4.12.

Dafu said that as large Chinese property developers expand their sites in more cities, eroding the market share of local small property developers, as a result, there will be a significant increase in demand for outsourced marketing and agency services for national agents such as Hefu brilliant.

Dafu pointed out that Hefu brilliant's main customers include: Vanke A (000002.SZ) and Evergrande Real Estate (3333.HK), both of which used the project discount strategy to rebound property sales in June and July, which bodes well for sales in the primary market. Dafu said it expected further activity in September and October, which is usually the most active month for Chinese mainland property sales.

Hefu brilliant fell 1.80 per cent to HK $3.27 on Monday.