Overshadowed by misconception
• Better-than-peer accessibility to land thanks to its extensive city coverage
• Decent prospects in Tier 3 and 4 cities to support its future performance
• Solid balance sheet strength even after factoring in off-balance sheet items
• Concerns on its Tier 3/4 exposure and balance sheet risks overplayed. Initiate BUY with HK$5.93/sh TP.