Is RMB depreciation a concern?
- Impact of FX losses from RMB depreciation on short-term liquidity and balance sheet will affect cashflows but should be manageable
- Sector valuation becomes less attractive after reflecting FX and translation losses
- Top picks: COGO (81 HK), COLI (688 HK), Longfor (960 HK), CR land (1109 HK), Yuexiu (123 HK)