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TDH - Depleting land bank - AGM Note

We maintain a conservative view on TDH’s growth potential given its fairly small and scattered land bank of ~15ha and as the S-home brand is new to the affordable housing segment. Although the development of S-home apartments will improve profitability in 2015-2016, the outlook from 2017 is uncertain as the company has no clear plan to expand its land bank. TDH’s trailing P/B is lower than that of DXG and NLG (0.48x vs 1.3x and 1.4x respectively), but we believe that investors discount TDH’s 45.