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TDH - HOLD - Weak property outlook, bond concern vs. 44% discount to RNAV, government help - Update

We downgrade our rating on TDH from BUY to HOLD. We are concerned that the property sector will see no significant improvement in the next 12 months and fear that retirement of out-of-the-money convertible bonds will strain liquidity. However, we have identified two key selling points that make TDH worth considering for the long-term.