 Given recent px rally, the risk/r

 Given recent px rally, the risk/reward for cash equities is lower now compared to 30-Sep, with earnings risk 7 business days away On the above count, for investors who wants to gain exposure to CTRP, the risk/reward is perhaps more conducive via equity structures, than outright cash buys at this time CTRP remains on Singapore equity desk’s Equity Top Pick list- We are still currently off -8% on our entry date on 28-Jun, but this paper loss would have been narrowed if investors have acted on our double-down recommendation on 30 Sep Note that HSBC’s estimates is aggressive relative to the street consenus (not advisable to place blind faith in house view alone, esp. if its estimates are aggressive)- HSBC rates buy, TP US$47.80- Bloomberg consensus TP US$41.44 (41 houses; 72% buy, 22% hold, 6% sell)