房地产相关产品带来更高利润。 目前紧缩的信用政策迫使房地产开发商通过以下方式融资：（1）信托基金计划（2）私募基金计划。这推动诺亚财富的收益率超过了10%（3月以来），且此趋势有望保持。这些投资的期限目前主要在1年至5/7年之间。这些计划的迅速增殖引导着诺亚财富去开发丰富的产品类型，我们还考虑到了房地产相关产品的一个重要功能，它为诺亚的客户带来丰厚稳定的汇报，除非是市场状况大幅扭转。憧憬未来，我们希望房地产相关产品在未来的几个季度继续保持稳定的收益回报。
继续深入二线城市。诺亚明智稳健的业务扩展脚步将继续加速，未来将拓展到包括扬州、广州、济南、淄博、徽州的逾15个二线城市。虽然尚处起步阶段，我们可以轻松确保在2011财年，诺亚的分支机构扩展到55至60个城市，并且预期在下个季度更新网络覆盖。另外，我们会延续公司的周转周期和资本支出计划。
对诺亚财富的评级保持买入不变，目标价根据0.7的市盈率确定。
Real-estate-linked products offering higher yields. Tightened credit
policies are causing developers to finance projects through 1) trust plans and
2) PE funds, pushing up its yields (expected return profile) to well over ~10%
(since March), and the trend is expected to continue. Duration of these
investments are now spanning from one-year to 5/7 years timeframe. As the
proliferation of these plans leads us to argue for enriched product selections
for NOAH, we also consider its indispensable role in offering attractive/stable
returns for NOAH customers until market conditions materially reverse.
Looking forward, we expect real estate linked products to maintain a stable
revenue/income contribution for the coming quarters.
Continuously penetrating into tier-II cities. Firm wise, expansion pace
continues to speed up, extending to 15+ tier-II cities including Yangzhou,
Changzhou, Jinan, Zibo and Huizhou. Though still in development phase, we
remain comfortable with NOAH meeting its goal of growing branch offices to
55/60 cities by FY11, and anticipate updating network coverage in the next
quarterly note. We also intend to track its turnaround cycle and CAPEX
spending.
Estimates unchanged, maintain BUY and PT based on 0.7 PEG ratio.