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02202 CHINA VANKE
RTNominal up4.160 +0.240 (+6.122%)
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18/10/2019 16:40

{I-bank focus}Jefferies starts China Vanke at HK$30.91

[ET Net News Agency, 18 October 2019] Jefferies Research initiated coverage on China
Vanke (02202) with a "hold" rating and a price target of HK$30.91.
The research house likes Vanke's well-diversified businesses, but it believes Vanke's
earnings visibility is the lowest among large caps given softening sales growth on limited
land bank and shrinking margin on high land cost.
Jefferies expects Vanke's earnings growth to decelerate to low teens with development
gross margin narrowing to <25% in two years. Vanke's current valuation looks fair (6.5x
12-month forward P/E). (KL)

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