[ET Net News Agency, 19 March 2020] Huatai Research lowered its target price for China
Vanke (02202) to HK$26.6 from HK$31.5 and maintained its "hold" rating.
The research house said Vanke's 2019 results were lackluster. The weaker-than-expected
earnings growth resulted from both the slow revenue growth and lower gross/core net
margins; the deterioration in margins was due to higher recognized land costs, the 51%
jump in land appreciation tax and the 40% lower earnings contribution from joint ventures.
Furthermore, Huatai expects the margin contraction to persist in 2020-22. It cut its
2020/21 core net profit forecasts by 7%/3% for Vanke due to slower revenue bookings/lower
margin assumptions. (KL)
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02202 CHINA VANKE
Nominal 
3.890 +0.040 (+1.039%) Others
19/03/2020 17:15
{I-bank focus}Huatai lowers China Vanke (02202) to HK$26.6
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