[ET Net News Agency, 12 April 2018] Goldman Sachs revised its 2018-2020 net profit
forecast for China Vanke (02202) by -1%/+3%/+8% to reflect the latest land acquisitions
and correspondingly fine-tuned its end-2018 NAV +0.4% to HK$46.2.
The research house removed the not rating designation from Vanke and reinstated the
shares at "neutral" with a target prices of HK$41.6, set at a 10% discount to end-2018
NAV.
With its rising investment diversification in some lower return businesses in order to
pursue its goal of becoming an "urban and rural development and living services provider",
Goldman believes the sales/earnings growth outlook is less promising than for other
leading developers and thus views the current valuation as fair.
It prefers Country Garden (02007) over Vanke on its large-scope city exposure which will
propel growth higher, and its persistent focus in its home building business that offers a
visible path to double its industry market share in the coming two years. (KL)
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02007 COUNTRY GARDEN
Nominal 
0.485 0.000 (0.000%) Others
12/04/2018 13:56
[I-bank focus]Goldman restarts China Vanke at HK$41.6
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