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02202 CHINA VANKE
RTNominal unchange3.850 0.000 (0.000%)
Research Report

20/02/2020 15:57

{I-bank focus}Jefferies cuts China Vanke (02202) to HK$32.13


[ET Net News Agency, 20 February 2020] Jefferies Research lowered its target price for
China Vanke (02202) to HK$32.13 from HK$33.45 and maintained its "hold" rating.
The research house likes Vanke's well-diversified businesses, but it believes Vanke's
earnings visibility is the lowest among large-caps given its softening sales growth on
limited landbank and shrinking margin on high land cost.
Jefferies expects Vanke's earnings growth will decelerate to low-teens with development
gross margin narrowing to 25% in two years. It expects that Vanke to maintain market share
with single-digit sales growth this year to remain a top-3 developer in China. (KL)

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