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02202 CHINA VANKE
RTNominal up25.150 +0.150 (+0.600%)
Research Report

26/02/2020 16:59

{I-bank focus}Nomura lifts China Vanke (02202) to HK$34.3

[ET Net News Agency, 26 February 2020] Nomura raised its target price for China Vanke
(02202) to HK$34.3 from HK$34.2 and maintained its "neutral" rating as its current
valuation looks fair.
Despite a high base (ranked #2 in terms of contracted sales scale in 2019, CNY631bn),
the research house thinks Vanke can manage to grow its contracted sales at 5% CAGR in
2020-21 (to CNY695bn in 2021) on the back of its high-quality land bank (63% in tier 1 and
core districts in tier 2 cities), robust balance sheet and proven execution.
Nomura sees upside risk from a potential spinoff of its property management subsidiary,
which could be worth 20% of its current market cap, given the top position in the industry
(in terms of area under management). (KL)

Remark: Real time quote last updated: 29/05/2020 17:58
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