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Research Report

19/03/2020 17:31

{I-bank focus}Goldman trims China Vanke (02202) to HK$30.7

[ET Net News Agency, 19 March 2020] Goldman Sachs lowered its target price for China
Vanke (02202) by 5% to HK$30.7 and maintained its "sell" rating.
The research house said China Vanke's FY2019 net profit of Rmb38.9bn was 5% below
Goldman's estimate, mainly dragged by slower-than-expected project bookings. Goldman
revised down its 2020-22 EPS forecasts by 9%/9%/5%, to reflect delayed project bookings
from ongoing construction disruption, higher-margin pressures, and latest project
It expects GPM to decline further by 0.5ppt to 25% in 2020, while SG&A as a share of
contract sales to rise further to 4% (versus 3.3% in FY2019) to reflect additional
cost/expenses needed amid the pandemic. (KL)

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