China Vanke’s Full-Year Contract Sales Above Target, Share Price Overvalued After Recent Run-up
China Vanke achieved full-year contract sales of CNY 530 billion and gross floor area 36 million square meters, up 45% year on year, attributed to 12% higher ASP and 33% increase in volume. The company did not specify a sales target, but it was expected to be around CNY 400 billion to CNY 500 billion. The total sales achieved was about 5% above the upper range of the target. At this point, we maintain our fair value estimates of HKD 29 and CNY 26, along with the company’s no-moat rating.The com...
China Vanke is engaged in the development and sale of properties with commodity housing as its major products. Through its subsidiaries, Co. is also engaged in project investments; the construction technology research; investment trading and provision of consultancy services; intelligent technology; and the provision of yacht and berth leasing. Co.'s investment covers Guangshen Region, Shanghai Region, Beijing Region and Chengdu Region.
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