[ET Net News Agency, 9 February 2021] Daiwa Research initiated coverage on China Vanke
(02202) with a "buy" rating and a target price of HK$38.08.
The research house views Vanke as a defensive company with its large scale, stable
financial position, track record in maintaining profitability, and growing income from
non-property development businesses. Daiwa also sees it as one of the beneficiaries of the
credit tightening in the sector. For 2021, Daiwa forecasted 8% sales growth to reach
CNY760bn, which is reasonable given its massive scale.
Under the "Three Red Lines", Vanke has been categorised in the "yellow" group, with its
end-September 2020 total debt-to-asset ratio of 74% slightly over the 70% threshold.
Hence, Daiwa believes the impact of tighter credit in the sector will be limited to the
company. (KL)
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02202 CHINA VANKE
Nominal 
3.670 -0.090 (-2.394%) Research Report
09/02/2021 11:23
{I-bank focus}Daiwa starts China Vanke (02202) at HK$38.08
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