China Vanke 2202

China Vanke 2202

Postby winston » Wed Jun 25, 2014 10:09 am

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Summary of CHINA VANKE (02202.HK)'s ratings & targets (Table)

Brokerage / Rating / Target Price (HK$)
JP Morgan / Overweight / $15
Morgan Stanley / Overweight / $15.6
BofA Merrill Lynch / Buy / $16
Citigroup / Buy / $19.07

Source: AAStocks Financial News
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Re: China Vanke 2202

Postby winston » Wed Jun 25, 2014 7:08 pm

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CHINA VANKE (02202.HK) initiated Overweight, targeted at $15.6 - M Stanley
2014-06-25

Morgan Stanley initiated the Overweight rating for CHINA VANKE (02202.HK) N/A (N/A) with target set at $15.6.

The research house said after its cautious review on Vanke's recent change of strategy, it believes the company will get a substantial revaluation. Net ROE of the company is expected to expand from below 20% to around 25%.

The broker added that compared with CHINA OVERSEAS (00688.HK) -0.280 (1.463%) Short selling $62.64M; Ratio 22.272% , it preferred Vanke as the latter does better in contracted sales, profit lock-up, growth prospect and valuation.

It also expects Vanke's valuation will show a premium compared to that of China Overseas over time.

Source: AAStocks Financial News
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Re: China Vanke 2202

Postby winston » Thu Jun 26, 2014 8:28 am

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Following the successful new H share listing, we raise 12-month NAV-based TP to HK$20.2 (vs. HK$17.7 previously for Vanke B), implying 52% potential upside from the last close.

Retain Buy on Vanke H and raise TP, post successful H share listing

・ We update Vanke H’s valuation by using our offshore coverage universe as a broad comparison base and COLI (0688.HK, Neutral, HK$18.88) as a direct comparable.

・ We keep our end-14E NAV (HK$25.3) and 14E/15E/16E underlying EPS unchanged at Rmb1.81/2.18/2.34 but we are narrowing our TP discount to 20% from 30% for Vanke H by using COLI as a comparable.

・ We have a clear preference for Vanke H vs. COLI, as Vanke H trades at a valuation discount to COLI and offers a higher dividend yield. Our 12-month NAV-based TP of Rmb12.10 for Vanke A is unchanged.

Strong sales performance; proven ability as industry consolidator

・ We expect Vanke’s stronger than peers’ sales performance to continue. In the first 5 months, Vanke achieved 41% of its 2014E contract sales target vs. sector average 31%;

・ We expect Vanke to take most advantage of the likely acceleration of industry consolidation. In previous downturns, Vanke has demonstrated its ability to expand market share.

Narrower TP discount to NAV justified; Buy Vanke H/A

・ Our TP NAV discount of 20% for Vanke H is larger than the 10% discount we apply for COLI for two main reasons:

1) We cross-check our TP implied P/B which indicates 1.9X/1.6X 2014E/2015E P/B for Vanke vs. COLI’s 1.8X/1.6X. We expect higher ROE for Vanke in the near term (partly due to higher unbooked sales to be recognized in recent years) which justifies a higher TP implied P/B. Longer term, we expect the ROE trend for the two companies to converge.

・ We reiterate our Buy rating on Vanke H/A (Vanke A is on the Conviction List).

Source: GS
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Re: China Vanke 2202

Postby winston » Fri Jun 27, 2014 7:01 am

Yesterday giant developer China Vanke (2202) gained a further 6 percent on its second trading day in Hong Kong.

It is likely to join the HSI. Then fund managers may need to buy the stock to keep tracking the index.

Source: Dr Check, The Standard HK
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Re: China Vanke 2202

Postby investar » Sat Jun 28, 2014 8:40 pm

Interesting.

Has a Hang Seng reshuffle already been communicated? Is there a certain timeframe for that?
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Re: China Vanke 2202

Postby winston » Mon Jun 30, 2014 8:44 pm

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CHINA VANKE (02202.HK) initiated Buy, targeted at $16.06 - Deutsche
2014-06-30

Deutsche Bank initiated a Buy rating on CHINA VANKE (02202.HK) -0.160 (1.149%) with target price set at $16.06, representing P/E of 8x in FY2014 and 7x in FY2015.

The bank believes the company's B-to-H share conversion is favorable to its valuation, allowing overseas investors that do not have any QFII quota to buy its shares.

Source: AAStocks Financial News
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Re: China Vanke 2202

Postby winston » Thu Jul 03, 2014 9:49 pm

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CHINA VANKE (02202.HK) 1H sales grow 20.6% yoy
2014-07-03

CHINA VANKE (02202.HK) +0.360 (2.528%) reported sales amount was $19.39 billion in June, and the sold area was 1.74 million square metres.

The accumulated sales amount and sold area was $100.91 billion and 8.212 million square metres in Jan-June.

Source: AAStocks Financial News
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Re: China Vanke 2202

Postby investar » Thu Jul 24, 2014 7:35 pm

thanks for pointing this one out at the very beginning!
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Re: China Vanke 2202

Postby behappyalways » Mon Jul 06, 2015 9:28 am

Vanke Approves Plan to Buy Back Up to 10 Billion Yuan A Shares
http://www.bloomberg.com/news/articles/ ... n-a-shares
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Re: China Vanke 2202

Postby winston » Mon Aug 17, 2015 7:27 am

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Vanke recovers nicely from first-quarter drop by Imogene Wong

China Vanke (2202) saw first-half net profit edge up 0.77 percent to 4.85 billion yuan (HK$5.88 billion), the slowest interim growth since 2002, but with a strong sales pickup in the second quarter.

First-quarter net profit had dropped 57.5 percent to 650.2 million yuan.

The world's largest residential- property developer by revenue posted a 22.7 percent growth in turnover to 50.27 billion yuan.

Earnings per share were 44 fen.

"From a short-term perspective, the markets in major cities have bottomed out, with market confidence gradually recovering," chairman Wang Shi said in the results statement yesterday.

"Relatively relaxed industry and monetary policies have provided a solid foundation for market recovery."

Vanke recorded contracted sales of 110 billion yuan, up 9 percent from a year ago. It did not announce this year's annual sales target.

Net gearing ratio, or net borrowing to total equity, fell to 15.76 percent from 21.13 percent.

The firm said yuan fluctuations have limited impact on the group, while it recorded an exchange loss of 43 million yuan because of that.

It has 23.1 billion yuan of completed properties ready for sale.

Source: The Standard HK
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