Vanke-B:Solid Sales Growth & Outstanding Financials
Valuation and recommendation
We slightly adjust our 2012 EPS forecast to Rmb1.05, and initiate2013e EPS at Rmb1.15, implying YoY growth of 9.8%. Thecompany is trading at 7.4x/6.8x 2012/13e P/E with a ~31% discountto net asset value of 2012. Reiterate BUY.