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Nomura lifts China Vanke (02202) to HK$44.7
 Nomura lifted its target price for China Vanke 
(02202) to HK$44.7 from HK$32.5, and reiterated its "buy" rating.
  The research house expects close to 40% core earnings growth for Vanke's FY2017 results,
driven by 20% revenue growth and 3pp gross margin improvement. For 2018 sales, Nomura
expects at least 20% growth to CNY635bn, supported by abundant saleable resources of 60mn
sqm at an ASP of CNY15k/sqm, implying 70% sell-through rate.
  In January, Vanke achieved CNY68bn sales, a historical high. Cash collection ratio was 
very high in 2017 at 95%, and management is confident of it remaining at a high level in 
2018F despite the credit tightening environment, thanks to its leading industry position. 

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