招商蛇口:Strong earnings speaks
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BUY reiterated. We lift the Company’s 2016/17/18E EPS estimates to Rmb1.21/1.44/1.71 from Rmb1.10/1.32/1.54, and maintain its NAV estimate at Rmb25.82. Considering its large land bank in the tier-1 city, we think the Company is one of the few sustainable companies in China’s real estate market. This is reflected in its stable gross margin and higher-than-average net profit growth on its financial statements. Additionally, the Company’s current share price is significantly lower than the purchase cost of its employee stock ownership scheme, suggesting a wide margin of safety. We reiterate the BUY rating with a TP of Rmb20.16 (14x 2017E PE).
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