DBS: China Vanke – Buy Target Price HK$10.00; RMB11.30

Eyes on refinancing progress

• Updates on shareholder support or refinancing progress would serve as share price catalyst
• Margin and earnings stabilisation may come in slower than expected upon a continually weak physical market
• Cut FY23-25F earnings by c.19%-23% on lower revenue recognition and profit margin assumptions 
• Undemanding valuation at c.5x FY24F PE and c.8% dividend yield; Maintain BUY with TPs of HK$10.0/Rmb11.3 for H/A-shares