China Vanke Co Ltd Class A

000002: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥6.70	Xkm	Ybzjbzt

Q3 Results Reflecting Stabilizing Operation; Nonproperty Development Revenue Showing Growth

Oct 30, 2020

We have been slightly more optimistic about China Vanke’s 2020 income, so the company’s third-quarter results fell short of our estimates, but they are largely within Capital IQ consensus on an annualized basis. As such, the share price reaction is muted. The top line and earnings accounted for 52% and 44% of our full-year estimate, respectively, slightly lower run rates compared with previous years.

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