Morgan Stanley has lowered its price target for China Vanke due to weaker pre-sales, narrower margins, and tight liquidity. The H-share price was reduced to HK$5.35 from HK$6.25, while A-shares were cut to 6.13 yuan from 7.17 yuan. Vanke received its first sell rating from Wall Street brokerages as it faces liquidity pressure and declining profits amidst a slump in China's real estate sector. The company's stock is down 85%, and it aims to reduce debt by over 100 billion yuan in two years after a 50% drop in core net profit in 2023.
#ChinaVanke hit new low in HK after posting 50% drop in 2023 core net profit, aims to cut debt by over 100 bn yuan in two years https://t.co/SCo9gog7eY
Shares of China Vanke slump after disappointing earnings, payout cut - Reuters https://t.co/vhTV6VxS9W
Hong Kong-listed shares of Vanke got their first sell rating from Wall Street brokerages, as the years-long slump in China’s real estate sector is starting to weigh on some larger developers that have managed to avoid default so far. https://t.co/msFvh9a6NY
Wait, this is the first sell side note on China Vanke after stock is down 85%. Nice one lads https://t.co/ACLf6IJxr7
Hong Kong-listed shares of Vanke got their first sell rating from Wall Street brokerages, as the developer grapples with deepening liquidity pressure and slumping profits https://t.co/DchS6PPaBg
Morgan Stanley cuts #China #Vanke price target on weaker pre-sales, narrower margins and tighter liquidity. H-share price cut to HK$5.35 from HK$6.25; A-shares cut to 6.13 yuan from 7.17 yuan. “Its tight cash flow may continue for longer than expected, posing downside risk to its…