M Stanley: CHINA VANKE Liquidity Deteriorates, Turnaround Becoming Increasingly Difficult
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Morgan Stanley reported that CHINA VANKE's liquidity is deteriorating, with net debt rising to RMB265 billion and a cash coverage ratio of 0.33x. The company's core LPS fell 12% YoY to RMB5.3 billion, and property revenue dropped 36% YoY. Despite plans to sell non-core assets for over RMB3.3 billion, this is insufficient against upcoming public debt of RMB9.3 billion. The firm faces increasing challenges in addressing liquidity pressures, leading to an Underweight rating on VANKE A with a target price of RMB2.15.
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