[Table_summary] A Fast Growing Property Developer, Initiate with Buy[Table摘要]一个快速成长的房地产开发商，倡导“买”.pdf

h 股 c r a e 票 s e R 研 y [Table_Title] Van Liu 刘斐凡 t i Company Report: Ronshine China (03301 HK) 究 u (86755) 2397 6672 q E 公司报告：融信中国 (03301 HK) liufeifan@ 2 August 2018 [Table_summary] A Fast Growing Property Developer, Initiate with "Buy" 一家快速增长的地产开发商，首予 “买入” t r 公 o  Steady fundamentals for the property sector will remain. In 2018, we [Table_Rank] p Rating: Buy e 司 R conservatively estimate that the YoY growth range of commodity housing Initial y sales amount and GFA should be between -5% and 0%, and -10% and -5%, n 报 a respectively. We also expect stable ASP, decreasing saleable areas and 评级： 买入 (首次覆盖) p 告 m steady investment. o C [Table_Price]  Ronshine China Holdings Limited ("Ronshine China") is a fast growing 6-18m TP 目标价: HK$16.55 property developer. Contracted sales is expected to extend fast growth and rea