野村看融創32

野村把融創目標價從26.26調高到32， FY17/18/19核心盈利上調24%/11%/18%。

Abundant landbank; c. CNY700bn saleable resources for 2018F 
After fast expansion, Sunac has obtained c.200mn sqm of landbank, potentially supplying c.CNY3,000bn of gross saleable resources (c.70% attributable). For 2H17F, it has c.CNY440bn of saleable resources (including c.CNY50bn from Wanda projects) and only targets to sell CNY200bn (a cautious sell-through rate of 46%). For 2018F, it has c.CNY700bn of saleable resources (including c.CNY80bn from Wanda projects), and we expect at least CNY400bn of sales, implying a cautious sell-through rate of 57%, vs 60% in 2015 and 72% in 2016.
（三萬億貨值，權益七成）

Surging earnings for FY17F-19F; consensus far too conservative 
We expect surging earnings for FY17F-19F, driven by: 1) strong property sales (CNY151bn/CNY300bn/CNY400bn for 2016F/17F/18F) to be booked gradually into revenue; 2) 13 Wanda projects to contribute revenue booking starting from FY17F; and 3) potential adoption of HKFRS15 starting from FY17F results to accelerate revenue booking, given 30% of its sales were in all-cash payments.
（三成銷售全現金）

Reaffirm top pick; consensus greatly underestimating earnings; strong Sep-Oct sales as catalyst