China Vanke Co., Ltd. (000002.SZ)

China Vanke Co., Ltd. (000002.SZ) — VMCI valuation read

Headline read on 000002.SZ: VMCI of 38/100 versus a Real Estate sector median of 50. The 12-point below-median position is what makes China Vanke Co., Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 000002.SZ: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 000002.SZ: value (000002.SZ trades at 17.0x earnings, 6% below the Real Estate median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -0.9x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.

000002.SZ fell 4.0% over the trailing 7 days, with a -12.0% read on a 30-day basis.