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　　机构：交通银行

　　评级：买入

　　目标价：19.80港元

　　ASP growth to suPPort future GPM. The margin expansion in FY17 was mainly dueto the increase in recognized ASP in FY17 by 18.4% YoY to RMB10,424/sqm and ADRop in cost of sales by 9.9% YoY. With 2017 contracted ASP at RMB12,193/sqm,we expect further room for increase in booking ASP to support GPM of >40% inFY18/19.

　　 Sales target at RMB110bn. Agile has planned total saleable resources of 12m sqmfor 2018 and we estimate they could fetch RMB180bn-200bn. Agile set its FY18sales target at RMB110bn, up 24% YoY and representing a required sale-through ofonly ~55-60%, vs ~65-70% achieved in FY17.

　　33% landbank located in the Greater Bay Area. Agile acquired 9.64m sqm of newlandbank which brought total landbank to 34.1m sqm by end-17. Among them,32.5% or 11.1m sqm is in the Greater Bay Area. Given the strong demand and ASPgrowth, we believe the high landbank exposure to the area will continue to fuelmargin, profitability and sales growth.

　　Maintain Buy: Agile delivered a strong set of FY17 results with surprises on margin,core profit growth and dividend. We believe Agile will continue to deliver highmargins on rising ASP from projects in Greater Bay Area and Hainan. We raise ourNAV estimate from HK$23.2 to HK$26.4 to reflect higher margins, faster-thanexpectedsales and new projects acquired. We maintain Buy rating on the counterwith target price adjusted to HK$19.80, a 25% discount to our estimated NAV . 

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