Vanke’s FY21 results disappointed with core profit falling by 40% yoy, on weaker margins, lower investment income and asset write-down provisions. Management apologised for the bad results and admitted that it can do a better job, especially for the new business investment. We expect sales to fall 5-10% yoy in FY22F on weak property market. We maintain our NAV-based TP of HK$24.1, which suggests 27% upside. Reiterate Add. It trades at an attractive 6x FY22 P/E.