GT reported FY21 core net profit 32% above our estimate; DPS increased by 31% yoy. Its huge unbooked sales (Rmb331bn) ensures solid topline growth in FY22F. Meanwhile, it has been very selective in landbanking since Sep 21. GT is able to access US$ bond market at low interest rates, thanks to its quasi-SOE position. We upgrade GT to Add with a higher TP of HK$16.2.