Yanlord Land

Re: Yanlord Land

Postby winston » Wed Nov 21, 2018 9:40 am

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Yanlord Land Group: Some blips but sound overall

Yanlord Land Group Limited’s (Yanlord) recent 3Q18 results were solid, with PATMI beating our expectations.

However, Yanlord highlighted that it had encountered some pre-sales permit delays for two projects in Shenzhen, with a push back to early next year.

As such, management signalled that a more feasible contracted sales target for 2018 would be RMB27b, versus RMB30b previously. For 2019, it has abundant saleable resources of ~RMB80b.

Management acknowledged that that the increase in its net gearing ratio from 78.3% in 2Q18 to 91.2% was above its comfort zone, and highlighted that it will continue to be more prudent in its land acquisition.

The eventual launches of its delayed projects would also alleviate the situation (typical cash collection rate is >90%).

After fine-tuning our assumptions and lowering our target P/E peg to 5x from 5.5x to take into account Yanlord’s higher gearing ratio, we derive a lower fair value estimate of S$2.04 (previously S$2.13).

Maintain BUY with a fair value estimate of S$2.04.
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Re: Yanlord Land

Postby winston » Thu Feb 28, 2019 10:14 am

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Yanlord Land Group: 4Q18 a miss

Yanlord Land Group Limited (Yanlord) reported a subdued set of 4Q18 results which missed ours and the street’s expectations.

Revenue slumped 79.4% YoY to RMB2,325.4m due to a decrease in GFA delivered to customers (-77.2%) and lower recognised ASP of RMB51,257 psm (-22.6%).

Coupled with higher operating expenses and finance costs, PATMI for the quarter dipped 78.5% YoY to RMB256.9m.

This culminated in FY18 revenue and PATMI of RMB24,888.0m and RMB3,544.6m, representing a decline of 2.9% and an increase of 10.2%, respectively.

However, PATMI only formed 90.0% and 94.2% of ours and the street’s forecasts, respectively.

A first and final dividend of 6.8 S cents was declared, unchanged from FY17 and represents a payout ratio of 18.2%. This was also lower than our projection due to weaker-than-expected reported PATMI.

Another slight disappointment came in the form of a continued increase in Yanlord’s net gearing ratio, which stood at 96.8%, as at end-FY18, versus 91.2% as at 30 Sep 2018.

Looking ahead, Yanlord has RMB12.9b of accumulated pre-sales still pending recognition. Advances of ~RMB9.9b have already been collected.

We will provide more details after the analyst conference call. For now we have a BUY rating and S$2.04 fair value estimate.

Source: OCBC
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Re: Yanlord Land

Postby winston » Fri Mar 01, 2019 10:09 am

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Yanlord Land Group: This year, I’ll pull up my socks

Yanlord Land Group Limited’s (Yanlord) 4Q18 results missed ours and the street’s expectations, as PATMI dipped 78.5% YoY to RMB256.9m.

A first and final dividend of 6.8 S cents was declared, unchanged from FY17.

Looking ahead, Yanlord is targeting contracted sales of ~RMB40b in 2019 on the back of more abundant saleable resources of RMB84b.

However, we opt to adopt a more conservative stance and are projecting contracted sales of RMB35.2b for 2019.

Management acknowledged that its net gearing ratio of 96.8% was on the high-side relative to historical levels, but is hopeful of bringing it down by end-2019.

We cut our FY19 core PATMI forecasts by 15.6% and introduce our FY20 projections.

Rolling forward our valuations and applying an unchanged P/E target peg of 5x to our core FY19 EPS forecast, we derive a lower fair value of S$1.75 (previously S$2.04).

Maintain BUY with a fair value estimate of S$1.75.

Source: OCBC
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Re: Yanlord Land

Postby behappyalways » Fri Mar 01, 2019 1:18 pm

This came on the back of 51% higher other operating income and other gains of RMB 714.6 million as well as a 164% rise in fair value gain on investment properties of RMB 391.4 million..

Yanlord reports 10% rise in FY18 earnings to $715 mil on higher operating income and fair value gains
https://www.theedgesingapore.com/yanlor ... alue-gains
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Re: Yanlord Land

Postby winston » Fri Apr 12, 2019 9:41 am

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Yanlord Land Group: Don’t leave me behind

We see Yanlord Land Group Limited (Yanlord) as a beneficiary of improved sentiment within the Chinese property market, and this is apparent in the recovery seen in industry contracted sales growth for Mar following a soft 2M19.

According to data from CRIC, Yanlord’s 1Q19 contracted sales more than doubled YoY to RMB7.06b (gross basis).

Yanlord recently announced that its Riverbay Gardens project in Suzhou had achieved an impressive 100% sell-out on the first day of its latest launch.

Although Yanlord’s share price has rebounded 20.5% YTD, this still pales in comparison to the average 43.2% YTD share price appreciation of the A/H shares-listed Chinese developers which we track.

We see Yanlord as a potential laggard play given the right mix of its quality land bank and strong fundamentals.

It is trading at a cheap FY19F P/E ratio of 4.2x, which is approximately 1.4 standard deviations below its 8-year average forward P/E of 7.6x.

Maintain BUY with an unchanged fair value of S$1.75.

Source: OCBC
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Re: Yanlord Land

Postby behappyalways » Sat Jun 22, 2019 2:54 pm

Yanlord rakes in $265 mil in pre-sales from Shenzhen property launch
https://www.theedgesingapore.com/news/p ... rty-launch
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Re: Yanlord Land

Postby behappyalways » Thu Jul 04, 2019 1:30 pm

Yanlord says all units of Yanlord Gardens sold out on first day; pre-sales of $282 mil achieved
https://www.theedgesingapore.com/news/p ... l-achieved
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Re: Yanlord Land

Postby winston » Wed Aug 14, 2019 10:57 am

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Yanlord Land Group: Dip in 2Q19 earnings within expectations

Yanlord Land Group Limited (Yanlord) reported 2Q19 revenue of RMB4,089.0m, which was a decline of 57.7% YoY due to a 65.7% dip in GFA delivered, but partially offset by a higher ASP of RMB28,496 psm (+11.1%).

Gross profit fell by a smaller magnitude of 46.8% to RMB2,038.6m as a result of a higher gross profit margin of 49.9% (+10.2 ppt).

PATMI slipped 41.5% YoY to RMB865.3m, as the lower gross profit and higher expenses and finance costs was partially offset by a boost from a fair value gain of RMB791.0m on investment properties.

2Q19 PATMI formed 28.8% of our FY19 forecast.

For 1H19, revenue and PATMI declined by 54.2% and 47.8% to RMB7,711.9m and RMB1,188.4m, respectively.

Results were within our expectations.

Yanlord highlighted that a larger portion of its pre-sales are expected to be recognised in 2H19, which implies a backend-loaded year.

On a positive note, Yanlord’s net gearing ratio came down sharply from 103.9% (as at end-1Q19) to 65.2%.

This was driven by healthy pre-sales and cash collection in 2Q19.

Yanlord’s accumulated contracted pre-sales and subscription sales (including JVs and associates) had jumped 77.9% YoY to RMB20.7b in 1H19.

We will provide more details after speaking with management.

We currently have a BUY rating and S$1.68 fair value estimate.

Source: OCBC
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Re: Yanlord Land

Postby winston » Fri Oct 25, 2019 1:10 pm

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Yanlord makes fresh bid for Singapore's United Engineers, values it at $1.2 bln

Oct 25 (Reuters) - China-based property developer YanlordLand Group is making a second attempt to take over Singapore's United Engineers Ltd , in a deal that values the real estate firm at S$1.66 billion ($1.2 billion).

It plans to pay cash for the shares it does not own at S$2.60 per share - a mandatory offer triggered after one of its units bought United Engineers stock owned by Perennial UW and Heng Yue Holdings.

Yanlord now owns 35.27% of United Engineers.

The S$2.60 per share price is the same price offered in a bid made a little over two years ago by Yanlord and Perennial Real Estate Holdings - a deal that failed after the consortium only gained shareholder acceptances representing just 1.4% of United Engineers' ordinary shares

The offer price also represents a 2.3% discount to United Engineers last closing price of S$2.66 on Tuesday when the Singapore firm requested a trading halt. The shares were trading at S$2.61 on Friday.

There are no plans to delist United Engineers, Yanlord said.

Yanlord is seeking to have at least 50% of United Engineers' voting rights for the offer to succeed. If the offer fails,Yanlord will not be able to make another offer for 12 months.

DBS Bank is the financial adviser on the offer.

Source: Reuters
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Re: Yanlord Land

Postby winston » Fri Oct 25, 2019 1:10 pm

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Yanlord makes fresh bid for Singapore's United Engineers, values it at $1.2 bln

Oct 25 (Reuters) - China-based property developer YanlordLand Group is making a second attempt to take over Singapore's United Engineers Ltd , in a deal that values the real estate firm at S$1.66 billion ($1.2 billion).

It plans to pay cash for the shares it does not own at S$2.60 per share - a mandatory offer triggered after one of its units bought United Engineers stock owned by Perennial UW and Heng Yue Holdings.

Yanlord now owns 35.27% of United Engineers.

The S$2.60 per share price is the same price offered in a bid made a little over two years ago by Yanlord and Perennial Real Estate Holdings - a deal that failed after the consortium only gained shareholder acceptances representing just 1.4% of United Engineers' ordinary shares

The offer price also represents a 2.3% discount to United Engineers last closing price of S$2.66 on Tuesday when the Singapore firm requested a trading halt. The shares were trading at S$2.61 on Friday.

There are no plans to delist United Engineers, Yanlord said.

Yanlord is seeking to have at least 50% of United Engineers' voting rights for the offer to succeed. If the offer fails,Yanlord will not be able to make another offer for 12 months.

DBS Bank is the financial adviser on the offer.

Source: Reuters
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