Yanlord Land

Re: Yanlord Land

Postby winston » Thu Oct 31, 2019 9:13 am

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Yanlord Land Group: Mandatory General Offer for UEL

Yanlord Land Group Limited (Yanlord) announced that it has acquired its partners’ stakes in United Engineers Ltd (UEL), and now holds 35.27% of its ordinary shares.

The total cash amount paid by Yanlord amounted to S$229.7m, and translates into a value of S$2.60 per UEL share.

It is therefore required to make a mandatory general offer for all of UEL ordinary shares it does not hold and also a comparable offer for UEL preference shares.

The mandatory conditional cash offer price of S$2.60 per UEL ordinary share is slightly below UEL’s closing price of S$2.62 on 25 Oct, and is also at a 16.7% discount to UEL’s NAV/share (as at 30 Jun 2019), implying a takeover offer at 0.83x PB.

As such, we believe the acceptance rate for this general offer would be low.

This cash offer is conditional upon Yanlord garnering valid acceptances that will result in it holding more than 50% of the total voting rights attributable to the UEL ordinary shares.

We maintain BUY and our fair value of S$1.56 on Yanlord.

Source: OCBC
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Re: Yanlord Land

Postby behappyalways » Fri Nov 01, 2019 6:41 pm

Yanlord bags $334m in Huangzhou apartment presales
https://sbr.com.sg/residential-property ... t-presales
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Re: Yanlord Land

Postby winston » Thu Nov 14, 2019 11:14 am

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Yanlord Land Group Posts Q3 Revenue RMB 2.88 Billion

Nov 13 (Reuters) - Yanlord Land Group Ltd :

Q3 REVENUE RMB 2.88 BILLION VERSUS RMB 5.71 BILLION

QTRLY PROFIT ATTRIBUTABLE RMB 58.8 MILLION VERSUS RMB 1.01BILLION

Source: Reuters
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Re: Yanlord Land

Postby winston » Thu Nov 14, 2019 12:19 pm

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Yanlord Land Group: Barely profitable in 3Q19

Yanlord Land Group Limited (Yanlord) reported a disappointing set of 3Q19 results which came in significantly below our expectations.

Revenue fell 49.5% to RMB2,881.7m, due largely to a 58.5% YoY dip in GFA delivered, but partially offset by higher ASP of RMB38,263 psm (+13.3%), which resulted in a higher gross margin of 57.9% (+12.1 ppt YoY).

PATMI slumped 94.2% YoY to RMB58.8m due to higher expenses and a large proportion of non-controlling interests.

For 9M19, Yanlord’s revenue slipped 53.0% to RMB10,593.6m, while PATMI of RMB1,247.2m represented a decline of 62.1% and constituted only 44.6% of our FY19 forecast.

Looking ahead, Yanlord has accumulated contracted pre-sales of RMB16.6b which are pending recognition, as at 30 Sep 2019.

It has achieved accumulated contracted pre-sales and subscription sales (including JVs and associates) of RMB33.6b in 9M19, which is an increase of 74.1% YoY.

Net gearing rose from 65.2% (end-2Q19) to 72.9%.

We will provide more details after the analyst conference call. Our last rating was a BUY with S$1.56 fair value estimate.

Source: OCBC
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Re: Yanlord Land

Postby behappyalways » Tue Dec 17, 2019 6:03 pm

Yanlord has change of mind; says it plans to delist United Engineers
https://www.theedgesingapore.com/news/o ... -engineers
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Re: Yanlord Land

Postby behappyalways » Sat Dec 28, 2019 5:00 pm

Yanlord marches closer to delisting of United Engineers as free float falls under 10% threshold
https://www.theedgesingapore.com/capita ... -threshold
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Re: Yanlord Land

Postby behappyalways » Thu Feb 27, 2020 4:20 pm

Yanlord's profit down 5% to $664.88m in 2019
https://sbr.com.sg/residential-property ... 8m-in-2019
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Re: Yanlord Land

Postby winston » Mon Mar 02, 2020 1:41 pm

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What’s New

FY19 results were below our and consensus estimates on weaker-than-expected development margins and project deliveries

Dividend was kept flat at Rmb0.34/share, which came as a pleasant surprise

Gross margin to remain pressured on recognition of lower-margin projects; presales
outlook for 2020 remains uncertain amid the COVID-2019 outbreak

Maintain HOLD with a lower TP of S$1.10

Source: DBS

https://researchwise.dbsvresearch.com/R ... bjfdkfhgbh
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Re: Yanlord Land

Postby behappyalways » Wed Apr 01, 2020 5:36 pm

Yanlord collected $567.5m pre-sales on three apartment launches in China
https://sbr.com.sg/residential-property ... s-in-china
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Re: Yanlord Land

Postby behappyalways » Thu Apr 16, 2020 6:05 pm

Yanlord's pre-sales rose 18.4% to $1.37b in Q1
https://sbr.com.sg/commercial-property/ ... 137b-in-q1
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