Yanlord Land

Yanlord Land

Postby winston » Mon May 12, 2008 9:55 am

From DBS:-

Encouraging signs?

Story: Yanlord Land reported a decent set of results for 1Q08. Revenue came in at S$116.2m, up 30% y-o-y. The higher reported sales figure was mainly attributable to a higher volume of GFA delivered during the period, which at 41,671sqm, represents a 50% y-o-y increase over the corresponding period last year.

Gross profit margin was down by c. 12ppt to 37.5% due to relatively lower ASP recorded from the delivery of the first batch of units at Yanlord Peninsula in Suzhou. Selling expenses were slightly higher on the back of higher staff headcount, while fair value losses on held-for-trading-investments led to higher non-operating expenses. Overall, net profit came in at S$9.3m, translating to a growth of 220% y-o-y.

Point: Despite the fact that the beginning of the year is the traditional off-season for home sales, pre-sales volume grew to S$405.0m as of end 1Q08, from S$288.8m as of end 2007. This is expected to be progressively recognised throughout the year as the units are delivered, and will provide visibility to the Group’s FY08 earnings.

We view this as an encouraging sign, given that the market has generally adopted a “wait-and-see” approach as concerns persist over the outlook of the China property market amid the PRC government’s credit tightening measures.

Relevance: With their recent launches experiencing higher than expected ASP, we have revised our FY08 and FY09 earnings forecast upwards by c.10% and 4%, to S$329.0m and S$391.1m respectively. This results in a slightly higher TP of S$2.71, pegged to a 20% discount to its RNAV, as we maintain a cautious view on the physical market performance going forward under the current tightening environment and policy overhang.
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Re: Yanlord

Postby winston » Fri May 16, 2008 4:56 pm

Not vested but I have seen a few of their projects in China

From CIMB:-

Yanlord Land Group (S$2.49) – Initiating coverage - Riding on high-growth cities High-quality China property developer. Yanlord focuses on developing high-end residential and commercial properties in China.

With an established premium brand and a land bank of 4.2m sq m GFA strategically located in prime locations in seven fastgrowing cities in China, the company offers good exposure to the high-end segment in China.

Strong earnings growth ahead, backed by finances. We expect Yanlord’s core EPS to grow at 50% CAGR over FY07-10, fuelled by margin expansion in FY08-09 and an 84% jump in completions in FY10. YTD, around 41% of our estimated FY08 revenue has been secured by presales. With a net gearing of 35.9% (including convertible bonds) as at 31 Mar 08 and cash of S$720m, the company is well-positioned to replenish its land bank at more reasonable costs and should be relatively resilient to prevailing credit tightening.

Initiate with Outperform; target price of S$3.15. Yanlord’s share price has rebounded 50% from its trough in mid-Mar 08, but we believe value still exists vis-à-vis our estimated NAV of S$3.50. In view of continuous risks of tightening measures, we tag a 10% discount to our estimated NAV, producing a target price of S$3.15. Forthcoming presales of its projects in Zhuhai and Shanghai can serve as near-term catalysts, in our view.
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Yanlord

Postby winston » Fri Jul 18, 2008 3:05 pm

Not vested. I know their projects and they have a very good reputation in China.

==========================================

Presales update
Encouraging presales. Based on units presold, we estimate that Yanlord achieved contract sales of about Rmb4.0bn (S$780m) in 1H08, up 33% yoy, driven by the Shanghai project, which accounted for an estimated 67% of the total contract sales in 1H08. We expect the bulk of the proceeds to be progressively recognised in FY08.

Higher ASPs for Shanghai project. Yanlord launched Riverside City Phase 2 in Shanghai for presale in Jan and Mar 08. About 75% had been presold by Jun 08, at ASPs of Rmb34,000/sq m. As expected, Yanlord Riverside City Phase 3, which was launched in Jun 08, fetched a higher ASP of Rmb39,000, due to its better location and larger unit sizes.

Presales in Nanjing and Suzhou are on track.
Bamboo Garden Phase 3 in Nanjing and Yanlord Peninsula in Suzhou have been 70% presold, of the units launched in Mar/Apr 08. Separately, take-up for Yanlord International Apartment in Nanjing had picked up in 1H08, with about 40% sold. This is encouraging as the project is targeted at the high-end market. Overall ASPs of Yanlord’s projects in Nanjing and Suzhou are in line with our forecasts.

Expect more to come from Zhuhai project.
New City Garden Phase 2 in Zhuhai was launched in May 08. This project is expected to be completed in 2009. Around 17% of the units launched have been presold at ASPs of Rmb11,000/sq m. We expect more units to be sold in 2H08.

Locked in 59% of FY08 revenue. We estimate that contract sales totalled Rmb4.0bn (S$780m) in 1H08, of which Rmb3.7bn could be booked in FY08. Adding Rmb1.4bn (S$288m) of unbooked receipts from FY07 (expected to be booked in FY08), Yanlord has achieved 59% of our FY08 forecast revenue.

Valuation and recommendation

Reiterate OUTPERFORM and target price of S$3.15. Judging from the units presold, our FY08 earnings forecast should be achievable. We maintain that Yanlord’s high-quality projects in prime locations should be relatively resilient to credit tightening. Trading at a 40% discount to RNAV and 11x FY08 earnings, valuations have become more attractive after the recent correction. Our target price of S$3.15 remains pegged at a 10% discount to RNAV. We expect additional units from the
Shanghai and Suzhou projects, and the new project in Tianjin in 2H08. Continued strong presales should act as near-term catalysts.
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Re: Yanlord

Postby winston » Tue Jul 29, 2008 8:35 am

Not vested.

RESEARCH ALERT-Yanlord Land downgraded to neutral by JPMorgan

SINGAPORE, July 29 (Reuters) - JPMorgan has downgraded Yanlord Land to "neutral" from "overweight", citing poor earnings visibility for 2009 and slowing property sales in China.

JP Morgan analyst Joy Wang also lowered its target price for Yanlord to S$2.20.

"Although Yanlord Riverside City in Shanghai will continue to contribute substantially to 2009 earnings, we have low visibility on the rest of the projects to be launched," Wang said in a research note.

"These are either located in the markets with weak sentiment at the moment or in a new market where track records are yet to be established," she added.

Yanlord, a Singapore developer with projects in China, closed at S$2.02 on Monday.

( Winston's comment: I'm very surprized that they called Yanlord a Singapore Developer :D )
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Re: Yanlord

Postby winston » Sat Aug 02, 2008 8:48 am

Not vested. From CIMB:-

Yanlord Land (YLLG SP, $1.86)

• We have a Buy call and target price of $3.15 on Yanlord Land. Share price close the mid-day
down 6cts after it announced the acquisition of two adjacent sites in Pudong, Shanghai
through public auction for residential development with total GFA 158.6k sq m, which is not a
big size compared with its Yanlord riverside city which is over 500k sq m. The sites are
located in Pudong's Waigaoqiao District, which is nearby its completed project, Yanlord Town,
where it is accessible to the city financial centre via the No.6 Light Rail Line.

• The land was transacted at the base price of Rmb 1.19bn, which translates into Rmb 7,500
per sq m. The land cost is still reasonable, as benchmarking with the current ASP of Yanlord
Town, which is about Rmb20,000 / sq m, we expect a gross margin of 35% for this project.
The project will be completed in 2011.

• The site is near the Waigaoqiao Free Trade Zone, where Yanlord will be able to tap the
housing demand from the local and expatriates working in the zone. We believe Yanlord's
expansion in Shanghai is a right move given its established brand name and strong track
record in Shanghai. Cash flow will remain healthy after factoring in the cost for the acquisition.
We had assumed around Rmb2 bn capex for new land acquisition in 2008 and the net gearing
is expected to stay at 24%.
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Re: Yanlord

Postby millionairemind » Sat Aug 02, 2008 8:24 pm

Yanlord Expands Presence In Shanghai Through 2 Property Acquisitions

Yanlord, a real estate developer focused on developing high-end residential property projects in strategically selected key and high-growth cities in the People’s Republic of China, announced that it has acquired two prime residential development sites with a total planned gross floor area of approximately 158,600 sqm in Waigaoqiao District, Pudong, Shanghai for Rmb1.19b in a public land auction.

Michelle Sze, head of Investor Relations of Yanlord said, “This latest acquisition is part of our continued expansion strategies in China and reflects the positive outlook and demand in the Shanghai residential market.”

Conveniently sited between in Yanlord Riverside City and Yanlord Town, this latest development will tap on the buoyant economic development of the Waigaoqiao area and is expected to contribute positively to the Group’s future performance.
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Re: Yanlord

Postby millionairemind » Wed Aug 06, 2008 7:53 pm

Yanlord Achieves Contracted Pre-Sales Of Rmb610m

Yanlord Land, a real estate developer focusing on developing high-end integrated residential and commercial properties in strategically selected high-growth cities in the People’s Republic of China, announced that the launch of its second batch of apartment units in Shanghai Yanlord Riverside City Phase 3 has received strong response from the market. Total contracted pre-sales for the opening weekend amounted to Rmb610m while the average selling price for the latest batch of its pre-sold apartments at Shanghai Yanlord Riverside City Phase 3 rose 6.4% to approximately Rmb41,500 per square metre.
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Re: Yanlord

Postby iam802 » Tue Sep 16, 2008 10:06 pm

YANLORD ISSUES CLARIFICATION ON REPORT REGARDING CANCELLATION OF AGREEMENTS OF ITS APARTMENT UNITS AT SHANGHAI YANLORD RIVERSIDE CITY DEVELOPMENT

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

......

The news report had stated that 45 agreements (inclusive of deposit agreements) out of 56 pre-sale agreements representing approximately 80.36% of apartment unit sales at Shanghai Yanlord Riverside City lodged in August 2008 had been cancelled, while cancellation rates at residential developments by other property developers had reached up to 300%. Based on our analysis of the reported figures, it would appear that there may have been a misinterpretation of the on-line statistical data provided by the
Shanghai Municipal Housing, Land and Resource Administration Housing Bureau (“Shanghai Housing Bureau”).

.....


Based on the Group’s collated sales figures, deposit agreements for 56 residential apartment units at Shanghai Yanlord Riverside City Phase 3 were signed during the launch of the latest batch of apartment units held on 2nd August 2008. Of these agreements, 47 formal pre-sale agreements have been signed as at 31 August 2008 and only 8 agreements were not completed due to reasons such as delays in arranging for mortgage financing.





The announcement also talk about how statistics are interpreted etc.

Let's see the share price tomorrow.... and the volume associated.
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Re: Yanlord

Postby millionairemind » Wed Sep 24, 2008 12:15 pm

Stock tanking like nobody's business.

XFN-ASIA) - Singapore-listed property developer Yanlord Land Group has been linked to a bribery case in Shanghai involving the former deputy chief of Shanghai's Pudong district, the official Shanghai Daily newspaper reported.

The report said prosecutors allege that former deputy chief Kang Huijun accepted a 4.89 mln yuan, 189 sq m apartment at the Yanlord Gardens complex in Pudong in 2001 in exchange for land development rights.

Yanlord Land is the developer of Yanlord Gardens in Pudong.

Yanlord had no immediate comment.Kang, 50, went on trial yesterday for allegedly accepting nearly 6 mln yuan in bribes and illegally owning properties worth 11 mln yuan, the newspaper said. Yanlord was up 0.050 sgd or 4 pct at 1.310 sgd in early trade.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

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Re: Yanlord

Postby winston » Wed Sep 24, 2008 1:21 pm

Down 19% now...

Actually, Yanlord has a very good name in China and is one of the better developers in China.

They do have very good projects. More importantly, their after sales maintenance of the property is very good. The lawns are well maintained, the club-house well run. It's a self sustained community with a post office, travel agency, a massage centre, hair saloon, convenience store etc.. inside the compund.
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