Yanlord Land

Re: Yanlord

Postby winston » Wed Jan 03, 2018 11:41 am

vested

Yanlord (YNLG.SI) citi maintains NEUTRAL with TP S$1.75 (from S$1.92)

Strong Margins but Certain Focus Cities Seeing Higher Tightening Pressure

Focus player in T1/2 cities — As a niche player in key T1/T2 cities, we believe Yanlord has a quality and low cost landbank with a presence focused on metro areas that could deliver medium- to long-term growth.

That said, with strict policy (e.g., broader HPR; price control, etc.) and credit control, we see sales challenges may continue in the short term.

We believe the share price sees good downside support on current inexpensive valuation (vs. peers) together with decent earnings outlook. Hence we maintain our Neutral recommendation with a TP of Sin$1.75/sh, which is based on 50% (previously 40%) NAV discount on our revised FY18E NAV of HK$3.50/sh (from FY17E NAV of S$3.20) and raise FY17- 19 estimates by 24-32% to factor in our 2018 physical market assumptions and new landbank.

We raise our NAV discount to 50% on its high focus of T1/2 cities in China which may be subject to continuous tightening.

Strong unbooked revenue likely guarantees good earnings growth for 2017 — Yanlord attained Rmb27.8bn unrecognized pre-sales revenue by Sep 2017 (est. 45% can be booked at year-end), which should drive a surge in 4Q earnings.

However, 10M17 contracted sales were slower due to stronger price and pre-sale tightening in T1/2 cities, which we see has hurt the company’s short-term sales performance.

10M17 contracted sales account for 62.5% of full-year target — Yanlord achieved roughly Rmb20bn contracted sales in 10M17, which accounted for only 62.5% of its full-year sales target of Rmb32bn.

The sales continued to slow due to policy tightening, especially in T1/T2 cities, on granting presale permits and price restriction, resulting in a delay of project launches.

Net gearing surged to 70.1% on new land acquisitions — Yanlord’s net debt to total equity (including MI) increased to 70.1% at Sep-17 from 20.3% at end-16, paying ~Rmb18bn for the Nanjing and Shanghai land acquisition.

Asset breadth drives sustainable income streams; initiate at Neutral

Source: Citi
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Re: Yanlord

Postby winston » Fri Mar 09, 2018 12:49 pm

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Yanlord chairman Zhong Sheng Jian buys shares in own company again

By Chan Chao Peh

SINGAPORE (Mar 8): Zhong Sheng Jian, chairman and CEO of Yanlord Land Group, has bought shares in his company from the open market this past week, bringing his level of interest in the China-based developer to 68.67%, from 68.52% a week ago.

On March 5, Zhong spent a total of $999,456 to buy 580,000 shares. The following day, he spent $734,118 to buy another 420,000 shares. On March 7, he spent $3,498,400 to buy another two million shares.

The purchases over these three days work out to an average of just over $1.74 per share. He now owns direct and deemed interests of 1,326,343,100 shares in the company.

Zhong has been making regular purchases of his own stock. Most recently on Jan 23, he spent $682,587.20 to buy 362,000 shares, which works out to an average price of just below $1.89 per share.

The company on Mar 1 reported FY17 revenue of RMB 25.6 billion, which was just 0.1% lower than FY16. However, earnings improved by 19.2% over the same period to RMB 3.2 billion, thanks to a significantly better gross margin of 47%, up 15.8 percentage points from 31.2% in FY16.

As at end 2017, Yanlord’s debt stood at RMB 33.1 billion, up from RMB22.7 billion a year ago. That translates into debt leverage – measured by revenue to adjusted debt – of 72% in 2017, from 102% in 2016.

Moody’s Investors Service believes that Yanlord’s debt leverage will gradually recover in the coming 12 to 18 months as the company moderates its borrowings for funding land purchases, while enjoying faster revenue growth.

The credit rating agency is maintaining is Ba2 rating on Yanlord’s debt, along with a “stable” outlook.

“Yanlord’s credit profile supports its Ba2 rating, and reflects the fact that the company's profit margin and interest coverage are better than that of its Chinese property peers, and its liquidity profile is strong,” says Moody’s analyst Cedric Lai.

The company is planning to pay a dividend of 6.8 cents per share, which is more than double FY16’s payout of 4.35 cents.

Year to date, Yanlord shares have gained 7.41% to close at $1.73 on March 8.

Source: The Edge

https://www.theedgesingapore.com/yanlor ... 0-91832885
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Re: Yanlord

Postby winston » Fri Mar 16, 2018 9:45 am

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Yanlord: The Group's subsidiary, Hainan Yanlord Luqiao Investment, has acquired a 100% stake in Hainan Jinzhong Industrial Development for RMB32mn (S$6.6mn).

The consideration comprises a cash consideration of RMB10mn and a capital injection of RMB22mn.

The acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the group for the financial year ending Dec 31, 2018.

Yanlord offers a 4.1% dividend yield and has a consensus fair value of S$2.02, implying a 14.8% upside.

Source: KGI
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Re: Yanlord

Postby behappyalways » Tue Apr 10, 2018 5:34 pm

Yanlord co-buys 2 land parcels in Tianjin worth $1.57b
http://sbr.com.sg/residential-property/ ... worth-157b
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Re: Yanlord

Postby behappyalways » Fri Apr 13, 2018 9:37 pm

Tulip Garden sold for $907 mil in second highest en bloc deal this year
https://www.edgeprop.sg/property-news/t ... -deal-year
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Re: Yanlord

Postby winston » Mon May 21, 2018 1:37 pm

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Potential material change in corporate structure and strategy

Increasing willingness to speed up new launches at government guided price to improve asset turn
On-track 1Q18 results alongside positive surprise on gross margin
Maintain BUY on attractive valuations

Currently trading at a distressed valuation of 4.5x FY18E PE and 3.9x FY19E PE, the counter has room for re-rating.

We maintain BUY with a slightly adjusted TP of S$2.27, pegged to 6x FY18E PE.




Source: DBS

https://researchwise.dbsvresearch.com/R ... VyaWRAQA==
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Re: Yanlord

Postby winston » Wed Jun 06, 2018 11:02 am

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Yanlord Land Group Limited (Yanlord) is one of PRC’s leading real estate developers with strong exposure to key economic regions such as Yangtze River Delta, Bohai Rim and Greater Bay Area. I

Its prudent land acquisition strategies and superior product quality have allowed it to achieve a favourable average land cost to ASP percentage of ~25% in FY17.

Looking ahead, we project Yanlord’s core PATMI to grow 9.2% in FY18F and 8.6% in FY19F.

Valuation-wise, Yanlord is trading at FY18F P/E of 4.5x and P/B of 0.62x, a steep discount of 42.3% and 60.9% to its peers’ weighted average, respectively.

While we acknowledge that Yanlord should be trading at a discount to its peers given its smaller size (market capitalisation and asset base), we opine that this sharp discount is unwarranted.

Ascribing a conservative target FY18F P/E peg of 6x in our valuation (-1 SD below both 10-year and 5-year average), we derive a fair value estimate of S$2.24.

Source: OCBC
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Re: Yanlord

Postby behappyalways » Tue Jul 10, 2018 4:33 pm

Yanlord acquires prime residential development site in Hangzhou for $600.5 mil
https://www.theedgesingapore.com/yanlor ... u-6005-mil
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Re: Yanlord

Postby winston » Thu Aug 16, 2018 9:07 am

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Yanlord Land Group: Not one, not two, but threefold growth!

Yanlord Land Group Limited (Yanlord) reported a strong set of 2Q18 results which beat our expectations.

PATMI more than tripled YoY to RMB1,478.2m.

Looking ahead, Yanlord has RMB14.2b of accumulated pre-sales pending recognition, as at 30 Jun 2018, with advances received amounting to ~RMB11.5b.

Due to its growth path, its net gearing ratio rose QoQ from 52.9% to 78.3%.

During 7M18, Yanlord achieved contracted sales of RMB13.1b and sold 339k sqm of GFA.

Management updated that it has RMB47-50b worth of saleable resources. Based on an assumed sell-through rate of 65%, this would translate into a total contracted sales target of RMB30b-32.5b for FY18.

Following this sturdy set of results, we raise our FY18 and FY19 core PATMI forecasts by 6.9% and 1.3%, respectively, even as we increase our finance costs assumption.

We also incorporate an updated FX assumption of S$1 : RMB5. Finally, we lower our target P/E peg from 6x to 5.5x. This is approximately one standard deviation below its 5 year mean P/E of 7.2x.

Source: OCBC
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Re: Yanlord

Postby winston » Wed Nov 14, 2018 10:02 am

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Yanlord Land Group: Another strong quarter

Yanlord Land Group Limited (Yanlord) reported a solid set of 3Q18 results, with PATMI beating our expectations.

Revenue jumped 51.7% YoY to RMB5,711.6m, underpinned by a 40.1% increase in GFA delivered (147.1k sqm) and 3.1% increase in ASP to RMB33,758 psm.

Gross profit increased 66.4% YoY RMB2,616.1m, and this translated into a gross profit margin of 45.8% (+4.0 ppt).

For 9M18, Yanlord’s revenue rose 57.1% to RMB22,562.6m, forming 75.5% of our FY18 forecast.

PATMI of RMB3,287.7m represented an increase of 62.4% and this accounted for 87.8% of our full-year projection due largely to lower-than-expected non-controlling interests (PAT accounted for 78.4% of our FY18 forecast).

Looking ahead, Yanlord has RMB11.3b of accumulated pre-sales pending recognition, as at 30 Sep 2018, with advances received amounting to RMB9.0b.

It has a land bank of 7.79m sqm, which is sustainable for development for approximately five years.

If we were to pick one negative from this set of results, it would be the increase in Yanlord’s net gearing ratio from 78.3% in 2Q18 to 91.2%, as at 30 Sep 2018.

We will provide more details after the analyst conference call. For now we have a BUY rating and S$2.13 fair value estimate.

Source: OCBC
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