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yanlord will get affected by the huge exposure in china. Its gg to start clamping down hard on buyers.
1.70 very strong support leh...
satruz ( Date: 20-Nov-2017 09:55) Posted:
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U turn starting.... hopefully can go lower then can collect 🤞 😎
Good Job.
satruz ( Date: 17-Nov-2017 13:38) Posted:
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wonderful mobile app development.
Well, The chinese governement alrwady noted on this bubble. Hence, they are diversifying their hot money outside china.
Yanlord does make use of leverage. Last year it reported Total Assets of S$85.9 billion and Total Liabilities of S$55.9 billion, which equates to a Leverage Ratio of 2.8.That could be an area of concern, given that nearly a quarter of the liabilities are comprised of both long and short-term loans. Exposure to debt could make the company vulnerable to macroeconomic risks, such as unwanted interest-rate movements.
However, basing on the Yanlord investment portfolio, they are also diversifying out to 2nd liner states for investment.
Hence, in the long run, YL is still a good counter to invest.
Yanlord does make use of leverage. Last year it reported Total Assets of S$85.9 billion and Total Liabilities of S$55.9 billion, which equates to a Leverage Ratio of 2.8.That could be an area of concern, given that nearly a quarter of the liabilities are comprised of both long and short-term loans. Exposure to debt could make the company vulnerable to macroeconomic risks, such as unwanted interest-rate movements.
However, basing on the Yanlord investment portfolio, they are also diversifying out to 2nd liner states for investment.
Hence, in the long run, YL is still a good counter to invest.
wcp2017 ( Date: 17-Nov-2017 13:25) Posted:
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Took profit for the weekend at 1.72. Have a great weekend! 😉
Andy80 ( Date: 17-Nov-2017 10:35) Posted:
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There is definitely a Property Bubble brewing in China.
Just that dont know when will it burst .
2018 ? 2020 ?
Prices are getting so crazy even in 2nd tier cities that based on avg income, most canot service it. So they depend on parents properties and mortgages as well as more loans from roll over of existing properties.
A cigarette manager told me her benefits one of the best at rmb 9000 per month salary even she cannot afford to buy current propertires now based on her income.
But she lucky as she owns 3 properties bought many years ago. She just cashed out 1 at US$ 400 000 just for a small 2 bed room unit in 2nd tier city. She still owns 2 properties.
Enjoy the property boom time while it lasts. Just not sure when it will burst that's all.
wcp2017 ( Date: 17-Nov-2017 13:15) Posted:
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Beware of Yanlord. Price fluctuations too wild. May downtrend or up a bit all depend on the BBs controlling it
Zhuhai Hk Macau bridge has a BIG flaw or mistake :
That is :
Car plates from Macau cannot enter HK and vice versa
Cars from Zhuhai cannot enter HK also abd vice versa
Left hand drive and right hand drive issue beside the car plate restrictions...
Another big risk is Yanlord over commit with the recent land purchase in Shanghai
Land bid about rmb 10 bil , but with resettkement costs may be tricky and may reach 15 bil rmb costs
With shanghai residents getting greedy and asking for more may result in protests and etc
Not easy this project .
You did the right thing manx....But unexpectedly, U.S market chiong, and our market now going through the spill over effect.
If not because of the U.S market this morning, it shall drop further to 1.5xxx range.
If not because of the U.S market this morning, it shall drop further to 1.5xxx range.
satruz ( Date: 16-Nov-2017 19:10) Posted:
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Yandlord, China aviation are the same category. After the result announcement, these counters usually drops by at least 20% . Afterwhich, it will slowly climb up again back to either the initial drop price or even higher. Unless there is a special announcemenet of bonus or good dividence issue.
Hence, Yanlord, by right should go right down to 1.50XX before it rise back again.
Tody is special, I think muchly due to the overnight U.S market.
Hence, Yanlord, by right should go right down to 1.50XX before it rise back again.
Tody is special, I think muchly due to the overnight U.S market.
TigTig ( Date: 17-Nov-2017 00:16) Posted:
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Slowly rebounding back )
Nope, correction, not $1 but moving down rapidly from 1.90 to 1.62. What' s happening, and especially after all that buyback at close to 1.90.
TigTig ( Date: 17-Nov-2017 00:09) Posted:
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Thought I saw wrongly, did the price dived more than $1? What happened, is there a corporate action?
yanlord is no.1 F type stock control by china billionaire which i r all crooks, look at the movement u wil noe 👌 🤣
Agree.... I expect it to drop a bit more before heading up again... bought some at 1.62 today... slowly accumulate 😉
Think need to drop first, then buy back up chiong to $1.90+ again. Like that BB earn downwards and earn upwards, 2X profits. Buy when it is cheap now. Buy on fear, those contra and weak CFD holders forced to sell.
satruz ( Date: 16-Nov-2017 16:54) Posted:
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Results not bad still dropped so much? 🤔
Yanlord Land Group (YLLG SP): BUY
Market Cap: US$2,468m | Average Daily Value: US$4.9m
Last Traded Price: S$1.740 Price Target: S$2.25 (Upside 30%)
Analyst
Danielle WANG CFA, +852 2820 4915 [email protected]
Carol WU +852 2863 8841 [email protected]
Ken HE CFA, +86 21 6888 3375 [email protected]
Trista QIN +852 2863 8820 [email protected]
A high-margin play
Maintain BUY on attractive valuation and high-margin play. Yanlord is trading at 5.4x FY18 PE and 0.6x P/BV (vs historical average of 9.3x PE and 1.1x P/BV). On top of the strong 9M17 delivery with decent margin, Yanlord&rsquo s earnings visibility for FY17 is high with c.Rmb27bn unrecognised sales outstanding, of which 45% will be booked in 4Q17 which matches our full-year revenue estimates. We maintain our TP of S$2.25, based on 7.1x FY18 PE and maintain our BUY call.
Guided down 2017 presales target but better sales outlook in 2018. Yanlord achieved Rmb20bn presales in 10M17. Management considers its projects in Shanghai, Nanjing and Zhuhai as valuable projects where land is hard to be replenished at reasonable costs. Management has decided to push back the new launches while selectively launching several batches to maintain the company' s balance sheet. The presales figure for 2017 is expected to conclude at Rmb25bn (vs. previous presales target of RMB32bn for 2017) while 2018 presales is expected to increase to Rmb30bn.
Landbank replenishment at low costs to support presales growth and earnings in 2018. Yanlord bought one project in Shanghai at c.Rmb57,428/sm, one in Wuhan at c.Rmb3,847/sm, and projects in Hangzhou at c.Rmb7,300/sm in 2017, etc. Expected total saleable resources for FY2018 amounts to Rmb50-60bn. We believe these projects can continue to support Yanlord&rsquo s high gross margins.
9M17 results were decent with strong sales delivery and margin. Core earning increased by 93% y-o-y in 9M17 despite a9% decline in revenue due to strong net profit margin expansion from 7% in 9M16 to 14% in 9M17. It has locked in 51%/78% of our full-year revenue and earnings estimates. 9M17 gross margin came in strong at 45.4% mainly due to the delivery of high-margin projects. However, Yanlord&rsquo s net debt to total equity ratio has increased to 67% as of September 2017 from 16%as at December 2016 due to the land premium payment for newly acquired projects. Using management&rsquo s 2017 full-year contracted sales target of Rmb25bn and YTD land acquisition as calculation, we expect Yanlord&rsquo s net debt to total equity ratio to go up further but below 80%.
Market Cap: US$2,468m | Average Daily Value: US$4.9m
Last Traded Price: S$1.740 Price Target: S$2.25 (Upside 30%)
Analyst
Danielle WANG CFA, +852 2820 4915 [email protected]
Carol WU +852 2863 8841 [email protected]
Ken HE CFA, +86 21 6888 3375 [email protected]
Trista QIN +852 2863 8820 [email protected]
A high-margin play
- 9M17 results in line with expectations
- Guided down 2017 presales due to tight presales permit control
- Likely to see better presales growth in 2018 to improve balance sheet with ample saleable resources
- Maintain BUY due to attractive valuation share buyback likely to protect from downside
Maintain BUY on attractive valuation and high-margin play. Yanlord is trading at 5.4x FY18 PE and 0.6x P/BV (vs historical average of 9.3x PE and 1.1x P/BV). On top of the strong 9M17 delivery with decent margin, Yanlord&rsquo s earnings visibility for FY17 is high with c.Rmb27bn unrecognised sales outstanding, of which 45% will be booked in 4Q17 which matches our full-year revenue estimates. We maintain our TP of S$2.25, based on 7.1x FY18 PE and maintain our BUY call.
Guided down 2017 presales target but better sales outlook in 2018. Yanlord achieved Rmb20bn presales in 10M17. Management considers its projects in Shanghai, Nanjing and Zhuhai as valuable projects where land is hard to be replenished at reasonable costs. Management has decided to push back the new launches while selectively launching several batches to maintain the company' s balance sheet. The presales figure for 2017 is expected to conclude at Rmb25bn (vs. previous presales target of RMB32bn for 2017) while 2018 presales is expected to increase to Rmb30bn.
Landbank replenishment at low costs to support presales growth and earnings in 2018. Yanlord bought one project in Shanghai at c.Rmb57,428/sm, one in Wuhan at c.Rmb3,847/sm, and projects in Hangzhou at c.Rmb7,300/sm in 2017, etc. Expected total saleable resources for FY2018 amounts to Rmb50-60bn. We believe these projects can continue to support Yanlord&rsquo s high gross margins.
9M17 results were decent with strong sales delivery and margin. Core earning increased by 93% y-o-y in 9M17 despite a9% decline in revenue due to strong net profit margin expansion from 7% in 9M16 to 14% in 9M17. It has locked in 51%/78% of our full-year revenue and earnings estimates. 9M17 gross margin came in strong at 45.4% mainly due to the delivery of high-margin projects. However, Yanlord&rsquo s net debt to total equity ratio has increased to 67% as of September 2017 from 16%as at December 2016 due to the land premium payment for newly acquired projects. Using management&rsquo s 2017 full-year contracted sales target of Rmb25bn and YTD land acquisition as calculation, we expect Yanlord&rsquo s net debt to total equity ratio to go up further but below 80%.
This CB counter is taking is own sweet time, giving investors surprises!
NL0261 ( Date: 07-Nov-2017 09:13) Posted:
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