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41-60 of 520
Cup and handle formed, bullish
This DBS report was issued on 4th March 2025
Outdated views
john_ric ( Date: 16-Aug-2025 12:36) Posted:
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Hello John_ric
Could you post the detailed analyst' s report from DBS, please,
Thank you
Could you post the detailed analyst' s report from DBS, please,
Thank you
john_ric ( Date: 16-Aug-2025 12:36) Posted:
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Dividend policy. (no dividend since 2022)
The Company has not formalised a dividend policy. It is in the interest of the Company that dividend shall be proposed by management and recommended to the Board for consideration, prior to any such declaration by the Board after taking into consideration the Group' s business expansion and development plans, its financial performance, capital commitments, projected financial position and available resources as well as other relevant factors from time to time. Declaration of dividends, if any, are clearly communicated to Shareholders and in the event where dividends are not recommended or declared, explanations are given to the Shareholders too. Such communications with Shareholders are made via SGXNET announcements.
Dividend
The Company has not formalised a dividend policy. It is in the interest of the Company that dividend shall be proposed by management and recommended to the Board for consideration, prior to any such declaration by the Board after taking into consideration the Group' s business expansion and development plans, its financial performance, capital commitments, projected financial position and available resources as well as other relevant factors from time to time. Declaration of dividends, if any, are clearly communicated to Shareholders and in the event where dividends are not recommended or declared, explanations are given to the Shareholders too. Such communications with Shareholders are made via SGXNET announcements.
DBS views
Our Views
HOLD with TP lowered to SGD0.50/sh. While we identified meaningful values (China & SG IP) embedded in the company (see link for our detailed analysis), we see limited room for management or the company to pursue value-unlocking options at the current valuation levels. Meanwhile, its conservative investment strategy since the commencement of the property downcycle allowed it to safeguard its cashflow performance but limited its ability to adjust project launches and benefit from any recovery in market sentiment. Maintain HOLD with TP revised down to SGD0.50/sh, pegged to a 0.17x one-year forward PB, equivalent to the average level since 2024 when the concerns on repayment capability started to fade.
Shrinking operational scale. The company&rsquo s thinning landbank (-15% h/h to 6.4mn sm or c.Rmb80bn in saleable resources) and shrinking gross unbooked sales (-44% h/h to Rmb30.2bn) point to weak development revenue visibility. Meanwhile, development margin (c.18.7% excl. impairment) may continue to fall as Yanlord recognises its presales recorded in the past two years (at c.10%-15% GPM). Further inventory write-down would be a wild card dependent on future ASP trends. We believe Yanlord may continue to be loss-making in FY25-26F.
Continuing to de-risk its balance sheet. Management intends to maintain its defensive strategy and protect cashflow as their top operational priority. While land acquisition is not being ruled out, near-term focus will be on settling public bond obligations and destocking inventory. Yanlord aims to launch a lower c.Rmb25bn of saleable resources for FY25F.
Shrinking operational scale. The company&rsquo s thinning landbank (-15% h/h to 6.4mn sm or c.Rmb80bn in saleable resources) and shrinking gross unbooked sales (-44% h/h to Rmb30.2bn) point to weak development revenue visibility. Meanwhile, development margin (c.18.7% excl. impairment) may continue to fall as Yanlord recognises its presales recorded in the past two years (at c.10%-15% GPM). Further inventory write-down would be a wild card dependent on future ASP trends. We believe Yanlord may continue to be loss-making in FY25-26F.
Continuing to de-risk its balance sheet. Management intends to maintain its defensive strategy and protect cashflow as their top operational priority. While land acquisition is not being ruled out, near-term focus will be on settling public bond obligations and destocking inventory. Yanlord aims to launch a lower c.Rmb25bn of saleable resources for FY25F.
actually when people (especially Member level usernames) start to come in to post crap after a good set of results and optimistic Chairman statement...almost appear like people are trying to collect the shares for cheap liao....
Way undervalued and underowned once in a decade opportunity here hor TGIF ya
Fireicy ( Date: 15-Aug-2025 10:06) Posted:
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Yanlord Land back in the black with H1 net profit of 379.2 million yuan
This comes amid a shift in the product mix of properties delivered
[SINGAPORE] Yanlord Land recorded a net profit of 379.2 million yuan (S$67.8 million) for the first half of 2025, reversing from a net loss of 486 million yuan in the year ago period.
This comes amid a shift in the product mix of properties delivered and a reduction in the write-down of completed properties for sale and properties under development.
Revenue declined 53.5 per cent to 9.3 billion yuan, from 20 billion yuan recorded the year before.
Yanlord said on Thursday (Aug 14) that income from property development decreased by 59.9 per cent to seven billion yuan in H1, primarily due to a decrease in gross floor area delivered to customers during the period.
The group reported an earnings per share of S$0.1963 in H1 2025, reversing from a loss of S$0.2516 in H1 2024.
No dividend was declared, unchanged from the year ago period.
Zhong Sheng Jian, Yanlord&rsquo s chairman and chief executive officer, said according to published statistics, Chinese national property investment, primary property sales value and sales area in China, continued to decline year-on-year in H1, though the pace of decline has moderated. He said that following over three years of market adjustments, the market is showing early signs of stabilisation.
&ldquo The group reported a turnaround to profitability in H1. This was mainly driven by the higher gross profit margins of certain development projects delivered during the period,&rdquo he added
China mulls asking firms run by central government to buy homes: sources
The renewed effort, which is still under discussion, could help speed up the clearance of China&rsquo s 408 million square metres of excess inventory
Published Thu, Aug 14, 2025 · 03:52 PM
[BEIJING] China is preparing to mobilise companies owned by the central government in Beijing to purchase unsold homes from distressed property developers, following the limited success of a previous initiative that relied on local governments, according to people familiar with the matter.
Regulators are planning to ask some of the biggest state-owned enterprises and bad debt managers including China Cinda Asset Management to help clear the housing glut, said the people, asking not to be identified discussing a private matter. The firms will be allowed to tap 300 billion yuan (S$53.4 billion) of funding that the central bank earmarked for the programme last year, one of the people said.
The renewed effort, which is still under discussion, could help speed up the clearance of China&rsquo s 408 million square metres of excess inventory &ndash larger than the size of Detroit &ndash and ease the financial burden of the troubled developers. Officials are also considering scrapping a price cap for the programme, in a bid to accelerate the process and improve the economics of the plan for both developers and state buyers, people familiar said in March.
The housing ministry and Cinda did not immediately respond to requests for comment.
While the move to enlist bad-debt managers might help improve sentiment, the impact may be limited by the firms&rsquo own stretched finances. The plan comes as China&rsquo s property sector hits a new low with the delisting of China Evergrande Group and new-home sales by the 100 largest developers falling more than 20 per cent for two consecutive months.
The People&rsquo s Bank of China (PBOC) launched a nationwide relending programme in May 2024 to help local state-owned companies buy unsold homes, and said a few months later it will ramp up the initiative. There are about 60 million unsold apartments in the country, which will take more than four years to sell without government aid, Bloomberg Economics estimated in May last year.
The housing ministry and Cinda did not immediately respond to requests for comment.
While the move to enlist bad-debt managers might help improve sentiment, the impact may be limited by the firms&rsquo own stretched finances. The plan comes as China&rsquo s property sector hits a new low with the delisting of China Evergrande Group and new-home sales by the 100 largest developers falling more than 20 per cent for two consecutive months.
The People&rsquo s Bank of China (PBOC) launched a nationwide relending programme in May 2024 to help local state-owned companies buy unsold homes, and said a few months later it will ramp up the initiative. There are about 60 million unsold apartments in the country, which will take more than four years to sell without government aid, Bloomberg Economics estimated in May last year.
HONG KONG &ndash China Evergrande Group&rsquo s delisting marks a bleak milestone for the nation&rsquo s property sector, now in a fourth year of paralysis that continues to weigh down the world&rsquo s second-largest economy.
The company, once China&rsquo s biggest developer by sales, will be removed from the Hong Kong stock exchange on Aug 25, a year and a half after the shares were suspended and almost 16 years after the Guangzhou-based firm was listed.
The delisting comes as liquidators sifting through the books revealed that the developer&rsquo s debt load now stands at about HK$350 billion (S$57.2 billion), much bigger than previously disclosed.
The liquidators provided a stern assessment after more than a year of going through the balance sheet and the firm&rsquo s web of entities, deeming its chances of pulling off a holistic restructuring as &ldquo out of reach&rdquo .
Once emblematic of China&rsquo s housing boom, Evergrande&rsquo s fall underscores the fragility of the market, where declining consumer confidence, oversupply and mounting debt have stalled real estate recovery efforts.
&ldquo It&rsquo s a symbolic moment for the mainland property sector,&rdquo said Mr Kenny Ng, a strategist at China Everbright Securities International. The drastic collapse &ldquo will definitely leave a deep memory in all investors in the market&rdquo .
Evergrande&rsquo s downfall is by far the biggest in a crisis that dragged down China&rsquo s economic growth and spurred a record of distressed builders. The company, which first defaulted on a dollar bond in December 2021, was worth more than US$50 billion (S$64 billion) in 2017 at its peak.
Despite government stimulus, property sales remain sluggish in 2025, prompting analysts including UBS Group&rsquo s to delay expectations of a recovery to mid-to-late 2026. New-home sales by the 100 largest developers have fallen more than 20 per cent for two consecutive months, China Real Estate Information data showed.
Calls for further policy support for the residential market have grown louder as the slump drags on. Still, the Communist Party&rsquo s decision-making Politburo refrained from adding property stimulus measures at a meeting in July after the Chinese economy held up surprisingly well in the face of US tariffs.
Evergrande has been joined by a raft of firms in unravelling.
On Aug 11, China South City was ordered to liquidate by Hong Kong&rsquo s High Court after failing to win enough support from creditors for its restructuring proposal.
Hong Kong&rsquo s courts have issued at least six wind-up orders for Chinese developers since the crisis began in 2021. Evergrande&rsquo s liquidation remains the most complex and serves as a road map for other developers going through the same process.
About US$150 billion of debt from the country&rsquo s developers have fallen in distress.
Even worse is that a growing number of builders that passed key milestones for restructuring proposals are now heading back to square one. Sunac China became the first major Chinese builder to pursue a second debt overhaul plan.
Liquidators&rsquo chase
Evergrande&rsquo s liquidation has been a monumental task as the company comprises 3,000 legal entities in multiple jurisdictions, and has about 1,300 projects under development in more than 280 cities, according to the liquidators. They have assumed control of more than 100 companies related to the firm that collectively hold a value of HK$27 billion.
There were also 3,000 projects under the Hong Kong-listed property management operation Evergrande Property Services Group. Creditors are especially paying close attention to the handling of this arm, since it &ldquo represents a very substantial potential source of value&rdquo and is being given &ldquo the highest priority&rdquo in terms of attention, the liquidators said.
The liquidators said the realisation of assets has so far been &ldquo modest&rdquo at US$255 million. Some US$167 million has been &ldquo upstreamed&rdquo and linked to Evergrande, but stakeholders should not assume that all of the money will be available to the company due to complex ownership structures, they said.
A previous analysis by Deloitte estimated the recovery rate for Evergrande&rsquo s offshore unsecured creditors stood at just 3.53 per cent.
&ldquo The announcement of Evergrande&rsquo s delisting could add more pressure to mainland builder shares still trading,&rdquo said Mr Ng.
&ldquo It&rsquo s a lesson to investors, alerting them to spend more time to understand a company&rsquo s business when earnings are growing too fast and to study policy shifts.&rdquo BLOOMBERG
Aloser ( Date: 15-Aug-2025 09:54) Posted:
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Chairman statement gives some optimism. " primary property sales...pace of decline has moderated....market is showing early signs of stabilisation"
got patient money maybe can park here and wait and see. could be all upside from here
dyodd
got patient money maybe can park here and wait and see. could be all upside from here
dyodd
After removing the heavy discount hor perhaps reclaim of its dollar status hor just look at cao ok. Btw nav is close to 3 bucks ya (just posting for fun only).
piscesmonkey ( Date: 15-Aug-2025 09:44) Posted:
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China&rsquo s property crisis hits new low with Evergrande delisting...(Strait Times)
Very good result
| spursfan ( Date: 15-Aug-2025 09:07) Posted: |
Not every apple in the basket are rotten ok. Worse was iver time for tge heavy discount to be removed first than hor...😉
finjungle ( Date: 06-Aug-2025 11:34) Posted:
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No prescription to cure the obesity in the property market in China.
Country Garden is trying to postphone the hearing of its death sentence
Country Garden is trying to postphone the hearing of its death sentence
Fireicy ( Date: 06-Aug-2025 11:30) Posted:
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😉
Fireicy ( Date: 23-May-2025 14:36) Posted:
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smelly breath..
piscesmonkey ( Date: 23-Jul-2025 16:10) Posted:
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Should break 620 soon
piscesmonkey ( Date: 23-Jul-2025 14:12) Posted:
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