Yanlord: JP morgan maintains overweight rating with TP of $2.10, based on 30% discount to RNAV. Highlights that grp has sold 80% of its Yanlord Townhouse in Shanghai since the project launch on Sunday, which was also right after measures came out on 7 Oct by the Chinese govt to cool the Chinese Property market. Good take-up rate suggest grp’s ability to attract buyers even under uncertain environment…..
Note that grp has achieved 78% of contract sales target for the year and is on track to achieve sales target of Rmb9b. With an RNAV estimate of $3, grp is trading at a 45% discount to RNAV and current levels provide an attractive entry point.
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