Yanlord

Yanlord: Reported strong set of 3Q10 results, with net profit at $110.1m, +21% YoY due to lower land appreciation tax. Revenue, however, fell 10% to $527.3m, owing to a smaller GFA delivered in line with grp’s delivery schedule…

As at 30Sept10, Group had total pre-contracted sales of approximately $950.1m which will be progressively recognised as revenue in subsequent financial periods. Yanlord remains in a strong financial position with cash and bank balances of approximately $1.14b…

In line with the increased profit attributable to equity holders of the Co, fully diluted EPS in 9m10 +3.7% to 10.84c vs 10.45c in 9m09. At current levels, NAV/ share is at $1.24, translating to a P/B of 1.45x, while grp trades at 56% discount to RNAV of $2.81.