Yanlord: Citigroup starts at Buy with $2.38 TP, based on 30% discount to 2011 NAV estimate. Note that high-end developer, one of lowest-risk China property stocks due to prudent expansion strategies, premium brand name & solid balance sheet. Forecasts 18% net profit CAGR over 2010-2012, driven by increase in volume of home sales….
Highlight that grp is well known in mainland China for its high-quality product, and the company has consistently been able to price its property projects at premiums of over 20% vss competitors. Expect grp's efforts to expand its investment property portfolio to form solid base of recurrent rental income & cash flow.
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