Yanlord: Samsung Sec initiates a Buy with $1.95 target price based on a 20% discount to FY11 NAV estimate. Likes the China-based high-end developer for its quality project launches with projected sales of Rmb12.1b in 2011 & Rmb17b in 2012, +34% & 41% respectively from 2010. Attributes Yanlord's success to its detailed designs & sales tactics that target end buyers rather than speculators & forecasts 21% net profit CAGR over 2009-2012.
While house is less positive on high-end developers compared to mass-market ones, it believes Yanlord's end-user focus should support the company's growth under the current policy environment. Shares consolidating around $1.67-1.70 level past few wks.
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