Yanlord

Yanlord: DBSV maintains Hold with $1.24 TP. Note that sales slowed down in April after a strong recovery in March and May sales is expected to improve with more project launches. Add that 1Q results might not be exciting due to limited delivery lately and challenges remain due to high-end focus. Counter is trading at 53% discount to NAV, 10.4x FY12PE and 0.8x PB (vs sector average of 53.2% discount, 6.9x PE and 0.9x PB). While Yanlord is making improvement in pre-sales, view challenges remain for Yanlord given its high-end focus.