Tuesday, August 14, 2012

Yanlord

Yanlord: Results above expectations with rev at Rmb2.7b up 311.2% yoy with net profit up 17 fold yoy. The strong results were due to a significant increase in GFA delivered to customers with 3 projects namely Yanlord Riverside Gardens in Tianjin, Yanlord Lakeview Bay in Suzhou and Bayside Gardens in Shanghai. Other gains included a valuation gain on Yanlord Riverside Plaza and a disposal gain on an available-for-sale invt in Shanghai, totalling Rmb466m. Pre-contracted sales stands at approx Rmb7.7b as at 30 Jun 2012 as compared to Rmb6.9b in Mar. Co has guided that near-term sentiments are expected to be volatile but co is confident of the long term potential of the real estate sector. Co currently trades at 0.86x P/B

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