Monday, July 22, 2013

Yingli

Yingli: Developed Yingli 3.0 to transform and grow the company. Key strategies include capital recycling, optimizing capital leverage, increase recurring income and maintain effective control of projects. This would include exploring reits for their investment properties. Group plans to expand further into Chongqing district CBDs and suburban centres and other 2nd/3rd tier cities in China. Also, it will extend its products into residential township, thematic commercial developments and property capital management. In valuation terms, Yingli trades at a non-compelling 12x forward P/E (2013E flat earnings growth) and 1.5x P/B . This is compared to closest peer Yanlord which trades at 10x forward P/E (2013E 30% earnings decline) and 0.7x P/B.

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