Ying Li

Ying Li: Voyage Research has an Increase Exposure with $0.865 TP, as house expect Ying Li’s share price to recover once it reports profits from the Ying Li International Plaza (YLIP). Voyage notes that its recent 3Q13 loss was negligible in the sense that construction at the YLIP is reported to be nearing completion and the company has clarified that it has already received the necessary building approvals for handover of Phases 1 and 2 to take place. Therefore, revenue recognition has merely been pushed to 4Q13 due to what appears to be more stringent fire safety and regulatory checks. Moreover, the completion of the 98,439 sqm (total net lettable area) YLIP retail mall this year is likely to lead to healthy revaluation gains.