Yanlord

Yanlord: DB maintain Sell on Yanlord (TP $1.02), following an unexciting set of FY13 results. While the pace of contracted sales growth was in line with the industry average in FY13, sustainability of contracted sales momentum is in doubt given the focus on the high-end segment. Consequently, slower sales growth could curb its ability to resume above-industry-average growth again in the future. Meanwhile, the 45% discount to NAV and 10x 2014e PE is not particularly attractive, vs. industry averages of 56% and 6x respectively.