Ying Li

Ying Li: Voyage Research has an Increase Exposure rating with $0.845 TP, implying a 168% return from the current price. Following its FY13 results with net profit of Rmb205.7m on revenue of Rmb638.8m, Voyage views that the drag came from non-operating items like lower fair value gains, FX, financing facility fees and finance costs due to the expensing of previously capitalized interest costs. Going forward, House believes that profitability should recover in FY14 as the company hands over the higher margin YLIP office units and higher priced residential towers. Topline for FY14 should also be underpinned by contracted sales of Rmb780m.