Yanlord

Yanlord: Deutsche maintains Sell with TP $1.02, and reduces earnings forecasts. While the recent relaxation in mortgage restriction shd help boost upgrading demand where Yanlord shd be a beneficiary, Yanlord suffers from the following: i) Unattractive valuations at 10x FY14 P/E compared to industry avg of 7x ii) slow pace of new project acquisitions in recent yrs which will constrain growth iii) slower contracted sales meeting only 60% of full year target of Rmb13b, vs industry average of 69%.