YingLi: Kim Eng maintains Buy with $0.50 TP, pegged at 40% discount to RNAV. Note that grp posted 51%YoY jump in 3Q Net profit to RMB5.8m on back of 17.3% growth in revenue to RMB36.8m, as grp achieved higher ASP from sale of unit in Future International. Core earnings estimated to be about Rmb11.5m….
Highlight that preview of the IFC has begun and is likely to be officially launched within this yr, and a total of 20,000sqm of office space is up for sale and will be recognized as rev in FY11. Expect Ying Li to turn slightly profitable in FY10 after the booking of a fair value revaluation gain of no less than Rmb30m, while RNAV model has been adjusted to reflect the re-design of grp’s Daping project and more achievable retail yield and ASPs assumption.
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