Yanlord: Results beat expectations and co changed reporting ccy to Rmb from SGD. FY2010 rev at Rmb7.4b -0.9%yoy but net profit at Rmb1.9b was up 30.2% mainly on fair value gains. Co recorded fair value gains of Rmb906.3m over Rmb562.1 in 2009 on appreciation of properties owned in Chengdu, Tianjian and Nanjing...
2010 rev was maintained despite smaller GFA due to a 14.7% growth in ASP per sqm. Yanlord Riverside City in Shanghai remained co’s main rev stream accounting for 44.8% of rev and Suzhou formed approx 24.4% of gross rev in FY2010. On a whole, all costs (admin,selling,finance) rose due increased business and issuance of US$300m 9.5% notes…
Outlook is good as pre-contracted sales grew by 30.7%, Rmb1.7b to Rmb7.4b compared to Rmb5.6 in 2009. These sales will be recognized as rev in FY2011. Co is also pursuing opportunities to expand its land bank with Jan 2011 acq of prime resi site of 364.8sqm in Tianjin. Div of Rmb5.99c declared bringing full yr div to Rmb7.21c, total yield of 1.0%. Co trades at P/B of 1.12x. Other peers P/B, Ying Li at 1.83x and Guocoland 1.16x.
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