YingLi: JPM lowers TP to $0.50 from $0.60, but keeps Neutral rating. Expects the activity level for YingLi to step up significantly this year, as mgt focuses on execution to ensure on-track delivery, leasing for the IFC project, which will be completed by year-end. 60% of its retail space is currently pre-committed or under final negotiations. But believes the group will continue to face negative operating cash flow, with cash inflows heavily dependant on pre-sales for the next 2yrs..
Reduces earnings estimates to incorporate changes in completion schedules and the loss of rental income from asset sales of the Future International office unit.
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