Yanlord

Yanlord: Results below estimates. 1Q rev is at Rmb466.1m -84% yoy compared to Rmb4.7b prev quarter with net profit Rmb135.6m -49% yoy vs Rmb1.2b prev quarter. Fall in rev was attributed to lower GFA delivered in 1Q2012. However both ASPs and pre-contracted sales grew in 1Q2012 with pre-contracted sales up 28.8% to Rmb6.9b at 31 Mar 2012. ASPs were higher due to shift of sales mix to higher priced projects such as Yanlord Townhouse in Shanghai. Co will still proceed with plans to launch existing projects in 2Q2012 and expects positive results supported by its pre-contracted sales. Co currently trades at P/B of 0.65x.