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China Yuanbang Property Holdings Limited, and together with its subsidiaries, announced that its wholly-owned subsidiary, Guangdong Yuanbang Real Estate Development Co., Limited had entered into a legally binding co-operation framework agreement with the People's Government of Wanyuan City of Sichuan Province in relation to the proposed development of the Batai Mountain – Longtan River National Park in Sichuan Province of the People's Republic of China.
/sgx
despite some good news & recommendation by the paper, CYB juz cant seem to stay above its ipo price for long. its really getting quite disappointing.
YUANBANG PROPERTY RECEIVES "2007 China Quality Construction Silver Award".
this is a very low vol counter, trade with care.
Maybe this horse a bit crippled, so can't run too fast. Let alone galloping.
when is this going to start galloping???
Lets pray that the crazy horse will start galloping tomolo
China Yuanbang chosen for inclusion in the FTSE ST China Index
The criteria applied for entry into the FTSE ST China Index is based on individual market capitalization which must fall within the top 98% by full market capitalization of all SGX Mainboard companies and its free float which must be greater than 15%.
In addition, as a liquidity consideration, the selected stock for FTSE ST China Index must trade with a median daily turnover value of at least 0.05% of the value of its free float-adjusted shares in issue for at least 10 out of the past 12 months.
Now maybe this piece of news may kick start the horse...
cool .....
will gallop like a crazy horse soon .....
analyst's call for 81 cts will come true anytime .....
a ghost property counter,avoid for time being.
Will it's technicals similar to Meghmani ?
Ready for a crazy horse run ?
Strongly upgraded ?
Very good upside potential ?
Think outlook of property market in China is still bright....CYB, PanHong, Sunshine Holdings are the top pick...accumulate when price is weak.
CYB moving again, good for all those who invested.
PhilipCapital initiated coverage on China YB with fair value of $0.81.
CYB moving up steadily, hope that it can maintain this momentum.
YUANBANG PROPERTY ENTERS INTO SALE AND PURCHASE AGREEMENT TO ACQUIRE JOINT VENTURE PARTNER IN THE AQUA LAKE GRAND CITY PROJECT AT RMB 200 MILLION
-To penetrate further into real estate development industry and addition of land reserve in the PRC
-To increase profitability and reap any future increases in the underlying value of the development site
-To have better control over the cost and quality of the construction
Singapore, 26 November 2007 ? China Yuanbang Property Holdings Limited (元邦房地产控股有限公司) ("Yuanbang Property" or the "Group"), a premium brand Guangzhou-based property developer that focuses on the development of quality residential and commercial properties, today announces the entering of a conditional sale and purchase agreement ("the S&P agreement") with an independent vendor to acquire the entire issued share capital of Spirit World Holdings Ltd ("Spirit World"), which is one of the joint venture partners in the development of its Aqua Lake Grand City (绿湖豪城) project ("the Nanchang project"), at a cash consideration of RMB 200 million to be funded by internal resources of the Group.
After the completion of the proposed acquisition, Spirit World would become an indirect wholly owned subsidiary of the Group, which will in turn indirectly hold 51% controlling stake of New Zhong Yan (Nanchang) Real Estate Development Co., Ltd. ("New Zhong Yan"), another joint venture partner of the Nanchang project and holding the development site area of 193,380 square meters ("sq m") which is valued at over RMB 400 million.
Said Mr. Chen Jianfeng, Executive Chairman of Yuanbang Property, "as we embark on geographical expansion, the proposed acquisition would enable the Group to expand our land reserves, market share and penetrate further into the real estate development industry in the PRC.
"We have confidence in the property market of Nanchang which is growing rapidly. This acquisition will not only enable the Group to enjoy more profitability from the sale of properties of the Nanchang project, but also allow the Group to reap the gain on the appreciation of the underlying value of the development site. The Group will be entitled to the proceeds from the sale of the hotel if the opportunity arises."
"Furthermore, we will have more control over the cost and quality of the construction." he supplemented.
The Group plans to continue seeking suitable land reserves through direct acquisition, joint ventures or business alliances as the strategy will provide an efficient and effective means to add to the Group?s portfolio of property developments and expand its revenue base.
The Aqua Lake Grand City is a significant mixed property development for the Group, located in Nanchang City, Honggu Tan New District, Hongjiaozhou, a new business district targeting affluent PRC customers, including businessmen and professionals. It is divided into three phases, and the development of Phase I had commenced in June 2007, while the development of Phase II had commenced in September 2007.
In early October 2007, the Group held its first pre-sales of residential units of Phase I of its Nanchang project and achieved a strong take-up rate of over 84.9% with an average selling price of RMB5,300 per sq m, which is 33% higher than the original target selling price of RMB4,000 per sq m.
Approximately 200 residential units were released for the second pre-sales on 10 November 2007, information on the take-up rate would be announced later. The remaining residential units will be launched by the end of November and during December, while the commercial units and car parks will be launched in 2009.
CIMB - OUTPERFORM; TP $0.56
China Yuanbang (S$0.39) - 1QFY08 results - More completion ahead In line. 1QFY08 net profit plunged 83.2% to Rmb2.8m due to the absence of exceptional gain. As expected, earnings in 1Q were weak because the company?s flagship Nanchang project would be completed and booked in 4QFY08.
Lacking new projects in 1QFY08. Earnings in 1QFY08 were negligible as there was no completion of new projects. Yuanbang Mingyue Gardens was the only earnings contributor in 1Q. This project was completed and mostly booked in FY07. A total of 2,600 sq m of the remaining units were booked in 1QFY08.
Presales of Nanchang were encouraging. The Nanchang project received good reception when it was first launched on 1 Oct with the presales of around 10,000 sq m at ASP of Rmb5,300/sq m, 13% above our estimates. The remaining 758 units in Phase 1 will be presold by stages from mid November onwards. For the remaining batches, we believe it can touch Rmb6,000/sq m.
Jinshazhou project delayed. The development of Jinshazhou project is still pending the approval of layout plan changes by the relevant department. Based on the existing progress, we believe that the completion will be slipped from FY08-FY09 to FY09-FY10. To compensate this, the management will speed up the development of Nanchang project. In total, we now assume the completion of 67k sq m GFA in FY08, 177k sq m in FY09 and 172k sq m in FY10 versus the previous forecasts of 76k, 180k and 198k respectively.
Downgrading FY08 earnings but upgrading FY09-10 earnings and NAV. We have cut our FY08 earnings by 18.4%, but lifted our FY09-10 earnings by 18.6-32.6% to reflect the revised development schedule and the higher than expected ASP of Nanchang project. Based on the revised ASP and Rmb/S$ exchange rate of 4.90 (previously 5.0), we also lifted our NAV/share from S$0.55 to S$0.62.
Keeping Outperform with higher target price. Yuanbang?s share price lagged behind its peers, due to the delay of projects and the absence of new acquisitions. We believe its current valuation has more than discounted for the above. Continuous presales of its Nanchang project at encouraging prices and the speed up in land acquisitions are expected to catalyse the share price. Reiterate Outperform at higher target price of S$0.56 (S$0.50), still at a 10% discount to our revised NAV.
I read the press release and the Q-report.
Roughly scan trhough, very misleading, why different figures?
It actually showed EPS negative growth in the Q report.
Can anyone verify?
FY2007 Financial Highlights:
Turnover doubled to RMB341.4 million
Profit attributable to shareholders increased 96.1% to RMB79.5 million
Earnings per share increased 87.7% to RMB15.84 cents
Final dividend of RMB1.5 cents per share
Net asset value per share rose to RMB85.1 cents from RMB28.0 cents
Cash and cash equivalents increased to RMB238.7 million from RMB33.4 million in the previous year.