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1701-1720 of 1772
Another buying call from phillip Securities TP S$1.15
DBS Securities Buying call TP S$1.20
Kim eng Securities buying call Tp S$1.20
Tomorrow Today Paper , my paper will showing Buy
I belive Tomorrow they will push this Baby up to s$0.60 - s$0.70
But no contract player if you canot afford to loss money ???
Ying Li International Real Estate
- Issuing S$200mil convertible bond
Phillip Securities Research Pte Ltd
25 January 2010
Market
Singapore Stock ExchangeSector
Real Estate OperationsReuters
YING.SIBloomberg
YINGLI LI SPBUY
(Unchanged)
Closing Price
S$0.580
12-month Target Price
S$1.150 (+98.3%)
Last Price
0.5852w k High (9/25/2009) 0.92
52w k Low (3/4/2009) 0.06
Shares Outstanding (mil) 2162.492
Market Cap (S$ mil) 1254.25
Avg. Daily Turnover (mil) 20.80
Free float (%) 28.23
PE (X) 4.48
PB (X) 3.91
1M 3M 6M
Absolute
Relative
-7.9% -30.1% 107.1%-7.7% -35.2% 92.2%Price performance %
Price
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
11/01/2009 11/05/2009 11/09/200 11/01/2010
0
500
1000
1500
2000
2500
3000
3500
Major Shareholders %
1 Newest Luck Holding 42.86
2 Leap Forward Holdings 18.94
3 Phillip Securities Pte Ltd 9.98
Source: Bloomberg
Analyst
Brandon Ng Chenhao
Tel: +65 6531-1792
Fax: +65 6536-4435
Email: brandonngch@phillip.com.sg
Web: www.poems.com.sg
MICA (P) 153/01/2010
Ref No: SG2010_0026
Yingli announced that they have successfully priced a S$200mil convertible
bond issuance to global institutional investors
into new Yingli shares at a price of $0.8029 per share.
5-year convertible bonds will have a coupon rate of 4.00% per annum and are convertible
acquisitions, strategic joint ventures and alliances and the rest for working capital.
More than 90% of the estimated net proceeds of S$192mil will be used to fund land
CBs
Convertible bond is slightly cheaper than bank rates but expensive as compared to recent
Funds raised to develop Lu Zu commercial projects
RNAV of S$1.150. We maintain our BUY recommendation.
We tweak our valuation model to assume full S$200mil bond conversion to reach a dilutedYingli announced that they have successfully priced a S$200mil convertible
bond issuance to global institutional investors
The 5-year convertible bonds will have a coupon rate of 4.00% per annum and are
convertible into new Yingli shares at a price of $0.8029 per share. This is a 30.6% conversion
premium to its closing price on 21 Jan 2010, the day before the announcement. The
management adds that the conversion premium of 30.6% is the highest ever for an Asian
Real Estate Issuer in the last 23 months and is a testament of strong institutional investors
confidence in the companys resilient growth potential. More than 90% of the estimated net
proceeds of S$192mil will be used to fund land acquisitions, strategic joint ventures and
alliances and the rest for working capital. The convertible bond will have an upsize option of
an additional S$75mil pursuant to the exercise of such option by the Lead Manager, J.P.
Morgan.
Convertible bond is slightly cheaper than bank rates but expensive as compared to
recent CBs
The current CB has an annual coupon rate of 4.0% and the company will redeem each CB at
114.496% of its principal amount. As such, the reported yield to maturity calculated on a
semi-annual basis is 6.5%. But after we account for the estimated expenses of S$8mil, the
real interest cost to the company is approximately 7.48%. This is slightly lower than the
7.78% interest on the 10-year RMB 450mil loan Yingli secured from the China Construction
Bank in November 2009 but higher as compared to the recent convertible bonds issued. We
believe this is to compensate for the high conversion premium of 30.6%.
Conso' Profits EPS DPS BV ROE P/E Yield P/BV
Ending (RMB mil) (RMB) (RMB) (RMB) (%) (X) (%) (x)
12/06 A 26.9 0.01 NA 0.06 21.88 231.12 NA 50.56
12/07 A 680.1 0.31 NA 0.37 86.02 9.15 NA 7.87
12/08 A 357.4 0.17 NA 0.59 34.42 17.42 NA 4.84
12/09 E 38.3 0.02 NA 1.01 2.21 147.25 NA 2.80
12/10 E 567.6 0.26 NA 1.27 23.04 10.42 NA 2.22
Good vision, I should say. There will be bumpy road ahead of YingLi base on loan tighten from China. This may create short term financing difficulty and may prompt money raising again.
There are many other questions as well:
- Be then, does the property market still as hot as now?
- Are we sure China property market are still growing 2 years from now?
- etc
tankuku ( Date: 24-Jan-2010 13:13) Posted:
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tankuku,
I really do not know what you have regarding this counter. All the stock broking houses are recommending this counter and yet you are on the contrary. I guess you must have your own agenda to mislead.
tankuku ( Date: 24-Jan-2010 13:13) Posted:
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pharoah88 ( Date: 25-Jan-2010 14:41) Posted:
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When you BELIEVE in itm, JUST BUY
and DON'T LOOK BACK........
Buying Call from kim eng
2) Ying Li International company update (Anni KUM: 64321470)
Recommendation: Buy (maintained)
Target price: $1.20 (maintained)
Previous day closing price: $0.575Convertible bond issue provides funding for landbanking
Ying Li issued a S$200m, 5-year convertible bond (CB) with a conversion price S$0.8029 and upsize option of S$75m. The CB has coupon rate of 4% p.a. payable semi-annually and yield-to-maturity of 6.5%. Net proceeds of S$192m will be used to acquire two land parcels along Wuyi Road in the prime area of Yuzhong district in Chongqing. JP Morgan is the lead manager and sole bookrunner of this deal.
Dilution to be minimal
The CB will mature on 3 March 2015. The issue and bondholders have the option to redeem early on 3 March 2013. The number of shares to be issued upon full conversion of the CBs is 249.1m, representing 11.5% of the total share capital of the Group. We estimate a net gearing of 0.34x by the end of 2010.
Strong interest in bond issue, but company reaps greater benefits
According to management, the CB issue received strong interest from global institutional investors, comprising existing as well as new investors. The terms of the CB is beneficial for the Group, in our view, given that the yield-to-maturity (cost of debt) of the bond is lower than the interest rate of existing loans (8-9%). Moreover, the CB is not immediately dilutive.
Anticipated projects likely to be RNAV-accretive
With this source of funding, Ying Li will be able to deliver on its plan to acquire the two parcels of land along Wuyi Road. We keep our estimates unchanged, pending details of the project. Ying Li is likely to retain a large portion for rental. Assuming an average base rental rate of RMB200psm/mth for retail and commercial space and cap rate of 7%, we estimate RNAV-accretion of $0.14/share.
Short-term catalysts aplenty. Reiterate Buy
http://www.remisiers.org/research//mb%2025%20Jan.pdf
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With the financing overhang removed, Ying Li should perform in the longer term. We anticipate more positive newsflow involving the signing of tenancy agreements at the upcoming IFC and acquisition of land parcels. Management is also open to exploring options to obtain better valuations. Reiterate Buy at target price of $1.20. Year End Dec 31 |
2007 |
2008 |
2009F |
2010F |
2011F |
|
Sales (RMB m) |
na |
86.7 |
140.6 |
378.6 |
2,237.0 |
|
Pre-tax (RMB m) |
na |
26.0 |
85.4 |
241.7 |
1,263.0 |
|
Net profit (RMB m) |
na |
355.6 |
28.0 |
90.8 |
719.6 |
|
EPS (RMB cents) |
na |
63.2 |
1.4 |
4.2 |
33.3 |
|
EPS growth (%) |
na |
na |
-97.8 |
195.4 |
692.6 |
|
PER (x) |
na |
4.3 |
191.4 |
64.8 |
8.2 |
|
EV/EBITDA (x) |
na |
4.0 |
16.0 |
10.3 |
2.0 |
|
Yield (%) |
na |
0.0 |
0.0 |
0.0 |
0.0 |
DBS Group Research . Equity 19 January 2010
Ying Li International
(Bloomberg: YINGLI SP | Reuters: YING.SI)BUY; S$0.62; Price Target: S$ 1.08
Analyst:
paulyong@dbsvickers.com
Paul Yong (8621) 6888 3372Ying Li to acquire 2 parcels of land in Chongqing CBD totalling
GFA of c. 2.5m sqf.
Ying Li announced that it intends to buy 2 parcels of
land on Wu Yi road, which has been designated as the
new Financial Street by the Chongqing government,
with a total GFA of about 2.5m square feet or c.
240,000 sqm.
Whilst this is positive news for the company, we have
little other details at this point in time with regards to
the development schedule, type of development i.e.
retail / commerical / mixed etc.. as well as the funding
options for this project. We estimate that the land cost
for this is around RMB4,500 per square metre with
development costs of around RMB4,000-RMB4,500 per
sqm and potential sale prices of above RMB20,000 per
sqm on average. However, with total land cost of c.
RMB1.1bn and similar size of development cost, Ying Li
is likely to need to come to the market for equity or
funding of some sort for this project, especially if it
intends to keep a substantial portion of it for rental. This
project certainly looks RNAV-accretive but we want to be
more certain of the above details before adjusting our
numbers.
Hence, we maintain our TP of S$1.08, which is based on
10% discount to RNAV of S$1.21. We will issue a full
note once we get more details on the numbers for this
project as well as funding options.
DBS Group Research . Equity 19 January 2010
http://www.remisiers.org/research//yingli190110-flash%20buy%20DBSVpdf.pdf
The Convertibe Bond is 100 % sold at S$0.8029 to outside singapore buyer. ( midst buyer )
======================================
Ying Li successfully priced S$200 million
convertible bond issuance at record conversion
premium of 30.6%
issuance out of Singapore in 2010
1 - first convertible bond·
tightening environment and volatile financial market issue was multiple times
oversubscribed
Strong demand from global Institutional Investors in the midst of a credit·
the last 23 months
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E5D290C231E0F300482576B3000072F5/$file/Yingli_Press_Release.pdf?openelement
samson ( Date: 25-Jan-2010 09:32) Posted:
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phillipresearch
Ying Li International Real Estate Company Update (Brandon Ng)
Recommendation: Buy
Previous close: S$0.580
Fair value: S$1.150
investors
Yingli announced that they have successfully priced a S$200mil convertible bond issuance to global institutional
price of $0.8029 per share.
5-year convertible bonds will have a coupon rate of 4.00% per annum and are convertible into new Yingli shares at a
ventures and alliances and the rest for working capital.
More than 90% of the estimated net proceeds of S$192mil will be used to fund land acquisitions, strategic joint
maintain our BUY recommendation.
We tweak our valuation model to assume full S$200mil bond conversion to reach a diluted RNAV of S$1.150. Webh704428 ( Date: 24-Jan-2010 17:01) Posted:
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is yingli likely to fall towards 51 cts in the next few days? Or worse how much lower is it likely to fall to before bottoming?
Me sold everything at 64.5 cts,
now still waiting
this counter should be under pressure in the short term.
china already asking banks to increase the reserve ratio that means stop lending.
bank stop lending should be targeting the overheating property sector in china. i think investor should think twice before investing. wait for correction.
Have to wait long long to reach 0.6 agin.
Short term will move down toward 0.38. Just wait and see la.
Goog luck