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Monday let see how it progress.
I bought at 2.02,what do you think on mon,down or up.
the article mention this JV will contibute to bottomline in FY12... short term still see overall market trend...
Bankes are turning their attention back to this counter.....watch out.
investment ( Date: 19-Feb-2010 17:56) Posted:
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HOT FROM OVEN!!!
Property Shanghai Knights Yanlord Land: BUY (upgrade from HOLD); S$1.79; Price Target: S$ 2.22 (Prev S$2.15)
Ho Bee Investment: BUY; S$1.80; Price Target: S$ 2.29 (Prev S$2.23) by: Adrian Chua +65 6398 7961
Joint acquisition by Yanlord (60%) and Ho Bee (40%) of a prime residential site in Shanghai at an average price of RMB15,498 psm ， Acquisition is positive, particularly for Ho Bee as it enters Shanghai with assistance from a strong JV partner ， Reiterate BUY for Ho Bee, TP S$2.29 (from S$2.23); upgrade Yanlord to BUY (from HOLD), TP S$2.22 (from S$2.15) Joining Forces. Yanlord and Ho Bee announced the joint acquisition, through a 60:40 equity ownership respectively, of a 13.69-hectare prime residential development site in Qingpu District in Shanghai. The site has a total planned GFA of approximately 246,487 sqm. The total acquisition cost was RMB3.82bn or an average purchase price of RMB15,498 psm, purchased at a public land auction. Prime Site Close to Hongqiao Commercial District. The site is situated 5.5 km from the heart of the Hongqiao Commercial District, which has been earmarked by the Shanghai municipal government to be the city's fully integrated financial, commercial and logistical hub servicing the Yangtze River Delta region. It will also house the world's largest logistical nexus consisting of Shanghai Hongqiao airport, Shanghai Express railway network and Shanghai metro network. The site is within the Qingpu Tujing Township, which is a high-end international residential community in western Shanghai, bordered by many amenities including a variety of international schools. RNAV Accretive. We expect this acquisition to be accretive for both parties. We are assuming a breakeven cost of around RMB25,000 psm, with a potential ASP of RMB30,000 psm, though we only expect this acquisition to contribute to earnings in FY12. This bumps Ho Bee's RNAV up to S$2.69 (from S$2.62) and its gearing could move up to 0.6x. For Yanlord, this along with recently announced acquisitions at Chengdu and Hainan, brings its RNAV up from S$2.69 to S$2.77 and its gearing could potentially hit around 0.4x. Reiterate BUY for Ho Bee, Upgrade Yanlord to BUY. We view this acquisition positively, particularly for Ho Bee as it re-enters the Chinese property market in a significant way, with assistance from a strong JV partner. It could potentially leverage on Yanlord's strong brand equity in Shanghai, even as both parties continue to explore an eco-city development in Tangshan. We reiterate our BUY call for Ho Bee, with TP increased to S$2.29 (15% discount to RNAV of S$2.69). We also upgrade Yanlord from HOLD to BUY - the stock has retreated 12% since we downgraded the stock about a month ago. We believe that value is emerging and we recommend that investors take advantage of dips to buy this developer with a consistently strong track record. Our TP of S$2.22 is based on a 20% discount to RNAV of S$2.77.
I am not sure about the joining effort thinggy.. Black Spinning Top confirmed more downside for this stock as with low volume, we will wait how it will rebound there after.
SOBAYOR,
star-trader
tonylim ( Date: 18-Feb-2010 20:37) Posted:
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Im afraid on next mon when china market is open,Yanlord will be drag down by last fri news.
Ho Bee & Yanlord canNOT go wrong.
A bit disappointed close at 1.72.
it is, base on its mkt size....
credit suisse stating that china property stocks are dirt cheap..
they must be the ones tryin to push up yanlord n gang
droppin to 1.7 now...
fundamentally, dropping to 1.3-1.2 will be a very good buy with PE going to 10x compare with Singapore property stock
trader9988 ( Date: 18-Feb-2010 21:26) Posted:
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Doubt so, from 1.6 - 1.7++ is not consider a rebounce for this counter. With strong cash position, i guess it will surge up in days to come....just my view......some big player is playing others fears...when counter hit 1.74-1.75, tix was sollow up in seconds...ppl using CFD to short? Or mr JP Morgan and BB is eating at that price....
trader9988 ( Date: 18-Feb-2010 21:26) Posted:
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Wa, 1.20 or 1.30 is very far man...
trader9988 ( Date: 18-Feb-2010 21:26) Posted:
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wow lot of supporters..has to sustain abv 1.8...recent rebound on decreasing volume..i think 2nd selling wave coming after recent rebound up .....aiming at 1.2-1.3 for entry.. my 2 cts view only
9M 2009 vs. 9M 2008
Riding on the commendable performance in 3Q 2009, revenue grew by 132.7% or S$790.2 million to S$1,385.6 million in 9M 2009 over the respective period last year. The increase in revenue was mainly driven by a rise in GFA delivered and higher ASP per sqm achieved as a result of the change in product mix composition – a higher percentage of the higher-profit-margin property, namely Yanlord Riverside City (Phase 2 and 3) (仁恒河滨城二及三期) in Shanghai, delivered in 9M 2009 as compared with 9M 2008. This project together with Yanlord New City Gardens (Phase 2 – Section 1) (仁恒星园二期一段) in Zhuhai, Yanlord Peninsula (Townhouse) (星岛仁恒) and Yanlord Peninsula (Apartment) (星屿仁恒) in Suzhou contributed substantially to the revenue stream in 9M 2009, each representing 70.0%, 6.8%, 6.2% and 5.4% respectively to the Group’s gross revenue from the sales of property units in 9M 2009.
In tandem with the strong revenue growth, gross profit reached S$810.8 million in 9M 2009 as compared with S$302.7 million in 9M 2008, representing a growth rate of 167.8%. Gross profit margin reported an increase of 7.7 percentage points over 9M 2008 to 58.5% in 9M 2009, primarily due to the increase in percentage of GFA delivered in Yanlord Riverside City (Phase 2 and 3) (仁恒河滨城二及三期) in Shanghai out of the total GFA delivered in 9M 2009 as compared to 9M 2008.
In 9M 2009, profit before income tax was higher at S$747.9 million with the profit before income tax margin at 54.0%, representing a 188.1% increase in amount and a 10.4 percentage points increase in margin over the corresponding period last year. Profit for the period also increased by 137.2% to S$307.9 million in 9M 2009 from S$129.8 million in 9M 2008, but at a lower growth rate when compared to the growth on profit before income tax mainly due to the higher LAT driven by the high-profit-margin at Yanlord Riverside City (Phase 2 and 3) (仁恒河滨城二及三期) in Shanghai and the higher enterprise income tax driven by the improved revenue in 9M 2009. The Group’s profit for the period margin remained the same at about 22% in both 9M 2009 and 9M 2008.
STATEMENTS OF FINANCIAL POSITION
Convertible notes
Convertible notes increased to S$655.2 million as at 30 September 2009 from S$323.6 million as at 31 December 2008 mainly attributable to the issue of new convertible notes due 2014 in July 2009. The difference between the nominal value of convertible notes of S$713.3 million and the book value of S$655.2 million (as recorded herein) was mainly attributable to the fair value of conversion options (recorded as "Reserves" in the statements of financial position in accordance with the relevant accounting standards) and the cumulative interest charged.
Cash and bank balances
Cash and bank balances as at 30 September 2009 increased by about five times to S$1,847.4 million from S$375.7 million as at 31 December 2008 mainly due to the increase in net cash of S$1,063.6 million from operating activities, net proceeds of S$595.2 million from issue of new shares in June 2009 and convertible notes due 2014 in July 2009.
Other payables
Consequent to the increase in the receipt of pre-sales proceeds from customers, other payables, included primarily advances received from customers rose to S$823.9 million as at 30 September 2009 from S$ 223.8 million as at 31 December 2008.
STATEMENTS OF CASH FLOWS
Net cash from/used in operating activities
The Group improved its cash position in operating activities, where net cash from operating activities of S$403.9 million in 3Q 2009 and S$1,063.6 million in 9M 2009 was recorded as compared to the usage of net cash of S$484.9 million in 3Q 2008 and S$648.2 million in 9M 2008. The surplus in cash from operations was mainly driven by the increase in operating profits as a result of sound revenue streams and the increase in pre-sales proceeds received from the customers which were included in "Trade and other payables" in the statements of cash flows.
Don't worry - with Ho Bee in joint partnership - Yanlord will move above $2 soon
ronleech ( Date: 18-Feb-2010 12:18) Posted:
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When counter can clear 1.83, i think it will head up to 2 in no time....
Should not be a problem to repay the CB as you can seem that yanlord can bid for this piece of land at this price.
alexchia01 ( Date: 16-Feb-2010 00:04) Posted:
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