Yanlord Land Group

[specuvestor]

China stock effects?
I think Aberdeen does not do bottom-fishing.
Most of the time, they just buy because the see a value counter selling at a price that they can not refuse.
And then they hold it for very long term.

A traditional, if I do not want to hold the stocks for ten year, I will not buy even for a single day.


A Life not Reflected is a Life not Worth Living.

Aberdeen criteria - not just Value. Good Mgt. Good Corp Governance.

Need the above coz they are managing OTHER PEOPLE MONEY.

They flop before. Saytam.

Need the above because they are investing or "stuck" in the long term. They are buying a business not a stock. Less to do with OPM. Hedge funds also do OPM.

Buffett flopped too. Key is their long term principles of value investing, which shows in their track record in BOTH up and down cycles.

[valueinvestor]

So far Aberdeen's performance has been impressive, especially with mid caps. Petra food is one good example.

[cfa]

Short selling quantity today :1,137,000 shares.
Hope short sellers will get squeezed by strong buyers soon.

[valueinvestor]

Home prices still rising in major cities
BEIJING, Nov. 2 (Xinhuanet) -- Some top-tier cities are likely to miss targets set at the beginning of the year to stabilize home prices, as prices in China's 100 major cities continued to rise in October, a survey showed on Friday.

Despite government measures to tame runaway home prices and prevent housing inflation from eroding residents' spending power and living quality, prices have not shown any sign of a downward correction, according to a report from the China Index Academy, the research arm of SouFun Holdings Ltd, the owner of the nation's biggest real estate website. Full Story



http://news.xinhuanet.com/english/china/...852643.htm

[cfa]

EPS of S$0.15 to equity holder, PE ratio of less than 8X.
Pre-sales of RMB 10B by end 31/12/2013 is already close to revenues of FY13.
Gross margin also improved in 2013.
FY 2014 should be very good.
Any comments from buddies are all welcome.

[arriyana]

Anyone who has been to China and seen their property developments? We know Capitaland develops excellent properties.

[cfa]

Was in Shanghai and Nanjing , their properties are rather high end with good finishing. Almost similar to that of CDL , not mass market class.

[valueinvestor]

People just give China stocks a miss. Good result also can't attract buying interest.

[Tiggerbee]

EPS of S$0.15 to equity holder, PE ratio of less than 8X.
Pre-sales of RMB 10B by end 31/12/2013 is already close to revenues of FY13.
Gross margin also improved in 2013.
FY 2014 should be very good.
Any comments from buddies are all welcome.

I will discount revaluation gains on property assets and calculate the underlying profit to reflect the real earnings from sales of properties. So FY2013 underlying net profit is about 709M vs FY2012's 781M. That's a 9.1% drop in earnings.

On the balance sheet aspect, net debt/equity had increased from 0.87 in 2012 to 0.92 from 2013, though current ratio has increased from 0.07 to 0.13. Out of the pre sales of 9.8B recorded as of Dec 2013, 5.7B had already been collected, leaving only about 4.1B to be received upon TOP. Yanlord should record a profit of 1.47B assuming 15% net profit margin for this 9.8B pre sales. Even if I include this 1.47B as part of the cash pile by end of 2014, net debt/ equity will still be a high 0.87.

Yanlord will not look cheap, especially when banks are tightening credit lending to developers and property prices are heading south. There are so many developers priced at 30-50% discount to NAV. Yanlord at 0.6x NAV is still not really a bargain considering its high gearing ratio.

[valueinvestor]

Hi Tiggerbee,
Looks like YL is still doing quite well as compared to many other developers in China. Their FY 2014 should be much better because they are still selling some completed units and launching new project for sales in 1Q14.
For fair value gain, although not realized gain but actual value of assets have increased , an increase of NAV.