Ying Li International Real Estate

[plaktoz]

Can any expert help with the analysis of Ying Li?

There are 2 red flags under the negative CF and ROE. Maybe this is the reason why the stock is still very much subdued.

Summary Financial Table
Ying Li Developments Across Chongqing's Prime Areas
Profit & Loss (RMB m) FY06A FY07A FY08A FY09A FY10E FY11E
Revenue , Property sales 221.60 206.00 55.80 88.50 32.50 112.00
Revenue , Property rental 7.00 39.90 30.90 43.60 44.20 88.30
Operating Profit 48.40 63.10 -19.90 32.50 22.20 76.50
Net Profit After Tax 27.00 680.20 355.60 94.60 32.90 120.60
Balance Sheet (RMB m) FY06A FY07A FY08A FY09A FY10E FY11E
Current Assets 418.20 375.80 802.70 2,045.90 2,351.20 3,312.50
Long Term Assets 490.60 1,333.70 1,283.60 1,465.20 2,539.20 3,431.40
Current Liabilities 654.60 489.80 316.80 600.60 751.20 939.20
Long Term Liabilities 131.00 416.40 460.00 635.00 731.50 535.10
Cash Flow (RMB m) FY06A FY07A FY08A FY09A FY10E FY11E
Operating cash flow -96.90 -65.60 -80.70 -966.90 -347.00 -423.60
Investing cash flow -0.50 -2.20 -145.90 -2.20 -115.30 -119.80
Financing cash flow 111.50 1.20 286.50 1,138.80 271.00 311.30
Financial Ratios FY06A FY07A FY08A FY09A FY10E FY11E
Revenue Growth (%) 132.79 7.57 -64.74 52.36 -84.75 729.63
Net Profit Growth (%) 260.00 2,419.26 -47.46 -73.40 -65.22 266.57
Net Margins (%) 11.81 276.62 412.23 71.61 42.89 60.21
Return on Equity (%) 21.92 84.68 27.29 4.15 0.97 2.29
Return on Asset (%) 2.97 39.79 17.13 2.70 0.67 1.79
Net Gearing (%) 222.48 54.28 15.07 13.80 13.33 13.33

[mrEngineer]

May I know where u get ur data from? Thanks!

[dydx]

Is there really a need to crunch all these numbers, in order to make some meaning out of them?

Number crunching should be a means to an end, and not an end itself. To be useful, it should be kept simple. It is rather silly and obviously quite inadequate to rely on only a few derived numbers to decide on whether to invest in a changing company or business, or on its quality aspects.

[Nick]

Ying Li is a property developer so its earnings are very lumpy. Currently it is making operational losses though positive fair value gains in asset valuation will make it profitable. The key to its success will be selling its properties are a decent profit when they are developed or attracting high yielding rentals. I believe Ying Li intends to set up a REIT in the future as well. A very good knowledge of the property market in Chongqing should be a pre-requisite before under-taking this investment.

(Not Vested)
Disclaimer: Do your own research. Not a call to buy or sell.

[Musicwhiz]

Is there really a need to crunch all these numbers, in order to make some meaning out of them?

Number crunching should be a means to an end, and not an end itself. To be useful, it should be kept simple. It is rather silly and obviously quite inadequate to rely on only a few derived numbers to decide on whether to invest in a changing company or business, or on its quality aspects.

Yes, I'd agree. Analysis paralysis!

[plaktoz]

@mrEngineer i dun think it'd be nice to tell u where the source is except its from some forum.

@all well is there any useful resource where i can learn about this particular sector? I want to specialize on this sector. i can't really see the business as well as like most of you. thanks a lot.

[yeokiwi]

There are lots of experienced fishermen around here to give you useful comments but that requires you to start fishing
You will not get much useful feedbacks if you only offer one or two sentences of analysis.
A long analysis of Ying Li will help... haha. It takes time to do research but it is your own money, you should do most of the works

Besides, we are not really clear what you really want. eg specialise on this sector?? what sector??

For a start, you probably can google "Ying Li target price pdf" and get views from stock analysts.
One simple search gave me at least 2 or 3 analyst views on Ying Li.

[plaktoz]

ermm good idea actually. think im looking at the numbers. as a engineer i need some form of precision. let me write something about it. may take time.

[Nick]

If you are interested, there is a very recent set of presentation slides available in its website -

http://www.yingligj.com/misc/YingLi-Corp...wAug10.pdf



(Not vested)

[plaktoz]

Thanks Nick. I looked into it ytd. Below is the event timeline.

[Image: 2010jun-ying-li-story1.png]
[Image: 2010jun-ying-li-story2.png]