Ying Li International Real Estate

[Layman A]

Ying Li touched the low of 24cts and is currently around 25cts. Any taker?

While the current price look attractive as CEL invested @ 26cts. However, the CEL deal included some sort of loan / bond issued with attractive interest return.. so, it might not be right to assume that the price now is interested using 26cts as yardstick?

Take note that there are two issues here :

1. First, S$100 million of placement shares offer to China Everbright at 26¢ per share, which is a significant discount to the Ying Li's NAV / share.
This is the smaller issue here.

2. Secondly, there are S$185 million worth of Convertible Securities to be issued to China Everbright.
The details of the coupon rate is shown here :
http://infopub.sgx.com/FileOpen/Ying_Li_...eID=303258

 1st year to 3rd year: 8.75%
 4th year to 5th year: 9.5%
 After 5th year(2): 9.5% + 5.0% + 5-year US Treasury Rate

Take note that the interest rate of the first 5 years is relatively high compare to bank loan, and the interest rate after 5th year is amount to loan sharK rate ! (大耳窿 )

Although this deal can help Ying Li to relief the immediate cash flow shortage, they will be in deep deep Sh** if they cannot redeem the convertible securities after 5 years.

In my personal opinion,
this deal is very good for China Everbright but very bad for Ying Li.
It's like drinking poison to quench the immediate thirst !

[cyclone]

Red Hot Chili Peppers.

Ying Li's investment in Beijing Tongzhou Project - Future Beijing, 100% of Tower One fully taken-up on first day of pre-sale. 
Tower Two scheduled to launch ahead of original schedule to meet demand.

Highlights :
* All 585 SOHO apartments with a total GFA of 30,915.01 sqm in Tower One were takenup on the first day of launch with an average selling price of approximately RMB34,200 per Gross Floor Area (“GFA”) sqm
* 100% take-up rate reflects the strong demand for quality apartments in the second Central Business District (“CBD”) of Beijing
* Rising demand in the Beijing Tongzhou area; Future Beijing Tower Two scheduled to launch pre-sales ahead of schedule
* Approximately 1 million government workers will be relocated from present CBD to the Tongzhou area by 2017

[fundamentalman]

NTA is now @ RMB 1.57 = SGD 0.32

Slight increase compare to RMB1.47 back in year 2012.

Btw, CapitaLand's PE is 14x and it have a dividend yields of 2.x, which seems that CapitaLand is a better buy instead, unless Ying Li's price drop further?

(vested)

Wouldn't it be better to compare it with HK listed China-based developers since Capitaland has substantial non-China operations ? I noticed in the b/m report, Chinese developers are trading at single digit PE with some at dividend yield exceeding 8%.

http://www.aastocks.com/marketcomment/pdf/122966.pdf [Page 6]

(Not Vested)

Thx for sharing this.  I always had an impression that stock listed in HK exchange is having better valuation.  However, Ying Li's which listed in SGX seems having much much better valuation compared to its peer listed in HK Exhange.

hongkong listed property stocks are currently also deeply discounted compared to nav. even those with SOE background. there are also more choice of china property plays, and better liquidity too.

example is COGO/China Overseas Grand Ocean (0081.HK, price: 2.27, PE: 6.2x, PBV: 0.46x, net gearing 50%), a subsidiary of state-owned China Overseas Land.

if you want those owned by hk boss, check out new world development (0017.hk, pbv: 0.4x, div yield: 5%)

[soros]

COGO ( 00.81HK) has been in downtrend for past 3 years from HK$9+ levels to current $2.27 price. It may be a good time to buy.

[cyclone]

0.14 / 0.413 = 0.339

NAV per share as at 31 December 2018 = RMB 2.09 = SGD 0.413

Tender offer at SGD 0.14 per share.

More details in  https://links.sgx.com/FileOpen/Offer%20A...eID=550030

[Behappyalways]

The company has been posting revaluation gains and negative cash flow for years. Guess the 'real' value of the company is the price which the significant shareholder had just sold