Yanlord Land Group
Disappointing start but
improvement to come
• 1Q19 PATMI fell 59.5% YoY
• Momentum to gather pace
• Keeping to RMB40b contracted sales target
Reported a weak set of 1Q19 results which fell short of ours and the street’s estimates. The weaker performance was attributed to both a decline in GFA delivered (-18.0% to 68.7k sqm) and ASP (-44.4% to RMB44,550 psm). The lower ASP was partly due to a change in product mix, as 1Q18 included a significant amount of GFA delivered for its Shanghai Yanlord on the Park project, which commands ASPs of close to RMB100k psm.
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Yongnam Holdings
Secures jobs worth S$121m in 3 countries
■ Yongnam has secured contracts worth S$120.8m for infrastructure works in Singapore and Hong Kong and for India’s Kempegowda International Airport.
■ The latest order wins bring up its orderbook to S$448m – highest in 7 years – and boosts outlook for a potential turnaround to profit in FY20F.
■ Maintain Add and TP of S$0.33, pegged to 0.7x FY19F P/BV.
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Delfi
Premium Chocs At Great Value; Strong BUY
Reiterate BUY on our consumer sector Top Pick. Our DCF-derived TP of SGD1.68 implies 24% upside with 2.5% dividend yield. Delfi delivered a strong core PATMI of SGD9.4m for 1Q19, up 22% YoY.
This met 34% of our full-year estimate, in line with our expectation.
Premium chocolates at value price. Our DCF-derived TP of SGD1.68 implies 28x FY19F P/E. We think Delfi’s current valuation of 23x FY19F P/E is not expensive, given its growth outlook. It is also trading at a serious discount to Mayora Indah (BUY, TP IDR3,300), which is trading at 29x.
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City Developments Limited
A sincere stride into China
Revenue missed our estimates due to weakness at its hotel operations while PATMI was within our expectations.
Recurring income shone, being the only segment that reported YoY revenue growth.
Singapore residential sales is still going strong - launch of Boulevard 88 (highest unit psf sold to date of S$4.9k psf) in March 2019 comprised c.43% of total sales value.
Hotel operations in the red, mainly due to US hotel losses and higher net finance costs.
Proposed c.24% stake in Sincere Property Group would accelerate its entry into China’s residential segment. EPS-accretive notwithstanding accounting reversals. Proposed 70% stake in Sincere’s key commercial asset also bumps recurring income.
Upgrade to BUY with unchanged TP of S$11.82. Our target price incorporates a 30% discount to RNAV.
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