DBS Vickers has cut Ying Li International (5DM.SG) target price to $0.52 from $0.67, based on 40% discount to reduced RNAV estimate, to account for lower rental assumptions, according to Dow Jones.

DBS Vickers notes China-based developer’s rental rates, especially for retail space, could take up to 3 years to ramp up before tenant mix optimised.

Expects FY10 RMB55 million ($11 million) net loss vs RMB62 million profit tipped previously, FY11 profit of RMB299 million vs RMB705 million profit initially, to reflect delay in launch of Daping project by 6-9 months as Ying Li redesigns development plan in bid to fetch higher prices.

Still, keeps Buy call on significant upside to revised target from current levels. Shares flat at $0.395.