Samsung Securities starts Yanlord Land (Z25.SG) at Buy with a $1.95 target price, based on a 20% discount to a 2011 NAV estimate.

Says the China-based high-end developer continues to surprise the market with its ongoing success with quality project launches.

Expects Yanlord to achieve contracted sales of RMB12.1 billion in 2011 and RMB17.0 billion in 2012, +34% and 41% respectively from 2010; “we attribute Yanlord’s success to its detail-orientated architecture and sales tactics that target end-users rather than speculators.”

Forecasts a 21% net profit CAGR over 2009-2012; “while we are less positive on high-end developers compared to mass-market ones, we recognize that Yanlord’s end-user focus should support the company’s growth under the current policy environment.”

The shares are +0.6% at $1.68.