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OCBC cuts FY19 estimates for Yanlord, cautious on high gearing & volatile market conditions

Michelle Zhu
Michelle Zhu3/1/2019 04:10 PM GMT+08  • 2 min read
OCBC cuts FY19 estimates for Yanlord, cautious on high gearing & volatile market conditions
SINGAPORE (Mar 1): OCBC Investment Research is maintaining its “buy” call on Yanlord Land Group with a lower fair value of $1.75 compared to $2.04 previously, after rolling forward valuations and applying an unchanged P/E target peg of 5 times to core
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SINGAPORE (Mar 1): OCBC Investment Research is maintaining its “buy” call on Yanlord Land Group with a lower fair value of $1.75 compared to $2.04 previously, after rolling forward valuations and applying an unchanged P/E target peg of 5 times to core FY19 EPS forecasts.

The move comes as Yanlord missed OCBC’s expectations with a subdued set of 4Q18 results, where revenue slumped 79.4% on-year due to lower gross floor area (GFA) delivered as well as lower average selling prices (ASP).

In a Friday report, analyst Andy Wong says he has opted to adopt a more conservative stance to project contracted sales of RMB35.2 billion for 2019, versus the management’s guidance of about RMB40 billion on expectations of more abundant saleable resources.

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