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OCBC lowers Yanlord Land Group's TP to $1.16 on 'weaker contracted sales outlook'

Felicia Tan
Felicia Tan1/24/2022 5:23 PM GMT+08  • 2 min read
OCBC lowers Yanlord Land Group's TP to $1.16 on 'weaker contracted sales outlook'
The team has cut its PATMI forecasts for the FY2021 and FY2022 by 32.4% and 20.4% on lower FY2021 contracted sales.
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The team at OCBC Investment Research has kept its “hold” rating on Yanlord Land Group with a lower fair value estimate of $1.16 from $1.20 due to a weaker contracted sales outlook.

“We factor in Yanlord’s actual FY2021 contracted sales in our model, and also assume a 5% contraction for FY2022,” writes the team in its Jan 14 report.

To be sure, Yanlord’s contracted sales for FY2021 ended December fell 24.0% y-o-y to RMB59.6 billion ($12.63 billion), due to a decline in both contracted gross floor area (GFA) and average selling price (ASP) of 12.7% and 13.0% y-o-y to 1.87 million sqm and RMB31,889 per sqm respectively.

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