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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. 

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.




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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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.170-0.020
Avi-Tech Electronics0.340-0.005
Best World Int.1.360-
China Sunsine1.1000.010
CNMC GoldMine0.2850.005
CSE Global0.4700.005
Eagle HTrust USD0.655-
Food Empire0.500-0.005
Golden Energy0.168-0.005
GSS Energy0.069-
ISDN Holdings0.220-0.005
JB Foods0.645-0.010
KSH Holdings0.4650.005
Moya Asia0.063-
Nordic Group0.265-
Oxley Holdings0.305-0.005
REX International0.084-0.001
Sing Holdings0.390-
Straco Corp.0.755-
Sunningdale Tech1.230-
Sunpower Group0.4500.015
The Trendlines0.078-
Tiong Seng0.215-
Uni-Asia Group0.710-0.005
Yangzijiang Shipbldg1.000-0.050

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