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Yanlord

Established in 1993, Yanlord Land Group ("Yanlord") is a niche property developer in China, which builds premium residential properties. Yanlord also develops high-quality commercial and integrated properties, such as shopping malls, office buildings, serviced apartments and hotels, both for sale and as investment properties. The company has 46 projects located in Tier-1 and upper Tier-2 cities like Shanghai, Nanjing, Tianjin, Suzhou, Zhuhai, Shenzhen, Sanya, Tangshan, Nantong and Chengdu. As at 31 March 2018, total land bank stood at 6.71 mn sqm. Yanlord is listed on the Singapore Stock Exchange with a market capitalization of SGD 2.9 bn (~$2.1 bn) as at 19 July 2018. Mr. Zhong Sheng Jian, a Chinese-born Singapore national, is the company's founder, current Chairman, CEO and the largest shareholder (70.1%). Aberdeen held 2.3% of the shares, while other financial institutions and the public held 27.6% as of 19 July 2018. (19 Jul 2018)

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Focused

China Property 2019: Worse Before Getting Better

Sector Outlook: 13 Dec 2018, 10:30 PM ET - We think that the Chinese property sector is likely to slow down at a controlled pace next year. We maintain our defensive stance, and recommend investors to hold the Chinese BBB, BB, and selective single B, short-dated developers.

Indonesia Property: 2019 Outlook

Sector Outlook: 04 Dec 2018, 5:19 AM ET - We take a look at the key drivers that would shape the course of Indonesian property heading into 2019. We provide the credit outlook for Indonesian property for 2019 and the recommendations for the individual companies.

Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Asia High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 

Foshan Trip Notes October 2018: Spillover Demand

Site Visits: 25 Nov 2018, 11:57 PM ET - Compared to the other Tier-1 cities we visited, the housing and credit policies in Foshan were far more relaxed.  It is no wonder that some non-natives in Guangzhou have chosen to buy homes in Foshan instead. 

Shenzhen Trip Notes October 2018: Too Expensive!

Site Visits: 21 Nov 2018, 5:01 AM ET - Shenzhen homes are extremely expensive.  The LTM Cost/Income multiple as of September 2018 was 43.2x (National average: 9.9x), indicating that new homes in Shenzhen are significantly less affordable than most places in China.
Focused

Yanlord 3Q18: Slowing Pre-sales a Concern

Earnings Note: 14 Nov 2018, 3:26 AM ET - The slowing pre-sales performance in FY17 and FY18 could result in a corresponding dip in total revenue in FY19 and beyond. In our opinion, it is imperative that Yanlord picks up the pace of pre-sales in FY19.

China Property Sector: PBOC’s Take On Sector

Sector Analysis: 09 Nov 2018, 3:12 AM ET - Is the China property sector risky in the eyes of the People's Bank of China ("PBOC")?
Focused

Asia Credit Calendar: Week of 12 November 2018

Strategy Analysis: 08 Nov 2018, 11:01 PM ET - The earnings season continues next week, with Indian and Singapore-listed corporates, and Tencent releasing their 2QFY19/3Q18 results. Economic releases from China, India, Indonesia, South Korea, Thailand and the U.S are also due next week.

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.
Focused

China Property Navigator 3Q18: Macros in Pictures

China Property Navigator: 12 Oct 2018, 4:04 AM ET - This report marks the end of our China Property Navigator 3Q18 series. Developers appear to be shifting their land bank expansion focus to out of China's top 40 cities.
Focused

China Property Navigator 3Q18: Bond Supply

China Property Navigator: 11 Oct 2018, 3:23 AM ET - This report is part 4 of our 5-part 3Q18 China Property Navigator. The domestic public corporate bond market seems to be re-opening quietly. Supply risk from the China property sector is also expected to moderate in 4Q18.
Focused

China Property Navigator 3Q18: Relative Ranking

China Property Navigator: 10 Oct 2018, 12:38 AM ET - This is the 3rd part of our 5-part 3Q18 China Property Navigator. We ranked the 13 Chinese developers under our full coverage and upgraded our recommendations on a number of bond issues.

China Property Navigator 3Q18: 1H18 Results Wrap

China Property Navigator: 09 Oct 2018, 3:54 AM ET - We summarize the LTM to 1H18 results of the Chinese developers under our coverage in this report and highlight broad trends in 1H18. This report is the 2nd part of a 5-part series.

China Property Navigator 3Q18: Housing Policies

China Property Navigator: 08 Oct 2018, 1:55 AM ET - Local governments continued fine-tuning existing housing policies for their respective cities in 3Q18. Tighter resale restrictions and HPRs were rolled out even at the county-level.

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.
Focused

Yanlord 1H18: Gearing Up For Growth

Earnings Note: 15 Aug 2018, 5:34 AM ET - There seems to be a gradual shift in financial policy as management seems to be more willing to tolerate a higher net-gearing ratio in the near term. We think that this is inevitable as the company seeks to grow in scale. 

Asia Weekly: Trading Sideways

Asia Weekly: 10 Aug 2018, 3:46 AM ET - Asian $-bond spreads traded sideways this week after a swift rebound from the high in mid-July.  The BAML Asia ex-Japan $ investment grade index remained flat, while the high yield index tightened by 2 bp. 

Asia Credit Calendar: Week of 13 August 2018

Strategy Analysis: 10 Aug 2018, 12:20 AM ET - The National Bureau of Statistics of China will release its July monthly report on Real Estate Investment and Sales, and Monthly Home Price Indices for Top 70 Cities next week. The 1H18 earnings season begins for Chinese issuers.

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