- Yanlord (SGX:Z25)’s recent FY22 results disappointed and missed our expectations. Revenue and gross profit fell 18% and 13% y-o-y to CNY28.7b and CNY7.8b, respectively. This was due to a dip in gross floor area (GFA) delivered as a result of COVID-19 related lockdowns, but partially offset by higher average selling prices recognised. See Yanlord's announcement dated 28 Feb 2023.
- - Read this at SGinvestors.io -
- What was surprising was Yanlord’s decision to omit a dividend for FY22 (vs FY21: S$0.068), which was attributed to a prudent decision to conserve cash in anticipation of debt to be repaid in FY23 and FY24. See Yanlord's dividend history.
Gross contracted sales rose 14% y-o-y to CNY68.1b in FY22, but management guiding for a decline in FY23
- - Read this at SGinvestors.io -
- This is partly due to saleable resources of only CNY80b, as Yanlord was cautious on replenishing its land bank, with CNY20.2b (attributable basis: CNY1.9b) of new land acquisitions in FY22 at an average land cost of CNY12,881 per square metres (psm).
Net gearing ratio increased to 54.5% but financial position still healthy
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-03-10
Read also OCBC's most recent report:
2023-08-22 Yanlord Land - Hurt By Industry Malaise.
Price targets by other brokers at Yanlord Target Prices.
Listing of research reports at Yanlord Analyst Reports.
Relevant links:
Yanlord Share Price History,
Yanlord Announcements,
Yanlord Dividends & Corporate Actions,
Yanlord News Articles
