- Yanlord Land Group (SGX:Z25)'s 1H24 results largely in line. Revenue rose 35% y-o-y, mainly driven by a 42% increase in development booking (7% increase in GFA delivered and 34% rise in ASP), locking in 67% of our full-year estimate, above expectations.
bove-expected revenue was offset by higher-than-expected SG&A and financial asset impairments.
- - Read this at SGinvestors.io -
- SG&A as % of presales surged to 8.7% alongside higher intermediary agency fees, whilst an RMB369mil impairment on financial assets was also recorded on the amounts due from JV/Associates and receivables, coming in below expectations. These have translated into a RMB486mil attributable net loss in 1H24 (vs. RMB1.1bn profit in 1H23), still in line with expectations.
- - Read this at SGinvestors.io -
Deleveraging in progress.
- Total debt fell 10% h-o-h after the redemption of a US$360mil senior note in Feb ‘24 and early repayment of nearly all US$ syndicate loans. Total cash fell 18% h/h with net debt slightly down 5% h-o-h to RMB19.4bn.
- Free cash-to-short term debt improved to 0.92x (vs. 0.76x at Dec ‘23) whilst net gearing improved 1.4ppts to 45.3%.
- Yanlord’s financial position is trending healthier with only one US$500mil senior note due in 2026 outstanding in the public bond market.
Fair progress on refinancing.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jason LAM DBS Group Research | Dexter Chun DBS Research | Ben Wong DBS Research | https://www.dbs.com/insightsdirect/ 2024-08-15
Read also DBS's most recent report:
2024-10-14 Yanlord Land Group - Improved Sentiment Priced In; Downgrade To HOLD.
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
