DBS: Yanlord Land Group Ltd – Upgrade to BUY TP $1.43
alanyeo
Onset of an upcycle?
Margin compression should be fully reflected after consecutive years of sharp profitability deterioration
Superior presales outlook both in absolute and relative terms, thanks to its decent liquidity position that is largely unaffected by turbulence in the property market
Solid balance sheet to guarantee sustainable dividend yield of c.6%.
Presales growth outlook – a key valuation driver – is now at an inflection point; Upgrade to BUY with TP of S$1.43
