Broker's take: KGI initiates coverage on Yanlord with 'outperform' on resilient China property market

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KGI Securities on Monday initiated coverage on Chinese property developer Yanlord Land Group with an 'outperform' call and target price of S$1.30 - based on a sum-of-parts valuation between the group's development and rental businesses. Read more at The Business Times.

KGI Securities on Monday initiated coverage on Chinese property developer Yanlord Land Group with an"outperform" call and target price of S$1.30 - based on a sum-of-parts valuation between the group's development and rental businesses.

As at 11.16am on Monday, Yanlord shares were trading S$0.01 or 0.9 per cent higher to S$1.17 on a cum-dividend basis Although the Covid-19 outbreak has taken a toll on the global economy, the property sectors in a few Asian countries have largely mounted a V-shaped rebound, buoyed by lower borrowing costs while acting as a safe haven for capital amid volatile financial markets.

China is one such country where residential property average selling prices continue a multi-year uptrend despite a prior lockdown and economic disruption, KGI analyst Kenny Tan said in a research note. He added that Yanlord's target market segment has been"relatively unaffected", as luxury home purchases continue to rise.

 

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