External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Yanlord posted notably weaker 1H24 results as expected and sounded out a cautious tone on outlook.</li><li>That said, we continue to view Yanlord a “survivor” in the Chinese property sector in view of its focus on higher tier cities, the financial flexibility offered by its IP portfolio and manageable debt maturity profile.</li><li>Yanlord has relieved its refinancing pressure through refinancing activities in 1H24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yanlord posted notably weaker 1H24 results as expected and sounded out a cautious tone on outlook.That said, we continue to view Yanlord a “survivor” in the Chinese property sector in view of its focus on higher tier cities, the financial flexibility offered by its IP portfolio and manageable debt maturity profile.Yanlord has relieved its refinancing pressure through refinancing activities in 1H24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yanlord: Weak 1H24 Results and Cautious Outlook

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

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Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Yanlord Land’s H1/24 results were acceptable in our view. The company reported robust top-line growth, albeit margins weakened amid the difficult operating environment. Positively, Yanlord continued to reduce debt and maintain stable leverage. In addition, the company has successfully refinanced its borrowings using cheaper onshore secured debt, which has helped to improve interest costs. That said, Yanlord’s headroom to raise future secured debt has been reduced, as the bulk of its investment properties has already been pledged. Still, the company might be able to upsize its existing secured loans with higher LTV, or issue loans backed against new assets. Meanwhile, Yanlord continues to face sales pressure and a shrinking land bank in the absence of new land acquisitions.

  Yanlord Land’s H1/24 results were acceptable in our view. The company reported robust top-line growth, albeit margins weakened amid the difficult operating environment. Positively, Yanlord continued to reduce debt and maintain stable leverage. In addition, the company has successfully refinanced its borrowings using cheaper onshore secured debt, which has helped to improve interest costs.   That said, Yanlord’s headroom to raise future secured debt has been reduced, as the bulk of its investment properties has already been pledged. Still, the company might be able to upsize its existing secured loans with higher LTV, or issue loans backed against new assets. Meanwhile, Yanlord continues to face sales pressure and a shrinking land bank in the absence of new land acquisitions. 

Yanlord Land - Earnings Flash - H1 FY 2024 Results - Lucror Analytics

Yanlord's FY 2023 results were robust in our view. The company reported solid top-line growth, albeit the margin contracted from a high base as projects were delivered outside of Shanghai. Still, cash flows were healthy, which supported meaningful debt reduction. Yanlord's near-term debt repayment risks have eased materially, after the company fully redeemed the YLLGSP 6.78 '24s at maturity yesterday and successfully refinanced the USD syndication loan due in February 2024. The company's next bond maturity will be in May 2026, when the USD 500 mn YLLGSP 5.125 '26s come due.

  Yanlord's FY 2023 results were robust in our view. The company reported solid top-line growth, albeit the margin contracted from a high base as projects were delivered outside of Shanghai. Still, cash flows were healthy, which supported meaningful debt reduction.   Yanlord's near-term debt repayment risks have eased materially, after the company fully redeemed the YLLGSP 6.78 '24s at maturity yesterday and successfully refinanced the USD syndication loan due in February 2024. The company's next bond maturity will be in May 2026, when the USD 500 mn YLLGSP 5.125 '26s come due. 

Yanlord Land - Earnings Flash - FY 2023 Results - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-14152'>Yanlord Land</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Yanlord Land

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Jinmao HoldingsLippo Malls Indonesia Retail TrustYanlord Land

Morning Views Asia: China Jinmao Holdings, Lippo Malls Indonesia Retail Trust, Yanlord Land

Singapore

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

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Yanlord Land (YLLG SP)

Yanlord: Weak 1H24 Results and Cautious Outlook

Yanlord posted notably weaker 1H24 results as expected and sounded out a cautious tone on outlook. That said, we continue to view Yanlord a...

CMB International

Yanlord Land - Earnings Flash - H1 FY 2024 Results - Lucror Analytics

Yanlord Land’s H1/24 results were acceptable in our view. The company reported robust top-line growth, albeit margins weakened amid the difficult...

Lucror Analytics

Yanlord Land - Earnings Flash - FY 2023 Results - Lucror Analytics

Yanlord's FY 2023 results were robust in our view. The company reported solid top-line growth, albeit the margin contracted from a high base as...

Lucror Analytics

Morning Views Asia: Yanlord Land

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Morning Views Asia: China Jinmao Holdings, Lippo Malls Indonesia Retail Trust, Yanlord Land

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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