Daily Brief Singapore: Yanlord Land and more

Yanlord Land’s FY 2022 results were acceptable, given its robust contracted sales and cash collection despite the challenging industry environment. In addition, its net debt and leverage metrics were largely stable. We also view positively that the company has not declared any dividend, in order to conserve cash.

Going forward, we expect Yanlord’s liquidity risk profile to remain manageable, despite a reduction in the company’s proportion of freely available cash at FYE 2022. We also anticipate that the company will continue to limit new land acquisitions, in favour of an asset-light approach towards property development. For FY 2023, management has guided for a moderate y-o-y decline in contracted sales. This could reflect its expectation for the property sector to remain subdued.