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A. Stotz Investment Research

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YLLG: Singapore's Yanlord Grows as China Landlord

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Improving asset turnover, low price-to-sales, and more attractive to analysts relative to its sector</li><li>As a top 10 foreign-owned property developer in China by revenue, YLLG is focused on the growth regions of China, including the Pearl River Delta, now seeing improving market sentiment</li><li>YLLG has acquired new land in Nanjing, Shenzhen, Tianjin and Suzhou worth over US$1bn during 7M16 to support future growth</li><li>Trades at attractive 16CE* 0.7x PB, with higher ROE versus ASEAN Real Estate and YLLG has a solid balance sheet</li><li>Risk: Weaker than expected Chinese economy</li></ul><p><em>* Consensus Estimates</em></p>

Improving asset turnover, low price-to-sales, and more attractive to analysts relative to its sectorAs a top 10 foreign-owned property developer in China by revenue, YLLG is focused on the growth regions of China, including the Pearl River Delta, now seeing improving market sentimentYLLG has acquired new land in Nanjing, Shenzhen, Tianjin and Suzhou worth over US$1bn during 7M16 to support future growthTrades at attractive 16CE* 0.7x PB, with higher ROE versus ASEAN Real Estate and YLLG has a solid balance sheetRisk: Weaker than expected Chinese economy* Consensus Estimates

Yanlord Land

YLLG: Singapore's Yanlord Grows as China Landlord