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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>More attractive to analysts, low debt levels, and improving asset turnover 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$1.5bn during 10M16 to support future growth</li><li>Trades at attractive 17CE* 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>

More attractive to analysts, low debt levels, and improving asset turnover 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$1.5bn during 10M16 to support future growthTrades at attractive 17CE* 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