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A. Stotz Investment Research

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YLLG: Singapore's Yanlord Grows as China Landlord

Yanlord: Have Rating Agencies Looked Through Its Joint Ventures? Yes, Says S&P!

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Low price-to-sales, more attractive to analysts, and low debt levels 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 valued at more than US$1.5bn in 2016, which is expected to support YLLG’s future investments over the next five years</li><li>Trades at attractive 17CE* 0.8x PB, with higher ROE versus ASEAN Real Estate. YLLG has a solid balance sheet</li><li>Risk: Weaker than expected Chinese economy</li></ul>* Consensus Estimates

Low price-to-sales, more attractive to analysts, and low debt levels 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 valued at more than US$1.5bn in 2016, which is expected to support YLLG’s future investments over the next five yearsTrades at attractive 17CE* 0.8x PB, with higher ROE versus ASEAN Real Estate. YLLG has a solid balance sheetRisk: Weaker than expected Chinese economy* Consensus Estimates

Yanlord Land

YLLG: Singapore's Yanlord Grows as China Landlord