$YANLORD LAND GROUP LIMITED(Z25.SI)$Heaven please save this cruel soul from China collapsing
DBS Group Research on Wednesday (Mar 2) upgraded its call on Yanlord Land Group from "hold" to "buy", following the property developer's earnings performance for the financial year ended Dec 31, 2021.
In a report, the brokerage increased its Yanlord target price from S$1.25 to S$1.43, based on 4.9 times the forecasted FY2022 price-to-earnings (PE) ratio, which is equivalent to the group's 5-year average forward PE ratio and represents a 20 per cent upside from its Tuesday close price of S$1.19.
Shares of Yanlord were trading at S$1.20, up 0.8 per cent or S$0.01, as at 4.11 pm on Wednesday.
DBS credited the increase in valuation to the property developer's gross margins and pre-sales outlook; it observed that gross margins show signs of bottoming in FY2021, and that the pre-sales outlook is likely to stage a solid pickup relative to peers in FY2022.
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