KGI Securities on Monday initiated coverage on Chinese property developer Yanlord Land Group with an"outperform" call and target price of S$1.30 - based on a sum-of-parts valuation between the group's development and rental businesses.
As at 11.16am on Monday, Yanlord shares were trading S$0.01 or 0.9 per cent higher to S$1.17 on a cum-dividend basis Although the Covid-19 outbreak has taken a toll on the global economy, the property sectors in a few Asian countries have largely mounted a V-shaped rebound, buoyed by lower borrowing costs while acting as a safe haven for capital amid volatile financial markets.
China is one such country where residential property average selling prices continue a multi-year uptrend despite a prior lockdown and economic disruption, KGI analyst Kenny Tan said in a research note. He added that Yanlord's target market segment has been"relatively unaffected", as luxury home purchases continue to rise.
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