Yanlord - Encouraging 1Q09 Result and YTD Sales Performance 仁恒置-鼓励1Q09结果与年初至今的销售业绩 1Q09 net profit up 161% yoy – Yanlord reported its FY09 first quarter result with net profit surging 161% yoy to S$24.3mn, compared to S$9.3mn a year earlier. 1Q09净利润比去年同期增长161 ％ -仁恒置报FY09第一季度净利润结果与161 ％ ，比去年同期上升到1.00元24.3mn相比，新元9.3mn去年同期。 While turnover increased only 60%yoy, the recognition of the highly profitable Shanghai Yanlord Riverside City Ph 2 & 3 in 1Q09 resulted in the robust bottom line growth.虽然营业额只增加60 ％比去年同期，承认高利润的上海仁恒置河滨市电话2 ＆ 3在1Q09导致强劲的底线增长。 Gross profit margin was up 26.6% pts, from 37.5% in 1Q08 to 64.1% in 1Q09, while the net profit margin rose to 21.3% during the period, versus 8.7% in 1Q08.毛利润率为26.6 ％ ，积累，从37.5 ％到64.1 ％ ， 1Q08在1Q09 ，而净利润率上升到21.3 ％在此期间，与8.7 ％ ， 1Q08 。 High earning visibility on the back of strong contracted sales – Yanlord has achieved around RMB3.9bn (RMB2.4bn in Apr 09) contracted sales in the YTD period to end-Apr 09, already representing around 80% of the RMB5bn sales made in FY08.能见度高收入的背面强烈收缩销售-仁恒置取得了周围RMB3.9bn （ RMB2.4bn在4月9日）的销售合同期限在年初至今的最终4月9日，已约占80 ％的RMB5bn销售取得FY08 。 Aggregating with the RMB1.1bn unrecognized sales brought forward from FY08, Yanlord possessed around RMB5bn property sales that can be recognized in FY09 or afterwards.总额与RMB1.1bn无法辨识的销售结转FY08 ，拥有约RMB5bn仁恒置物业销售，可以得到承认FY09或之后。 On our analysis, assuming 80% of the RMB3.9bn contracted sales will be booked in FY09, Yanlord has already locked in about 72% of our estimated property salesrevenue for 2009.我们的分析，假设80 ％的合同销售额将RMB3.9bn预订FY09 ，仁恒置已经锁定在大约72 ％的估计财产salesrevenue于2009年。 Improved financial position – Thanks to the strong cash inflow from property sales, Yanlord's cash balance increased from S$375.7mn at Dec 08 to S$579.6mn as at 1Q09 while the net gearing ratio was lowered from 64% at end-08 to the latest of 56.3%, which remains comfortable, in our view.改善财务状况-由于强劲的现金流入房地产销售，仁恒置的现金余额的比例从1.00元375.7mn在12月8日至S $ 579.6mn截至1Q09而净负债比率从64 ％降至年底的08到最新的56.3 ％ ，这仍然舒适，我们认为。 Reiterate Buy (1S) – The strong 1Q09 result and sales performance reaffirm our view that Yanlord should be able to take advantage of the recent recovery in the China property market.再次购买（ 25-1 ） -的强大1Q09结果和销售业绩重申，我们认为，仁恒置应能充分利用最近的复苏，中国房地产市场。 Reiterate Buy with TP of S$2.09/sh.重申购买与茶多酚的S $ 2.09/sh 。参考资料：s-chips.blogspot.com/.../yanlord-encouraging-1q09-result-and-ytd.html
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