Dear all,

Yanlord recently stood out to me—and not just for one reason, but a combination of valuation, macro narrative, and technical setup. I’ll keep this brief given the busy results season.

What Does Yanlord Do?

Yanlord is a developer of high-end residential and commercial properties across major cities in China and Singapore. It has been listed on SGX since 2006 and focuses on premium, fully integrated developments.

Why It’s Catching My Attention

1) Valuation That’s Hard to Ignore

At 0.21x P/BV, Yanlord is trading at levels that are difficult to justify on fundamentals alone.

To put things into perspective:

• NAV per share is S$3.12
• Market cap is only about S$1.3bn
• Its Singapore properties alone are worth around S$1.8bn

You’re effectively paying less than the value of its Singapore assets—and getting its China portfolio for free. That’s the disconnect.

2) China Property – Early Signs of a Turn?

After a prolonged downturn, there are tentative signs that things may be stabilising:

• Price declines are slowing
• Secondary home prices are rising in more cities
• Policy support continues
• Equity market recovery could drive a delayed wealth effect

It’s not a full recovery yet—but sentiment seems to be bottoming.

3) Technical Setup Turning Constructive – watch for a bullish break above $0.685 with volume expansion

From a chart perspective (see Chart 1 below), momentum is building:

• Resistance at $0.660–0.665 has been cleared with volume
• Next key level: $0.685 (cluster of major technical indicators such as 100D, 200D SMA and Fibonacci)

Indicators such as rising ADX >20 amid positively placed DIs, strengthening MACD, OBV, MFI and RSI, it is likely a matter of time before $0.685 is breached on the upside

Chart 1: Key resistance $0.685

Key Risks

As always, there are risks to keep in mind:

• Limited direct access to management insights
• Exposure to China’s still-fragile property market
• Regulatory uncertainties
• Market-specific execution risks

Final Thoughts

Yanlord stands out as a deep value idea with potential upside from a re-rating. While uncertainties remain—especially in China—the combination of depressed valuations and a shifting narrative makes this a stock worth keeping on the radar.

With this year marking two decades since its SGX listing, it raises an interesting question—could this finally be a turning point for shareholders? Only time will tell.

Disclaimer

As always, every investor’s situation is different. It’s important to consider your own risk appetite, portfolio exposure, and investment timeframe before taking any action. This article is meant for general informational purposes only. If you require advice specific to your circumstances, do consider speaking with your financial advisor or banker.

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For those interested in working together, feel free to reach out at ernestlim15@gmail.com.

Please refer to the disclaimer HERE

*Cheapest – I am using Bloomberg’s price to book metric as Yanlord’s valuation gauge.