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:...