Shares of Singapore-listed Chinese developer Yanlord <YNLG.SI> rose as much as 2.9% on Wednesday after Deutsche Bank initiated coverage of the firm with a “buy” rating and target price of $2.10.
At 0214 GMT, Yanlord shares were trading at $1.74 on a volume of 6.4 million shares.
At 0214 GMT, Yanlord shares were trading at $1.74 on a volume of 6.4 million shares.
“The broker initiation should have an impact on the share price,” said a local trader.
Deutsche said Yanlord should be less affected by China’s latest tightening policies compared to its peers due to its greater revenue diversification. It added that Yanlord has good margin performance and a strong balance sheet.
The brokerage said Yanlord is trading at a 44% discount to its net asset value (NAV), at the lower end of its historic valuation band. Deutsche’s target price of $2.10 was based on a 30% discount to the firm’s NAV.