Home > Ying Li > Ying 3q result out

Ying 3q result out

Here is my 2c opinion:
Stmt of comprehensive income
Gross profit for jan-sep decrease by 0.6% but this quarter improve by 41% qoq. However when going further down, the numbers don’t look as nice as more taxe are paid with losses in forex. Strengthening of SGD  turn out to be negative news for china stock shareholder. Maybe they need a dept to decrease the currency risk. Profit attributable to owner increase by 51% while the comprehensive income to owner drop 12.6%. I am still trying to figure out this gap – profit go up but income went down?

Balance sheet
Asset increase by 1.4 (4,930,514/3,511,075) times while liabilities increase by 2.13 times ( (1,830,886+805,896)/(634,980+600,578) ).

Cashflow Statement
Well i am only interested in CF operation. Its all red red red. Even redder than last year. Most of the money went into buying land or developing properties. Hmmm i think the recent purchase quite siong, making CFO so red.

Statement of changes in equities
Retained earnings (jan-sep) improved from 1,452,041 to 2,242,292. it is really impressive. Notice a trend, the majority of the earnings is book in jan. possibly because they launching new units after everyone get their bonus and aws?

i was looking at the retained earnings in equities nevermind about the capital contribution. retained earnings for 2010 getting redder and redder, a sharp contrast from 2009. I was thinking if this is just a cyclical industry as the company is borrowing money from its shareholder. Of cos its still cheaper than borrowing from bank etc.

The total profit for 3q is like 1/6 of the total losses from jan to sep. Seems like they have convertible bonds (also can dilute shareholders equity base) which eats up a lot of profit. Profit at 5,767 while paying interest of 18,596. My headache is if they can sustain paying so much interest.

NAV going up is good news. But if market condition changes, their asset might be revalued downwards. As long as asset its not sold, to me, its not permanent profit.

Gross margin for the year improving due to higher sales (one time income) of properties. however their rental income (recurring income) only up by 3.8% year to date which barely beats the inflation rate.

My previous post: Story of Ying Li

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