YTL Land

Below is the research report from HDBS:

YTL Land: The third leg of luxury condominium golden triangle (Initiating with Buy; RM1.56; YTLL MK)


􀂾 Story: YTL Land & Development Bhd (YTLL) has the largest tract of prime land near KLCC and Mont’ Kiara. Measuring 294 acres, it is a self-contained enclave that is divided into two unique but distinctive areas named Sentul West and Sentul East. In its masterplan, YTLL plans to build 4,000 luxury condominiums in Sentul West and 3,000 condominiums in Sentul East.

􀂾 Point: We believe YTLL’s Sentul development is the up and coming address in Kuala Lumpur. Recent positive measures by the government have already seen property prices rise in Mont’ Kiara and KLCC. Sentul, which is located smack in between Mont’ Kiara
and KLCC, should generate more interest and price appreciation in time.

􀂾 Relevance: We are initiating coverage on YLLL with a Buy recommendation, ascribing a RNAV-based TP of RM3.30. YTLL’s focus on high-end properties will benefit from recent positive measures by the government. We believe the stage is set for YTLL
to leverage on and be more aggressive project launches, especially its Sentul projects.