Yangzijiang

Re: Yangzijiang

Postby behappyalways » Tue Aug 06, 2019 4:43 pm

Yangzijiang posts 6% decline in 2Q earnings to $186 mil on lower revenue
https://www.theedgesingapore.com/capita ... er-revenue
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Re: Yangzijiang

Postby behappyalways » Tue Aug 20, 2019 4:18 pm

Yangzijiang confirms executive chairman Ren Yuanlin 'assisting' in investigation by Chinese authorities
https://www.theedgesingapore.com/issues ... -assisting
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Re: Yangzijiang

Postby winston » Fri Oct 04, 2019 9:59 am

vested

Yangzijiang Shipbuilding (Holdings) – BUY

We believe YZJ's share price weakness in August regarding its chairman assisting investigations in China is unwarranted, as it does not involve YZJ or its funds.

Importantly, the medium-term shipbuilding outlook appears positive and the company is trading at an inexpensive valuation of 0.56x P/B (-2SD below 5-year average).

We have a BUY recommendation on the stock and a P/B-based price target of S$1.46.

Management has the experience and expertise to run the company while the chairman is away. In particular, Mr Ren Letian, the CEO of YZJ for the past five years and the son of Chairman Ren Yuanlin, has been with the company since 2006 in various roles. With his detailed knowledge of shipyard and shipbuilding operations, the core business will not be affected in the absence of the company’s chairman, in our view.

Positive shipbuilding outlook in the medium term. In late-Aug 19, YZJ announced a new order win for three 82,000DWT bulk carriers and two 325,000DWT bulk carriers which we estimate at approximately US$250m.

Ytd order wins now total US$604m and is comfortably approaching our 2019 order-win estimate of US$1b. We forecast that order wins will improve to US$1.5b in 2020 driven by:
a) market-share gains at the expense of Korean yards, helped to some extent by the cheaper renminbi, and
b) shipowners complying with stricter International Maritime Organisation (IMO) environmental
regulations that come into force in 2020.

YZJ noted that newbuild enquiries in 2H19 have been stronger compared to 1H.

Share Price Catalyst Event:
a) New ship-building order announcements, specifically from Japanese shipowners due to the positive synergistic effects of the Mitsui JV; and
b) news that the chairman is no longer assisting in the Chinese authorities’ investigations.

Timeline: 2-3 months.

Source: UOBKH
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Re: Yangzijiang

Postby winston » Sun Oct 20, 2019 1:29 pm

vested

Buybacks

1) Sep 02, 2019; 1m @ Sin$0.91; Sin$0.91m
2) Sep 03, 2019; 1m @ Sin$0.91; Sin$0.91m; Subtotal: Sin$1.82m
3) Sep 04, 2019; 1m @ Sin$0.94; Sin $0.94m; Subtotal: Sin$2.76m
4) Sep 30, 2019; 1m @ Sin$0.965; Sin 0.965m; Subtotal: Sin$3.73m
5) Oct 02, 2019; 1m @ Sin$0.95; Sin$0.95m; Subtotal: Sin$4.68m
6) Oct 10, 2019; 1m @ Sin$0.935; Sin$0.935m; Subtotal: Sin$5.62m
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Re: Yangzijiang

Postby winston » Thu Nov 07, 2019 10:28 am

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More order flow for Yangzijiang as it inks new order contracts for six Great Lakes bulk carriers

SINGAPORE – 31 October 2019 – Yangzijiang Shipbuilding (Holdings) Ltd. (“Yangzijiang” or the “Group”), a globally-leading shipbuilding group based in China, and a Straits Times Index component company listed on the SGX Main Board, is pleased to announce that it has entered into new order agreement for the building of six 31,800DWT Great Lakes bulk carriers.

The orders were placed by Navigation Maritime Bulgare (NAVIBULGAR®), a Bulgarian shipping company with 125 years of history.

Four of these orders will be delivered in 2021-2022, and the client has the right to exercise the orders for the remaining two vessels.

https://links.sgx.com/FileOpen/Press%20 ... eID=583800
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Re: Yangzijiang

Postby winston » Thu Nov 14, 2019 12:24 pm

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Yangzijiang Shipbuilding: Still executing

Yangzijiang Shipbuilding (YZJ) posted a 1% YoY rise in revenue to RMB5.4b but saw a 10% drop in net profit to RMB702.3m in 3Q19, bringing 9M19 net profit to RMB2.5b or 80% of our full year estimate.

13 vessels were delivered in 3Q19, more than the six vessels in 3Q18.

With higher raw material and labour costs, the shipbuilding business registered a gross profit margin of 14% in the quarter.

YTD, the group has secured new orders for 16 vessels worth US$696m, bringing its outstanding order book to US$3.2b which should keep the yard facilities at a healthy utilization rate up to 2021.

The core shipbuilding business remains healthy while the market would also await updates on the group’s chairman.

Our rating and fair value estimate are currently under review.

Source: OCBC
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Re: Yangzijiang

Postby winston » Fri Nov 15, 2019 3:45 pm

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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)
3Q19: Slight Miss Despite Very Strong Free Cash Flow Generation


For 3Q19, YZJ reported a 1% yoy increase in revenue to Rmb5.424b but net profit
declined 10% yoy due to forex and derivatives losses, higher losses from associates
and a higher tax rate.

9M19 revenue and net profit make up 70% and 71% of our fullyear estimates respectively.

As at end-Oct 19, the company had an outstanding orderbook of US$3.2b for 83 vessels,
making it the fifth largest shipyard globally.

Maintain BUY. Target price: S$1.46.

Source: UOBKH

https://research.uobkayhian.com/content ... ff9eb099f0
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Re: Yangzijiang

Postby behappyalways » Sun Nov 17, 2019 4:50 pm

Yangzijiang Shipbuilding sees 10% drop in earnings to $136.3 mil
https://www.theedgesingapore.com/capita ... s-1363-mil
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Re: Yangzijiang

Postby winston » Wed Dec 11, 2019 9:25 am

not vested

Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)
Recovering Its Gleam

Heading into 2020, the two key catalysts for YZJ’s share price outperformance is the
return of the company’s chairman and new-order wins, in our view.

We believe that both should occur in the next 3-4 months and thus re-iterate our BUY rating and target price of S$1.46.

The company’s current P/B of 0.63x remains inexpensive given that it is
a 25% discount to its 5-year historical mean of 0.84x.

Source: UOBKH

https://research.uobkayhian.com/content ... 59da9ea58a
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Re: Yangzijiang

Postby winston » Mon Dec 23, 2019 9:21 am

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Yangzijiang executive chairman Ren Yuanlin returns: report

YANGZIJIANG Shipbuilding's executive chairman Ren Yuanlin has returned after being on leave for more than four months to assist in a confidential probe in Beijing.

Mr Ren returned to his home on the evening of Dec 20, reported Chinese financial news outlet Caixin, citing sources.

When contacted by The Business Times (BT), Yangzijiang – China's largest non-state-owned shipbuilder and the world's fifth-largest based on its outstanding order book size of US$3.2 billion – declined to comment.

The company later announced in a Singapore Exchange filing on Sunday night that its chairman will return to office and resume his duties on Monday.

In August, Mr Ren was granted a leave of absence to expedite an investigation by Chinese government authorities. Yangzijiang said none of its directors, including Mr Ren, was the subject of the investigation.

This came two weeks after global shipping news service TradeWinds reported that Liu Jianguo, described as a "veteran political patron of the shipbuilding industry" and closely linked to Yangzijiang, was being probed for disciplinary violations by Beijing's anti-graft body. Mr Liu was arrested on Dec 20, reported Caixin.

Source: Business Times
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