Yangzijiang

Re: Yangzijiang

Postby behappyalways » Fri Feb 28, 2020 10:50 pm

Yangzijiang sails on murky waters as 4QFY2019 earnings sink 30%
https://www.theedgesingapore.com/capita ... gs-sink-30
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Re: Yangzijiang

Postby behappyalways » Tue Mar 17, 2020 1:08 pm

Yangzijiang secures up to 10 new contracts totalling $1.6 billion
https://www.theedgesingapore.com/news/c ... 16-billion
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Re: Yangzijiang

Postby behappyalways » Fri May 01, 2020 3:54 pm

Yangzijiang Shipbuilding's 1Q earnings halved to $80.6 mil as China lockdown stalls revenue
https://www.theedgesingapore.com/capita ... ls-revenue
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Re: Yangzijiang

Postby behappyalways » Sat Jun 06, 2020 3:52 pm

Yangzijiang sets up new subsidiary Jiangsu New Yangzi Commerce and Trading Co for $1.96 bil
https://www.theedgesingapore.com/news/c ... co-196-bil
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Re: Yangzijiang

Postby behappyalways » Tue Jun 23, 2020 4:00 pm

Yangzijiang secures four new orders worth a total of $142.2 mil
https://www.theedgesingapore.com/news/c ... l-1422-mil
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Re: Yangzijiang

Postby behappyalways » Thu Aug 06, 2020 3:03 pm

Yangzijiang reports 2Q earnings of RMB773.9 million, down 17% y-oy
https://www.theedgesingapore.com/news/r ... wn-17-y-oy
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Re: Yangzijiang

Postby winston » Tue Sep 01, 2020 12:43 pm

not vested

What’s New

Secured US$184m of new orders in Aug; lifting YTD wins to US$701m or 47% of full year target

Order wins gaining momentum; expect some conversions from the US$1.3bn options

US’s recent sanction against China Shipyard Group’s 722nd Research Institute could channel some newbuild orders to non-SOE yards like Yangzijiang

Reiterate BUY; TP S$1.40

Key Risks to Our View:

Revenue is denominated mainly in USD. If the net exposure at ~50% is unhedged, every 1% USD depreciation could lead tona 1.5% decline in earnings.

Every 1% rise in steel cost, which accounts for about 20% of COGS, could result in a 0.8% drop
in earnings.

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fhafgkhab
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Re: Yangzijiang

Postby winston » Wed Sep 09, 2020 9:17 am

not vested

Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)
Attractive Privatisation Candidate


YZJ is a deep-value stock as its potential net cash is greater than its current market capitalisation.

In effect, a privatisation could see an investor walking away with the company’s four world-class shipyards for free.

We also point out that YZJ recently won US$183m of new orders, bringing its total order wins ytd to US$714m - this is greater than Keppel’s and Sembcorp Marine’s ytd combined order wins.

Maintain BUY. Target price: S$1.17.

Source: UOBKH

https://research.uobkayhian.com/content ... 1647b67b68
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Re: Yangzijiang

Postby winston » Mon Sep 28, 2020 1:57 pm

DIVERSIFYING ITS PORTFOLIO

Flattish price performance since last report
Outstanding order book of US$2.6b
Looking to enter VLCC segment

Since our last HOLD-rated report on 4 May 2020, the share price of Yangzijiang Shipbuilding (YZJ) has posted flattish performance – the stock has been trading within the S$0.90 – S$1.05 range in the last few months and closed at S$0.98 on 25 September 2020, compared to the closing price of S$0.985 prior to our 4 May report.

In comparison, the broader market, as measured by the STI, was down ~6% over the same period.

The shipbuilding market has been challenging but the group has still managed to win some orders in 1H20, and is looking to enter the VLCC segment by acquiring a half-built unit as reported by TradeWinds.

If this is the case, it would be consistent with management’s previous comments that it seeks to grow its product portfolio and VLCC is one of the new areas of focus.

Meanwhile, low valuations of Chinese banks (YZJ also has a financing business) as well as a lacklustre shipbuilding market would weigh on the stock.

Source: OCBC
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Re: Yangzijiang

Postby winston » Mon Oct 19, 2020 9:05 am

not vested

Rising tide

Encouraging rise in ocean rates and positive outlook by liners could spur newbuild orders.

YZJ’s c.U$700m orders YTD are on track to hit US$1.1bn.

With yard operations at 100%, we expect YZJ’s 3Q20F net profit to be steady qoq at Rmb700m-750m, relatively stronger than Singapore yards.

The stock is cheap at 0.5x P/BV and 5x P/E ex-cash. Add.

Our SOP-based TP $1.37 implies c.0.8x CY20F P/BV (-0.5 s.d. of mean). New orders are catalysts.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 71F9591207
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