not vested
What’s NewSecured 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