CGS-CIMB Research is maintaining its “add” call and target price of $1.37 on Yangzijiang Shipbuilding.

At this price the counter will have a 40.2% upside from its 97.5 cent close on Feb 9, analyst Lim Siew Khee writes in a flash note.

“Yangzijiang [is] one of our high-conviction picks in Singapore,” stresses Lim whose optimism follows the company’s recent announcement of securing US$1.3 billion ($1.72 billion) of contracts for 29 vessels. Of these, 22 contracts are for containerships.

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