SINGAPORE (July 13): CGS-CIMB Securities is maintaining its sector “overweight” on Singapore’s offshore & marine (O&M) industry with expectations of Yangzijiang Shipbuilding to deliver stronger q-o-q earnings on stronger shipbuilding margins.
The counter has been rated “add” with a target price of $1.27, ahead of its 2Q results due Aug 8.
In a Tuesday report, analyst Lim Siew Khee says Yangzijiang’s shipbuilding margins could improve to about 20% from 17% previously, with an estimated quarterly group profit of about RMB720 million ($147.2 million) after the delivery of +20 vessels.
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