CGS-CIMB Reseach analyst Lim Siew Khee maintained her ‘add’ rating for Yangzijiang Shipbuilding with an unchanged target price of $1.54 after the company recently announced it had signed contracts to build 31 vessels for a total contract value of US$1.74 billion ($2.32 billion).

Lim says that the new contracts bring Yangzijiang’s year-to-date orders secured to a record US$3.04 billion, its highest since 2009. She currently estimates the company’s order book at US$6.1 billion and expects it to reach US$4.8-5 billion by end of FY2021.

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