Yangzijiang Shipbuilding seems to be sailing on calm waters, despite the choppiness brought on from the uncertainty of the Covid-19 pandemic.

Calling the counter a “distinctive economic moat,” DBS Research Group analyst Ho Pei Hwa notes that it has “demonstrated earnings resilience during downturns, bolstered by a strong balance sheet with stable investment income”.

The shipbuilder’s earnings came in at RMB595.2 million ($118.8 million) for 3Q2020 ended Sep 30, down 17% from the previous year due to impairments and forex losses of RMB367 million.

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