Yangzijiang Shipbuilding (YZJ)

Yangzijiang kept at 'hold' by OCBC on volatility, soft bulker, container markets

SINGAPORE (June 11): OCBC Research is maintaining Yangzijiang Shipbuilding (YZJ) at “hold” with fair value estimate of $1.45.

OCBC says YZJ share price has seen some price correction due to recent softness amid a volatile market.

YZJ shares rose in April, only to come off in May following the recent imposition of additional tariffs by the US on Chinese goods.

And with the recent market correction, Yangzijiang has fallen some 18.2% from the peak in April of $1.65 to the recent low of $1.35 in May.

US Fed to keep rates steady, UOB sees 2020 cut, No Signboard shares slump on CAD probe

(May 6): The US central bank is keeping rates steady, with Federal Reserve chairman Jerome Powell saying he sees no immediate need to move interest rates either higher or lower, and that the Fed is watching for a rebound in persistently sluggish inflation.

On May 1, it kept the target range for the benchmark federal funds rate unchanged at 2.25% to 2.5%, which is where the rate has been since December. It made a “technical tweak” to one of its key rates to ensure borrowing costs remain where it wants them to stay.

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Yangzijiang reports 38% rise in 1Q earnings to $167 mil on higher revenue

SINGAPORE (Apr 29): Yangzijiang Shipbuilding, the shipbuilder based in China, reported 1Q19 earnings of RMB824 million ($167 million), up 38% from earnings of RMB595 million a year ago.

Fully diluted earnings per share was RMB20.88 cents for 1Q19, compared to RMB14.99 cents for 1Q18.

Group’s total revenue increased by 27% to RMB6.3 billion in 1Q19. In the shipbuilding related segment, as 15 vessels were delivered in 1Q19 compared to nine vessels in 1Q18 while core shipbuilding revenue increased by 17% to RMB3.4 billion.

Yangzijiang a winner in current shipyard consolidation wave

SINGAPORE (Mar 4): DBS Group Research is maintaining Yangzijiang Shipbuilding at “buy” with $1.82 target price, saying it is one of the world’s best managed and profitable shipyards.

See: Yangzijiang reports 23% rise in FY18 earnings to $727 mil on higher shipbuilding and trading revenue

SGX shipbuilders could gain from merger of world's 2 largest yards

SINGAPORE (Feb 4): The integration between Korean mega shipbuilders Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering (DSME) spells good news for Singapore-listed shipyards.

That’s because with the consolidation, Sembcorp Marine (SMM), Keppel Offshore & Marine (KEP O&M) and Yangzijiang Shipbuilding will get a chance to gain market share in the O&M and shipbuilding space, said CGS-CIMB Securities in a report last week.

3 stocks to 'buy' as O&M sector makes slow recovery: DBS

SINGAPORE (Dec 21): DBS Group Research is keeping its “neutral” stance on the offshore and marine sector amid a slow pick up in new orders.

“The overall conventional shipping market is expected to remain on a recovery path, albeit gradual,” says lead analyst Ho Pei Hwa in a 2019 outlook and strategy report.

Ho notes that global orderbook-to-fleet ratio has dropped to a low of less than 10%, implying moderating new supply going forward. However, demand growth is also expected to slow down given lower GDP growth and trade tensions.

Yangzijiang reports 10% lower 3Q earnings of RMB779 mil on higher expenses, lower other gains

SINGAPORE (Nov 7): Yangzijiang Shipbuilding, the global shipbuilder based in China, reported 3Q18 earnings ended Sept of RMB778.6 million ($154 million), 10% lower compared to a year ago on higher expenses and lower other gains.

This brings 9M earnings to RMB2.4 billion, 5% lower than a year ago.

Group’s total revenue increased by 23% to RMB5.4 billion in 3Q18. In the shipbuilding segment, six vessels were delivered in 3Q18, compared to nine in 3Q17.

Yangzijiang cut to 'hold' by OCBC after good run

SINGAPORE (Oct 4): While Yangzijiang Shipbuilding’s upward momentum may continue in the near term, OCBC Investment Research says upside potential for the stock is diminishing.

Yangzijiang has appreciated close to 48% from its trough in mid July over a span of just two and a half months.

However, analyst Low Pei Han says the stock is trading at 9.5 times forward earnings, above the five-year historical mean of 8.8x and 0.85 times book value which is close to its five-year historical mean of 0.9 times.

Catalysts for Yangzijiang could come from stronger orders, margins and earnings: CGS-CIMB

SINGAPORE (Aug 8): CGS-CIMB Securities is surprised by Yangzijiang Shipbuilding’s record delivery of 20 vessels in 2Q18, boosting 2Q18 revenue by 120% y-o-y to RMB 7.6 billion ($1.5 billion).

The delivery included 10 large vessels, including seven bulk carriers and three containerships.

Year to date, Yangzijiang has already secured 22 vessels consisting 14 bulk carriers, seven containerships and one combination carrier.

Yangzijiang posts 38% higher 2Q earnings of $199 mil on revenue growth

SINGAPORE (Aug 7): Yangzijiang Shipbuilding (YZJ) announced earnings of RMB 994.9 million ($198.7 million) for the 2Q ended June, up 38% from RMB 719.9 million a year ago on higher revenue.

This brings the group’s earnings for 1H18 to RMB1.6 billion, 15% higher compared to RMB 1.4 billion in 1H17.

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