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09-May-2011 09:07

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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x 0

yzj will go up by 4.5 c..same as the dividend it's giving out..

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06-May-2011 08:54

Straits Times Index / STI to cross 3000 boosted by long-term investors

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x 0

commodities to get slammed today..

indo wilma gar straits noble olam

but good for companies who rely on oil..as costs are down

SIA,midas,

ozone2002 ( Date: 04-May-2011 14:30) Posted:

next support for STI 3045

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04-May-2011 21:55

Straits Times Index / STI to cross 3000 boosted by long-term investors

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x 0

looking at MACD and stochastic which is overbought..STI will have further downside (i.e blue chips)

correction will be seen over the short term

3045 is drawn from the 3rd Aug 2010 peak

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04-May-2011 14:40

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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x 0

18c ..what good value.. below NAV

accumulate on dip...

gd luck

ozone2002 ( Date: 06-Apr-2011 10:42) Posted:

Top vol today..well done..

accumulate more when it was 18-19c past few weeks..

undervalued to da max...

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04-May-2011 14:38

Swiber / Swiber

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x 0

below book value..price now is 78c

75c support..still offering good value..

ozone2002 ( Date: 02-Mar-2011 09:11) Posted:

still a discount to book value..

P/E ratio still relatively cheap..

it's a steal for value investors..

gd luck..

accumulating more < 80c

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04-May-2011 14:30

Straits Times Index / STI to cross 3000 boosted by long-term investors

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x 0

next support for STI 3045

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04-May-2011 14:14

Straits Times Index / STI to cross 3000 boosted by long-term investors

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x 0

more pain......

down the drain....

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04-May-2011 13:55

Sakari / Straits Asia

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x 0

my hunch is that there may be support due to the dividend factor..

but based on island formation it could have another gap down...

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04-May-2011 11:29

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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x 0

increasing EPS ...PE only 9.4x.. still same price than 2010...
VALUATION 2008 2009 2010 2011e 2012e 2013e
EPS CNY 0.45 0.63 0.79 1.02 0.88 0.86
EPS adj CNY 0.36 0.57 0.76 0.98 0.85 0.83
Dividend ps CNY 0.14 0.19 0.24 0.31 0.26 0.00
Book per share CNY 1.18 1.73 2.65 3.30 3.92 4.52
Year end shares Millions 3,500 3,653 3,753 3,837 3,837 3,837
Price SGD 0.41 1.11 1.85 1.81 1.81 1.81
P/E X 4.8 9.4 12.5 9.4 10.9 11.2
P/E adj X 6.0 10.2 12.9 9.8 11.3 11.6
Dividend yield % 6.5 3.2 2.4 3.2 2.7 0.0
P/Book X 1.8 3.4 3.7 2.9 2.5 2.1

EV/EBITDA adj X 3.8 8.6 11.8 9.2 8.8 8.9

EV/EBIT adj X 4.1 9.2 12.5 9.9 9.3 9.4

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04-May-2011 11:20

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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x 0

can yzj break 1.74 today?

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04-May-2011 11:18

Sakari / Straits Asia

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x 0

straits asia formed a typical island formation with exhaustion break down gap

fell 14c today to 2.74

ozone2002 ( Date: 28-Apr-2011 23:37) Posted:

straits asia moved into over bought zone with a big jump in prices today..

suggest to take profit if straits asia rallies further..

ozone2002 ( Date: 28-Apr-2011 11:29) Posted:

2.95!!..up17c on the sebuku license..

also coal demand has risen n supply shortage issues..

gd luck :)

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04-May-2011 11:16

Straits Times Index / STI to cross 3000 boosted by long-term investors

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x 0

sell n go away in may continues.. blue chips are overbought

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04-May-2011 09:06

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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x 0

nice chart..looks like will rebound..

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03-May-2011 19:41

Neptune Orient L Rg / NOL

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NOL carries 12% more cargo

SINGAPORE - Neptune Orient Lines (NOL), the world's seventh largest container shipping firm, said on Tuesday it carried 12 per cent more cargo in the four weeks to April 8 from a year ago, helped by higher traffic on intra-Asia and Asia-Europe routes.

NOL carried 229,700 forty-foot equivalent units (FEUs) during the four-week period, up from 204,400 FEUs a year ago, the firm said in a statement.

The average revenue per FEU fell 2 per cent to US$2,557 per FEU from US$2,622 last year, hit by falling rates on Asia-Europe routes. -- REUTERS

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03-May-2011 11:30

Straits Times Index / STI to cross 3000 boosted by long-term investors

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x 0

looks like sell in May and go away has taken effect..

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03-May-2011 10:15

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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x 0

if there's any consolation..yzj CFO is quite a looker.. :)

Credit Suisse says Yangzijiang offers ‘good value’

Yangzijiang CFO Liu Hua at an event at the shipyard. NextInsight photo.

Credit Suisse maintained its ‘outperform’ rating on Yangzijiang Shipbuilding after the company reported a 14% YoY revenue increase to RMB3.1 bn for the first quarter of this year.

Despite it being a seasonally weaker quarter, the shipbuilder’s gross profit of RMB827 mn was 26% of Credit Suisse’s FY11 forecast of Rmb3.2 bn.

Gross margins surged to 27.1% from 23.3%.

Credit Suisse said it maintains its forecasts pending the NDR (Non-Deal Roadshow) it is hosting on 4 May.

“On 2011E P/E of 11x, we believe Yangzijiang offers good value relative to its global shipbuilding peers. We maintain our OUTPERFORM rating and target price of S$2.40.”

Recent stories:

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03-May-2011 10:08

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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x 0

good set of results, in oversold zone...

but price down..

it's a divergence..will accumulate more..

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30-Apr-2011 12:45

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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x 0

could it be the case of houses releasing good reports so that they can dump their shares to retailers?

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29-Apr-2011 10:18

Mencast / Cornerstone investor GAY CHEE YONG in mencast

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x 0

mencast XD n still up ..now 45c..

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29-Apr-2011 09:55

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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RESULTS FIRST LOOK
YZJ posted a 63% y-y rise in 1Q11 net profits to RMB 955mn, helped by robust core GP margins as well as a sharp increase in investment & other income gains. Excluding investment and other gains (which now form 35% of PBT) group net profit would have been broadly in line, but record shipbuilding margins of 27% were ahead of estimates. We maintain our BUY rating, given what we see as a relatively undemanding FY11/12F P/E of 10.6x and 9.7x, and net orderbook of US$5.38bn.

Price target: 2.3 SGD
Price (28 Apr 2011): 1.81 SGD
Research analyst: Lisa Lee
+65 6433 6979
lisa.lee@nomura.com
Research analyst: Spandan Sharma (Associate)
ublish Date: 28 Apr 2011
P
1Q11 ahead on robust core margins
•
Earnings vs. our Forecast:
ABOVE
Likely Impact:
•
Earnings Estimates:
UP
•
Dividend Estimates:
NO CHANGE
•
Price Target:
NO CHANGE
•
Long-term View:
CONFIRMED
Results ahead of expectations. YZJ’s 1Q11 net profit of RMB955m was ahead of expectations, forming 28% of our FY11F net profit. While the shipbuilding group’s core EBIT of RMB757mn (+31% y-y) was in line with expectations, margins of 27% were ahead of our estimate (20%). Management highlighted that the strong margins was due to the group recognising profits from four high margin vessels in the quarter. The group delivered a total of 17 vessels in the quarter compared with 10 in 1Q2010. Group revenue was up 14% yoy to RMB3.05bn.
Robust orderbook to underpin FY11/12F earnings.
The group expects to deliver 65 vessels this year, of which 22 will be from its old yard, 30 from its New Yangzi yard and 13 from its Changbo yard. Management also highlighted that enquiry levels for containerships remains robust, with a focus on larger, higher capacity but more energy efficient vessels. As at 1Q2011, the group had secured 14 shipbuilding contracts worth US$512.3mn. Of the total outstanding orderbook of US$5.38bn (131 vessels, 45 containers, 86 bulkers), 55% to 60% remain relatively high margin contracts secured during the 2007-08 boom period. Management expects shipbuilding earnings to be sustained in 2011/12, given a still sizeable orderbook.
Seaspan contract, still awaiting downpayment
According to Tradewinds, Seaspan has signed an LOI with YZJ to construct 22 units of 10,000 TEU containerships (including options) for up to US$2.156bn (US$98mn/vessel), with the first vessel for delivery in Jan 2014 (Seaspan $2bn order haul, 14 Mar 11). While the article noted that the signing of the official contract will take place in late Apr/early May, the announced contract size is likely to be spread out in batches (6+6+5+5) as Seaspan would only confirm a newbuild contract concurrently with an underlying charter contract. . As for the well-publicised Seaspan contract, management said that, while a memorandum of understanding (MOU) has been signed, the group has not received the initial deposit and thus has not made any official announcement, pending the downpayment.
Interest and investment income up sharp 21% y-y to RMB281mn in 1Q11.
In its latest annual report (2010), the group detailed that of its held to maturity assets of RMB8.6bn, 33% were in shares listed in the PRC, 30% in properties and land use rights, 17% in restricted shares of listed PRC companies while the rest were in corporate guarantees and unlisted shares. This was largely led by returns from the group’s investments made through its microfinance unit. As at 31 March 2011, the group held cash and cash equivalents of RMB2.8bn (down from the RMB4.54bn as at 31 Dec), while financial assets held to maturity (under current assets) increased to RMB6.21bn as at 1Q11 from RMB5.2bn in 4Q10. Financial assets held to maturity in non-current assets totalled RMB3.73bn (RMB3.42bn as at 31 Dec 2010)

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