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YZJ Shipbldg SGD
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Good News for Yangzijiang
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TalkMkt
Member |
05-Jul-2012 13:00
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Old yard to be relocated: Concluding a process that began in 2011, YZJ has entered into an agreement with the local government to relocate its old yard, currently situated on prime waterfront land, for a compensation of CNY720m. Timing couldn’t have been better: In the trough of a shipbuilding slump, with yards closing amidst a sea of red ink, YZJ is in the unique position of being able to reduce its capacity with the equivalent of a golden parachute. We see the following benefits: i) reduced operational costs ii) positive impact on 2012-13F income and balance sheet iii) focus operations on larger vessels as the old yard built the smaller vessels. Associated costs include compensating workers for relocation and/or retrenchment, but we expect the bulk of the CNY720m to flow through to the company. In addition, we do not see YZJ actually relocating to a new yard—our view is that the capacity at the new Xinfu yard is sufficient to absorb current and future orders, thus this is a definite cost reduction. Buy the strongest player in a weak industry: The entire shipbuilding industry is trading at depressed valuations, and in this climate we advocate buying into the strongest. The patient investor is being paid to wait with an inflation-beating dividend yield of 5.8%. The rerating will come eventually, and the risk-reward ratio is extremely appealing now. We continue to value YZJ at 8x 2012F EPS for a FV of $1.680. Maintain Buy. Please PM me, if you wish to get full report |
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pharoah88
Supreme |
29-Jul-2010 10:14
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Where is the CRUiSE CAPTAiN nOw ? | ||
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kiasiDBT
Veteran |
29-Jul-2010 10:07
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http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_924A1F0D0020C91D4825776E0030C982/$file/Announcement.pdf?openelement Yangzijiang Shipbuilding, the first S-chip to receive approval for TDR listing Final Approval received from the Financial Supervisory Commission of Taiwan, Executive Yuan SINGAPORE – 28 July 2010 – Yangzijiang Shipbuilding (Holdings) Limited (“Yangzijiang” or “the Group” or “扬子江船业控股公司” ), one of PRC’s leading and most enterprising shipbuilder listed on the SGX Main Board, has received approvals from all relevant Taiwanese authorities for their offering and listing of up to 120 million Taiwan Depository Receipts (“TDR”) on the Taiwan Stock Exchange (“TSE”), representing an aggregate of up to 100 million new ordinary shares (“TDR Shares”) in the capital of Yangzijiang (“Proposed TDR Issue”) and up to 20 million vendor shares. The Group first announced its intention to apply for listing of TDRs on 24 May 2010. Within 10 weeks, Yangzijiang obtained approvals from all relevant authorities in Taiwan including the TSE, the Taiwan Central Bank and most recently from Securities and Futures Bureau of Taiwan Financial Supervisory Commission, Executive Yuan. Yangzijiang is the first S-chip to receive approval for a TDR listing. It is currently the largest private shipbuilder in China listed in Singapore and is the largest S-chip in terms of market capitalization listed on the SGX as at the announcement date. “We are deeply honoured to be the first S-chip to obtain approval to list TDRs. Our TDR approval comes exactly one month after China and Taiwan inked the Economic Cooperation Framework Agreement (ECFA). With ECFA, Taiwan is an increasingly important market for China-based companies to explore business opportunities, fundraise and expand internationally. I believe our TDR listing will open doors to more opportunities for the Group.” Mr Ren Yuanlin (任元林), Executive Chairman, Yangzijiang |
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bishan22
Elite |
09-Jul-2010 10:03
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 Am laughing to the bank liao. Off load half this morning.
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kiasiDBT
Veteran |
09-Jul-2010 09:49
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Yang Zi Jiang ....CHIONGGGG ARHHHH Swee Swee Tok Kong man... 
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kiasiDBT
Veteran |
08-Jul-2010 09:07
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Yang Zi Jiang ....CHIONGGGG ARHHHH Swee Swee Tok Kong man...
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kiasiDBT
Veteran |
07-Jul-2010 14:28
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Ai Lai CHIONGGG Liow once it breakup of the downsloping resistance line Possibly within these few days, hope so Akan Datang.
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kiasiDBT
Veteran |
06-Jul-2010 14:55
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Yang Zi Jiang ....CHIONGGGG ARHHHH Swee Swee Tok Kong man... |
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bishan22
Elite |
06-Jul-2010 11:05
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Engine start to crank up again at 1.35. 
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kiasiDBT
Veteran |
02-Jul-2010 15:11
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May start to CHIONG anytime soon within this few days once reakout of the downsloping resistance line. Better quickly board the cruise while it still consolidating b4 it starts to CHIONG. Dun start chasing oni when it start to CHIONG n buy expensive. |
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pharoah88
Supreme |
02-Jul-2010 12:41
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YangZiJiang Management SHREWD and WiN-WiN [SW-W] SembMarine Management MEAN and PETTY [MP] FOXCONN Management blOOdy |
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kiasiDBT
Veteran |
02-Jul-2010 09:33
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Better board now b4 u miss the cruise. |
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kiasiDBT
Veteran |
02-Jul-2010 09:27
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Ai lai CHIONG Liow... Akan Datang.. |
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Hulumas
Supreme |
30-Jun-2010 19:52
Yells: "INVEST but not TRADE please!" |
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Yes, I 'll.
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kiasiDBT
Veteran |
29-Jun-2010 15:36
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DBS Vickers (Spore) Yangzijiang: A good BUY; TP 1.80 Yangzijiang: BUY S$1.37; Bloomberg: YZJ SP A good BUY; Price Target : 12-Month S$ 1.80 By: Pei Hwa HO +65 6398 7968 · Acquired 51% stake in a distressed shipyard at 0.9x P/NTA on favorable terms · A small yard with big potential; targeting 10-20 deliveries a year · Maintain BUY, TP of S$$1.80 implies 35% upside. Catalysts include strong order wins and a strategic partnership in offshore Value-hunt distressed shipyard. Yangzijiang has acquired a 51% stake in a nearby shipyard – Jiangsu Changbo Shipyard Co. Ltd (JCSC) at an attractive 0.9x P/NTA. Total investment amounted to RMB156.12m, of which RMB51m is for the 51% equity interest and the remaining RMB105.12m for the increase of JCSC’s capital reserves, which will bring total NTA to RMB306.12m Favorable terms. Yangzijiang is granted a transition period of 6 months, extendable to 12 months, where the remaining shareholders of JCSC are required to top up the shortfall of NTA from initial RMB306.12m within 20 days or Yangzijiang’s stake will automatically be lifted accordingly. This term protects Yangzijiang from any operation losses within the transition period whilst allowing it to share the profits. No change to forecast for now. JCSC’s orderbook stands at US$338m, comprising 20 vessels (largely bulk carriers <10k dwt) to be delivered in 2H10-1H12. Conservatively, applying a 10% net margin on the existing orderbook, JCSC could make RMB100m a year and contribute RMB51m or 2% to Yangzijiang’s bottomline (based on a 51% stake). We believe Yangzijiang is aiming big, planning to turn the distressed asset into a highly efficient yard similar to its old yard, that will be capable of generating >RMB500m net profit a year in the mid-term. As we expect meaningful contribution to come in from 2H11, we are leaving our forecast intact for now, awaiting greater details on JCSC and management’s plan More catalysts ahead, including strong order flows, successful dual-listing of TDR at premium valuations and smooth commencement of ship breaking business in 2H10. We also expect a bonus coming from a strategic partnership in the offshore segment. Maintain BUY and TP of S$1.80 pegged at 14x FY10F. |
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bishan22
Elite |
29-Jun-2010 14:41
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Scoop more YZJ?? 
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kiasiDBT
Veteran |
29-Jun-2010 12:07
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From DBSV: Yangzijiang is acquiring a 51% stake in a distressed shipyard, Jiangsu Changbo Shipyard (JCSC), at 0.9x P/NTA for RMB156.12m. JCSC is a small yard with big potential, and is targeted to grow to 10-20 deliveries a year. Reiterate BUY on Yangzijiang, TP of S$1.80 implies 35% upside potential. Catalysts include strong order wins and a strategic partnership
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kiasiDBT
Veteran |
29-Jun-2010 09:23
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Walaueh, looks like no chance to buy more on dips, hv to accumulate more now b4 it CHEONGGGG some more.
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kiasiDBT
Veteran |
29-Jun-2010 09:16
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Good chance to accumulate more on any dips. |
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bishan22
Elite |
28-Jun-2010 23:44
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Those vested in 1.32 will laugh their way to the bank. Good good man. 
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