ShareJunction - Stock Forum Messages %%%:

Back

First 1-20 of 33 Older> Last

Latest Forum Topics / YZJ Shipbldg SGD Last:2.55

-0.08

Post Reply

HALT

ruanlai
Master

19-Apr-2010 11:39

ruanlai About Contact Quote this Post! Style: Fundamental Mood:

x 0
x 0

Alert Admin

YangZiJiang - Acquisition of minority stake in PPL Shipyard - BUY ($1.43) TP $1.80 by DMG

Proposed acquisition of PPL is a prelude to bigger things. YZJ and two partners have proposed to acquire PPL Holdings from Baker Technology for US$155m (S$216m). Under the structure of the deal and post-acquisition, YZJ will own an effective stake of 7.5% in PPL Shipyard, which is one of the world’s leading rig builder.

In our view, the deal is positive:

(1) Acquisition is fairly valued at 3x P/B vs. P/B valuation for listed rig builders of more than 4x.

(2) The deal is modestly EPS dilutive due to share placement to a Middle Eastern investor, but compensated by potential earnings growth when its offshore division is fully developed.

(3) The acquisition allows YZJ to tap into PPL’s expertise and helps develop YZJ’s offshore capabilities.

We believe this may lead to a yard setup in China to focus on the offshore market.

We maintain our earnings forecast but raise our TP to S$1.80 based on higher P/E multiple of 15x on FY10 EPS. Acquisition fully funded by share placement to Middle East investor.

Key details of the acquisition:

(1) YZJ, a Middle East investor and Mr. Yu Kebing (a non-executive director of YZJ) have offered to acquire PPL Holdings from Baker Technology for US$155m. Baker Technology has up to 4 May 10 to accept the offer. The crown jewel in PPL Holdings is the 15% stake in PPL Shipyard. The remaining 85% in PPL Shipyard is owned by Sembcorp Marine.

(2) Postacquisition, YZJ, the Middle East investor and Mr. Yu will hold 50.1%, 49% and 4,9% stake in PPL Holdings respectively.

(3) YZJ’s share of the acquisition at US$77.6m will be fully funded by a 83.5m share placement to an unnamed

Middle East investor at S$1.295/share. The new placement shares will dilute YZJ’s existing share base marginally by 2.3% and is subjected to acceptance of the offer by Baker Technology. (4) PPL Shipyard has a net book value of US$343m for FY09. The acquisition price values the shipyard at 3x P/B.

Valuation: target price raise from S$1.48 to S$1.80. Despite strong share price run-up of 23% since our initiation, we think there is more upside to the stock. We raise our TP from S$1.48 to S$1.80 based on higher P/E multiple of 15x on FY10 EPS compared to 12x previously. The higher P/E reflects the potential earnings from YZJ’s new pillar of growth in the offshore market. Our revised TP implies 4.1x FY10 P/B.

Key catalysts for share re-rating are:

(1) recovery of new orders;

(2) new income from business units under development.

Useful To Me Not Useful To Me

racketgames
Member

18-Apr-2010 12:39

racketgames About Contact Quote this Post!

x 0
x 0

Alert Admin

Quote this article on your site

To create link towards this article on your website,
copy and paste the text below in your page.

Preview :

China’s Yangzijiang to buy stake in Singapore rig-maker
Saturday, 17 April 2010

Last Updated on Saturday, 17 April 2010 21:12

Quote this article on your site

To create link towards this article on your website,
copy and paste the text below in your page.

Preview :

China’s Yangzijiang to buy stake in Singapore rig-maker
Saturday, 17 April 2010

Last Updated on Saturday, 17 April 2010 21:12

The Daily Edge

China’s Yangzijiang to buy stake in Singapore rig-maker

China’s Yangzijiang Shipbuilding (YAZG.SI) and a Middle Eastern investor will buy an an indirect stake in Singapore-based oil-rig maker PPL Shipyard in a $155 million deal. Yangzijiang has offered to buy Baker Technology’s (BASE.SI) fully-owned vehicle PPL Holdings, which owns a 15% stake in the Singapore oil-rig maker, it said in a statement today.

China’s Yangzijiang to buy stake in Singapore rig-maker
Saturday, 17 April 2010

Useful To Me Not Useful To Me

Juzmoi78
Member

17-Apr-2010 23:18

Juzmoi78 About Contact Quote this Post!

x 0
x 0

Alert Admin

Stopped to kill 3 birds with a stone?

Useful To Me Not Useful To Me

pharoah88
Supreme

17-Apr-2010 22:23

pharoah88 About Contact Quote this Post!

x 0
x 0

Alert Admin

HALT is KILLER ????

Hulumas ( Date: 16-Apr-2010 08:48) Posted:

Contra long won't be effected but contra short will be most effected!

ruanlai ( Date: 16-Apr-2010 08:45) Posted:

They are planning to anounce two good news in this time halt.

Pai Sey if one release now and 2 days later another halt.

Contra ppls will die if every 2days halt once.

So give them two more days to kill all the contra ppls.

Useful To Me Not Useful To Me

grandmaster89
Veteran

17-Apr-2010 19:29

grandmaster89 About Contact Quote this Post! Style: Fundamental Mood:

x 0
x 0

Alert Admin

Baker Tech shareholders will be the real winners. They are selling their 15% stake for US$155 million. This is slightly smaller than their market capitalization LOL

Useful To Me Not Useful To Me

ruanlai
Master

17-Apr-2010 19:09

ruanlai About Contact Quote this Post! Style: Fundamental Mood:

x 0
x 0

Alert Admin

PROPOSED ACQUISITION OF 50.1% INTEREST IN PPL HOLDINGS PTE LTD ("PPLH")

The Board of Directors of the Company is pleased to announce that the Company has:
(a) entered into a placement agreement ("Placement Agreement") dated 15 April 2010 with a Middle East investor ("Investor") in relation to the placement of 83,555,000 new ordinary shares in the capital of the Company (each, a "New Share") at the issue price of S$1.295 per New Share ("Issue Price") to the Investor ("Placement"), which proceeds are to be applied by the Company for the Acquisition (as defined below);
(b) entered into a joint investment agreement ("Joint Investment Agreement") dated 15 April 2010 with the Investor and Mediterranean Success Group Inc. ("MSG") (which is wholly owned by the Company's Non-Executive Director, Mr Yu Kebing) in relation to the acquisition of shares in PPLH by each of the Company, the Investor and MSG in the proportions of 50.1%, 45% and 4.9% respectively, and subsequent to completion of the Acquisition, to regulate the parties' rights and obligations as shareholders of PPLH ("Joint Investment"); and
(c) issued a binding letter of offer ("Letter of Offer") dated 16 April 2010 to Baker Technology Limited ("Vendor") pursuant to which the Company has made an offer to the Vendor to acquire the entire issued and paid-up share capital of PPLH on the terms and conditions contained therein ("Acquisition").

Useful To Me Not Useful To Me

Hulumas
Supreme

16-Apr-2010 08:48

Hulumas About Contact Quote this Post! Style: Flexible Mood:

Yells: "INVEST but not TRADE please!"

x 0
x 0

Alert Admin

Contra long won't be effected but contra short will be most effected!

ruanlai ( Date: 16-Apr-2010 08:45) Posted:

Useful To Me Not Useful To Me

ruanlai
Master

16-Apr-2010 08:45

ruanlai About Contact Quote this Post! Style: Fundamental Mood:

x 0
x 0

Alert Admin

Useful To Me Not Useful To Me

Juzmoi78
Member

16-Apr-2010 00:05

Juzmoi78 About Contact Quote this Post!

x 0
x 0

Alert Admin

I came across this article, the halt is may be related to this good news, but still dun understand why they need to halt for 1 day:

http://www.asiasis.com/viewprint.php?bbs_id=news&doc_num=7283&prn=1

Yangzijiang secures six bulkers

On April 12th 2010, China’s Jiangsu Yangzijiang Shipbuilding reached an agreement with compatriot Fujian Provincial Communication Transportation Group to build six 45,000-dwt bulk carriers.

The ships are all designed by Chinese institutes for ocean going.

As is introduced, the newbuilding cost of six ships totals CNY 1.1bn ($161m)

The ships will be delivered in late 2011, early 2012 and early 2013 respectively.

The laden draft of those ships is only 10.5m. So, it’s suitable for Chinese domestic operation, especially the supply for the national power plants located along inland lines.

Yangzijiang targets 50 ship deliveries this year, regardless of market recession.

As is reported earlier, the Singapore-listed builder are considering listing in Hongkong or Twaiwan as well.

Published : April 15, 2010

Useful To Me Not Useful To Me

ruanlai
Master

15-Apr-2010 20:31

ruanlai About Contact Quote this Post! Style: Fundamental Mood:

x 0
x 0

Alert Admin

First halt to tell ppls no news yet.........cos the BBs did not buy enough......

Just two day halt again.........cos the BBs buy enough liao......

If two day later another third halt ......... HAUT LAR............

BUT, when resume trade huh.........

Useful To Me Not Useful To Me

tchoonw
Veteran

12-Apr-2010 16:59

tchoonw About Contact Quote this Post!

x 0
x 0

Alert Admin

no decision doesnt mean NO to dual listing...these operators are smart as they are buying time to push up the share px now...just let the rumour goes on so that the play is still there!

freeman_5js ( Date: 12-Apr-2010 16:54) Posted:

better sell fast if ur thinking of earning on tt dual listing

SINGAPORE, April 12 (Reuters) - Singapore-listed Yangzijiang <YAZG.SI> said on Monday it has made no decision on any dual listing plan, following media reports about the possibility of listing its shares in Hong Kong or Taiwan.

Useful To Me Not Useful To Me

freeman_5js
Senior

12-Apr-2010 16:54

freeman_5js About Contact Quote this Post! Mood:

x 0
x 0

Alert Admin

Useful To Me Not Useful To Me

alanwong12345
Member

12-Apr-2010 16:48

alanwong12345 About Contact Quote this Post!

x 0
x 0

Alert Admin

YZJ moving together with Cosco, up more than 7% today with huge vol.

YZJ possible dual listing..then wht abt Cosco ?

Maybe something to do with the possible appreciation in RMB.

sarsar ( Date: 12-Apr-2010 14:26) Posted:

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_4E8BE1A5E01E9C4A482577030007988C/$file/CLARIFICATION.pdf?openelement

Andrew ( Date: 12-Apr-2010 14:21) Posted:

It is saying that they are very busy entertaining bankers for dual listing. So please buy now before too late.

Useful To Me Not Useful To Me

pharoah88
Supreme

12-Apr-2010 16:40

pharoah88 About Contact Quote this Post!

x 0
x 0

Alert Admin

HALT EFFECT HALTED

Useful To Me Not Useful To Me

spider4079
Member

12-Apr-2010 16:25

spider4079 About Contact Quote this Post!

x 0
x 0

Alert Admin

very sure aarrr ???

i going to sold my property liau Smiley

Useful To Me Not Useful To Me

alanwong12345
Member

12-Apr-2010 16:21

alanwong12345 About Contact Quote this Post!

x 0
x 0

Alert Admin

Will Recharge and Chiong tomorrow...

Fund Manager brought enough for today and go for coffee/dinner

spider4079 ( Date: 12-Apr-2010 15:32) Posted:

low batt liau.

Useful To Me Not Useful To Me

spider4079
Member

12-Apr-2010 15:32

spider4079 About Contact Quote this Post!

x 0
x 0

Alert Admin

low batt liau.

Useful To Me Not Useful To Me

ruanlai
Master

12-Apr-2010 14:49

ruanlai About Contact Quote this Post! Style: Fundamental Mood:

x 0
x 0

Alert Admin

CHEONG LIAO

TODAY TARGET AT $1.40

Useful To Me Not Useful To Me

sarsar
Senior

12-Apr-2010 14:26

sarsar About Contact Quote this Post!

x 0
x 0

Alert Admin

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_4E8BE1A5E01E9C4A482577030007988C/$file/CLARIFICATION.pdf?openelement

Andrew ( Date: 12-Apr-2010 14:21) Posted:

It is saying that they are very busy entertaining bankers for dual listing. So please buy now before too late.

limkt009 ( Date: 12-Apr-2010 14:18) Posted:

No intention for dual listing? Why trading continues to halt?

Useful To Me Not Useful To Me

CheongCK
Senior

12-Apr-2010 14:24

CheongCK About Contact Quote this Post! Style: Technical Mood:

x 0
x 0

Alert Admin

Yangzijiang is only one left Laggard. ........... If Cosco (PE +20) is 1.60 perhaps yangzijiang (PE <10) is .... 2.50? DJ MARKET TALK: Cosco, JES Rally; Investors Eye Marine Laggards
4/12/2010 12:01:00 PM

0338 GMT [Dow Jones] Singapore-listed shipbuilders rally as investors revisit laggards in marine sector. Cosco (F83.SG) +6.6% at S$1.61, JES International (EG0.SG) +11.1% at S$0.20, both on substantial volumes. "Investors are looking for laggard plays in the sector," says analyst at local brokerage. Notes Cosco has been consolidating at S$1.10-S$1.30 for about a year, while other marine stocks have been moving up; "naturally, attention will gyrate to those that haven't moved as much." Adds sentiment backed by Cosco's recent win of US$500 million contract to build rig for Sevan Drilling. Newsflow for JES has been thin since release of 4Q09 results in February, when shipbuilder turned in wider loss of CNY60.4 million vs CNY44.0 million loss year earlier, but improving sentiment on marine sector appears to be rubbing off on stock now. Orderbook quotes tip resistance for Cosco at S$1.65, for JES at S$0.21. Yangzijiang (BS6.SG) halted pending announcement; traders say China-based shipbuilder may announce plans for dual listing in HK or Taiwan, idea mooted by management in past results briefings. (frankie.ho@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com

-0-

Copyright (c) 2010 Dow Jones & Company, Inc.

Useful To Me Not Useful To Me

First 1-20 of 33 Older> Last

ShareJunction Version: 27 Nov 2020 ver- All Rights Reserved. Copyright ShareJunction Pte. Ltd. Disclaimer: All prices from are delayed. ShareJunction does not provide you with any financial advice. We are not into the business of providing any investment advice. See our Terms and Conditions and Privacy Policy of using this website. Data is delayed for varying periods of time depending on the exchange, but for at least 15 minutes. Copyright © SIX Financial Information Ltd. and its licensors. All Rights reserved. Further distribution and use by third parties prohibited. SIX Financial Information and its licensors make no warranty for information displayed and accept no liability for data and prices. SIX Financial Information reserves the right to adapt and/or alter this website at any time without prior notice.

Web design by FoundationFlux. Hosted with Signetique Cloud.