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YZJ Shipbldg SGD
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Cruising with the ship ..Yangzijiang
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isaacsgx
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20-Oct-2011 10:08
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I think the way to attract interest in the share, YZJ needs to declare bonus or interim dividend as they are making profit. The only setback is their exposure to the european crisis! | |||||||||||||||||
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louis001
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18-Oct-2011 23:01
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Quote " AmFraser view on Yangzijiang “The market selldown of over 20% was a clear overreaction which led to our call to average down,” said Mr Lee. " this is very interesting...analyst make call to average down..... wait and see if it can go to mid-point between recent lowest of 77cts and highest of 98ts...which is 87.5cts, a very good price to watch... |
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Hunter2011
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18-Oct-2011 21:16
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AmFraser view on Yangzijiang: AmFraser has previously chosen the bottom line as a reference point— CNY248m vs this year’s PATMI of CNY4b, or merely a 6% onetime risk to profits. “The market selldown of over 20% was a clear overreaction which led to our call to average down,” said Mr Lee. Furthermore, these microfinance companies are “profitable and operations remain healthy”. Even so, YZJ said it has made provisions against unforeseeable losses, which further reduces the probability of any negative bottom-line impact. As for its held-to-maturity (HTM) assets, AmFraser highlighted that any defaults do not immediately mean losses, unlike for a regular bank since these loans are heavily collateralized with Collateral/Loan Value coverage ratios of more than 2x. (Source: http://nextinsight.net/index.php/story-archive-mainmenu-60/912-2011/4456-hu-an-cable-yangzijiang-latest-happenings) |
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JesseTyler
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18-Oct-2011 19:54
Yells: "MONEY MONEY MONEY !!!" |
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Decide for yourself whether you want long-term or short-term ...
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Summers3
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18-Oct-2011 18:31
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Looks like it has retraced a fair bit off the highs. Strong support at 86 cents. Any purchase at around 88 cents seem good. | |||||||||||||||||
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pcxiao2008
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18-Oct-2011 17:06
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i mean any views
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pcxiao2008
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18-Oct-2011 17:04
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can view? can load yjz now at 91c? long or short? | |||||||||||||||||
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Summers3
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18-Oct-2011 12:08
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Market off today, took 10 lots for a small fun ride hopefully. | |||||||||||||||||
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gykgyk1
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18-Oct-2011 09:50
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What other businesses could give at least 50% to 60% margin per year than loan shark , this is a important cushion to their core business and that is why they can gaurantee 30% profit growth per year ... Infact most of the big china companies with cash onhand are doing this because none of their core businesses are making anything close to this kind of margin :)... It is a good economic indicator : if Ah Long also RunRoad , then the economy is really in trouble ... | |||||||||||||||||
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louis001
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18-Oct-2011 09:37
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how about PopularBook and SPH and Metro, core expertise selling books and papers/magazines and merchandises respectively to also selling properties ? on the other hand, micro-financing business is really quite worrying for YZJ....so far no problem does not mean in future will be no problem ?
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Hunter2011
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18-Oct-2011 09:15
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I do agreed with CIMB Shipbuilder should focus on its core shipbuilding expertise: " There is a difference between building ships and making loans. We believe YZJ should focus on its core shipbuilding expertise. Its micro-financing business and large exposure to financial assets have investors worried right now. We keep our Underperform rating despite assurance from the company regarding its investments in micro-financing/financial assets and profit guidance. " (source: http://kfc1973-stock.blogspot.com/2011/10/yangzijiang-banker-in-sailors-suit-cimb.html) |
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ruanlai
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17-Oct-2011 13:03
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BUY FAIR VALUE: S$1.600 LAST DONE: S$0.970 Please see important disclosures at the end of this publication Previous: S$1.600 On track for record profits this year Today, YZJ mgmt. announced that it is " confident to deliver not less than 30% growth in net profit attributable to equity holders of the Group in the upcoming 9 months results announcement." In 9M2010 YZJ earned CNY2.12b, which would set their minimum 9M2011 profits at CNY2.76b. Considering that they earned CNY2.96b last year, YZJ is definitely on track to make record profits this year. For the full year, our estimates are actually slightly rosier than a 30% increase. We forecast PATMI growth of 35% full-year for a record profit of CNY4b, equivalent to about S$0.207 per share (depending on year-end SGDCNY rate. We are using today’s 5.0418.) No change to our risk assessment on financial assets In today’s announcement, YZJ contrasted the value of its microfinance assets with its market cap (< 2%) and NTA (< 3%). In previous communications we had chosen the bottom line as a reference point—CNY248m vs this year’s PATMI of CNY4b, or merely a 6% onetime risk to profits. The market selldown of over 20% was a clear overreaction which led to our call to average down. Furthermore, these microfinance companies are " profitable and operations remain healthy" . Even so, YZJ has already made provisions against unforeseeable losses, which further reduces the probability of any negative bottom-line impact. Likewise, we continue to view positively the held-to-maturity (HTM) assets on YZJ’s books. We highlight again that even defaults do not immediately mean losses, unlike for a regular bank since these loans are heavily collateralized with Collateral/Loan Value coverage ratios of more than 2x. We calculated that using conservative assumptions (See " YZJ—Rose among the thorns" ) the Shanghai Composite Index would have to fall to 1,300 points before YZJ began booking losses. Considering that in the GFC the index fell to " merely" 1,700, we see very low loss probabilities. YZJ mgmt. also stated that there have been no defaults since 2008, in other words, these HTM assets went through the GFC completely unscathed |
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analyst
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17-Oct-2011 12:59
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There were 7 days of public holidays from 1 to 7 Oct 2011 in China to celebrate their National Day. The management did initiate a few share buy backs to support the share price. The management reaction time was reasonable. Their upcoming expectation of good 9 months results on 9th Nov 2011 should boost its share price.
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hlfoo2010
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17-Oct-2011 12:05
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FInally BS6 responded but take appr two weeks to react ????
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ruanlai
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17-Oct-2011 11:52
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09:49 17Oct11 RTRS-Singapore Hot Stocks-Yangzijiang up after statement on lending SINGAPORE, Oct 17 (Reuters) - Shares of Singapore-listed Chinese shipbuilder Yangzijiang < YAZG.SI> rose as much as 3.2 percent on Monday after the company addressed investor concerns about its exposure to informal lending and corporate failures in China. By 0129 GMT, Yangzijiang shares were up 1.6 percent at S$0.965 in a flat broader market < .FTSTI> . Yangzijiang said to date, it had invested around 247.5 million yuan ($38.8 million) in two micro-financing entities, which accounted for less than 3 percent of the group's net tangible assets as at June 30. [ID:nSNZ2jM67v] " The announcement is quite helpful because they have been quite responsive to the market. The held-to-maturity assets are the crucial point that people are looking at," said an analyst. The company's investments in held-to-maturity financial assets are secured with a collateral-to-debt coverage ratio of at least two times and it has not experienced any default since 2008, it said. |
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GoldenRule
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17-Oct-2011 09:58
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really like this counter...Management very care the investor..just load 20 lots @ 0.97..hope cheong up to $1.00 above | |||||||||||||||||
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analyst
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17-Oct-2011 09:42
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A good management will react quickly to dispel any rumours about the company and buy back its shares to gain investors' confidence. This type of company deserves support from its investors. Expect share price to recover fast when no other bad news is around.
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Hunter2011
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17-Oct-2011 09:00
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What do you think ?
Due to the recent spate of media reports on informal lending in China and series of corporate failures in Wenzhou, China, there may be concerns amongst the investment community on the Group’s exposure to such incidents. The Board of Directors will like to reassure the investment community that the Group is not affected and does not foresee potential negative impact on its financial performance and position due to the following factors:
由 於 近 日 有 一 連 串 關 於 中 國 民 間 信 貸 產 業 及 溫 州 資 金 鍊 斷 裂 的 媒 體 報 導 ， 投 資 界 就 此 類 事 件 對 本 集 團 可 能 產 生 的 影 響 或 許 存 有 疑 慮 。 董 事 會 特 此 向 投 資 界 通 告 ， 此 類 事 件 並 沒 有 ， 也 不 預 見 會 對 本 集 團 的 財 務 業 績 及 狀 況 產 生 任 何 潛 在 的 負 面 影 響 。
本 集 團 投 資 於 小 額 貸 款 的 金 額 在 集 團 層 面 屬 微 小 The Group has invested in two micro-financing entities for an aggregate consideration of RMB247.5 million till date: 51.0% equity interest in Jiangsu Runyuan Rural Microfinance Co. Ltd (" Jiangsu Runyuan" ) and 31.5% in Wuxi Runyuan Technology Microfinance Co. Ltd (" Wuxi Runyuan" ). These two investments account for less than 3% of the Group’s Net Tangible Assets as at 30 June 2011 and less than 2% of the Group’s market capitalization of S$3.58 billion as at 14 October 2011. 集 團 共 以 2億 4仟 750萬 元 人 民 幣 投 資 了 兩 家 小 額 信 貸 公 司 ： 佔 有 靖 江 市 潤 元 農 村 小 額 貸 款 有 限 公 司 （ 靖 江 潤 元 ） 51.0% 的 股 權 及 無 錫 市 潤 元 科 技 小 額 貸 款 有 限 公 司 （ 無 錫 潤 元 ） 31.5%的 股 權 。 上 述 兩 項 投 資 只 佔 集 團 於 2011年 6月 30日 淨 資 產 的 不 到 3%和 截 止 2011年 10月 14日 35.8億 新 元 市 值 的 不 到 2%。 Jiangsu Runyuan extends microcredit to rural enterprises and individuals in Jingjiang city while Wuxi Runyuan targets small/mid-technology enterprises in the Wuxi city. Both cities are in Jiangsu province. Loan tenures are mostly short term, repayable within a year and backed by quality collaterals. Customers and respective collaterals are subjected to assessment and evaluation in accordance to banking rules and regulations in China and risk management measures are in place to safeguard the micro-credit financiers’ interests. 靖 江 潤 元 專 為 靖 江 市 的 鄉 鎮 企 業 及 個 人 提 供 小 額 貸 款 ， 無 錫 潤 元 則 以 無 錫 市 的 中 小 型 科 技 企 業 為 目 標 。 靖 江 市 及 無 錫 市 都 位 於 江 蘇 省 。 此 類 貸 款 多 屬 短 期 ， 須 在 一 年 內 償 還 ， 并 均 有 優 質 的 質 押 物 作 為 擔 保 。 客 戶 和 相 關 質 押 物 均 需 以 中 國 銀 行 法 規 和 規 章 作 為 基 準 進 行 評 估 和 審 核 ， 且 均 有 風 險 管 理 措 施 來 保 障 小 額 貸 款 公 司 的 利 益 。 董 事 會 僅 此 強 調 靖 江 潤 元 及 無 錫 潤 元 都 是 有 資 質 認 證 的 小 額 貸 款 公 司 ， 收 取 的 貸 款 利 率 也 在 中 國 銀 行 體 系 的 授 權 範 圍 內 。 此 外 ， 靖 江 潤 元 及 無 錫 潤 元 的 管 理 團 隊 均 由 專 業 及 經 驗 豐 富 的 成 員 組 成 ， 他 們 都 曾 任 職 中 國 的 銀 行 ， 因 此 對 中 國 銀 行 體 系 ， 法 規 及 規 章 有 深 入 的 了 解 。 The Group has been very conservative and has made provisions for such investments in its books to cushion against any unforeseeable losses. The Board of Director will like to reassure that there are no indications that these provisions will be utilized as both Jiangsu Runyuan and Wuxi Runyuan are profitable as at date of announcement and operations remain healthy. 集 團 採 取 非 常 保 守 的 方 式 對 待 此 類 投 資 ， 也 在 賬 上 做 足 準 備 以 防 不 可 預 見 的 損 失 。 董 事 會 特 此 重 申 靖 江 潤 元 及 無 錫 潤 元 截 止 於 公 告 日 仍 保 持 盈 利 狀 態 ， 經 營 狀 況 良 好 。
健 全 的 風 險 管 理 結 構 足 以 保 障 持 有 到 期 日 的 金 融 資 產 投 資 The Group has invested in financial assets, held-to-maturity, essentially fixed rate instruments offered by banks and trust companies used in financing of corporate and entities from diverse industries in China as part of its strategies to optimize returns on robust cash balances. All of these investments are secured against various collaterals. 作 為 集 團 優 化 強 勁 現 金 餘 額 的 收 益 及 強 化 現 金 管 理 的 戰 略 之 一 ， 集 團 投 資 於 銀 行 及 信 託 公 司 等 提 供 的 固 定 利 率 理 財 産 品 ， 以 提 供 過 渡 性 融 資 給 中 國 各 行 業 企 業 和 實 體 。 所 有 投 資 均 有 良 好 的 質 押 物 作 為 擔 保 。 With reference to the Group’s corporate presentation slides uploaded on SGX-MASNET on 11th August 2011, financial assets, held to maturity accounted for approximately 33.7% of the Group’s total assets as at 30 June 2011. Details of the collaterals as at 30 June 2011 as follows: Types of collateral 質 押 物 品 種 % upon total investment value 佔 總 投 資 額 的 百 分 比 （ %） Coverage Ratio* 覆 蓋 率 * Listed shares on Shanghai Stock Exchange and Shenzhen Stock Exchange 上 海 證 券 交 易 所 和 深 圳 證 券 交 易 所 的 股 票 37% 2.00 Land titles and physical land 土 地 所 有 權 及 土 地 實 體 41% 2.73 Others
(eg. Corporate and bank guarantees) 其 他 （ 如 企 業 和 銀 行 擔 保 ） 22% 1.00 The Group’s policy is to insist that the collateral to debt coverage ratio to be no less than 2 times and the collaterals have to be unencumbered. Due to the Group’s rigorous investment procedures and stringent due diligence requirements, the Group has not experience any default of such investments since 2008. The Group adopts a conservative approach in investing in these products. The Group has a dedicated treasury team to manage these investments and that team monitors the investments on an active basis. The team further reports to a Committee comprising nine senior management staff and is chaired by Mr Ren Yuanlin, the Group’s Executive Chairman. Any proposed investment that exceeds RMB100 million, will have to be presented to and approved by the Group’s Board of Directors. 集 團 擁 有 一 個 專 門 的 資 金 管 理 團 隊 來 管 理 這 類 投 資 ， 這 個 團 隊 同 時 也 會 積 極 對 投 資 進 行 監 控 。 這 個 團 隊 上 設 由 9名 資 深 主 管 組 成 的 投 資 委 員 會 ， 並 由 集 團 執 行 主 席 -任 元 林 先 生 擔 任 主 席 。 任 何 金 額 超 過 1億 元 人 民 幣 的 投 資 獻 議 ， 均 需 提 交 集 團 的 董 事 會 討 論 ， 並 獲 得 董 事 會 批 准 。 Lastly, the Board wishes to update that the timely vessel deliveries within 9 months has ensured that the Group is on schedule to meet its vessel deliveries target of 65 in FY2011, compared with that of 50 in FY2010. Therefore, the Board of Directors is confident to deliver not less than 30% growth in net profit attributable to equity holders of the Group in the upcoming 9 months results announcement on 9 |
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louis001
Master |
17-Oct-2011 08:54
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SINGAPORE, Oct 17 (Reuters) - Singapore shares are seen
opening higher on Monday, tracking U.S. gains on earnings hopes
and expectations that Europe will come up with a plan to tackle
its debt woes.
Singapore-listed Yangzijiang Shipbuilding may be
in focus after the company addressed investor concerns about its
exposure to informal lending and corporate failures in China.
Yangzijiang said to date, it had invested around 247.5
million yuan ($38.8 million) in two micro-financing entities,
which accounted for less than 3 percent of the group's net
tangible assets as at June 30.
The company has not experienced any default of its
investments in financial assets since 2008, it added.//Anything can happen, good or bad....Good luck.
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Hunter2011
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15-Oct-2011 10:38
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another piece of bad news for yangzijiang ??
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