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2881-2900 of 4713
dual listing in TDR, ,,, good news.
| Yangzijiang +0.5%; DMG positive on JZME buy plan |
| WRITTEN BY THE EDGE |
| FRIDAY, 17 DECEMBER 2010 09:22 |
Yangzijiang (BS6.SG) is up 1.1% at $1.91 after the shipbuilder says it has entered an agreement to acquire 100% of Jiangsu Zhongzhou Marine Equipment -- which owns shipbuilding facilities of 350,000 square metre yard space, 430 metre deep water coast line -- for RMB420 million ($82.7 million) (implied P/E of 7.7x and 1.2x NAV). DMG says the acquisition will enable YZJ “to push for better productivity and the yard space at JZME will provide extra production capacity to YZJ as its existing yards will be full over the next two years with current orders”.
House upgrades the stock to Buy from Neutral, “as we see better long term growth prospect following a slew of yard/land acquisition deals at attractive pricing and potentially stronger new orders from the containership market.”
Sets higher target price of $2.20, saying YZJ is “a good proxy to the Chinese shipbuilding sector.”
$1.97 December high may cap near-term. /theedge/
/icomeireadipost/
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You can check some of the daily research reports at http://remisiers.org/
The reports are daily published under Research.
edwinteo ( Date: 17-Dec-2010 00:38) Posted:
Ooo..pai seh...from the edge..sianz lor..poems last time use to provide FOC...
bsiong ( Date: 16-Dec-2010 17:54) Posted:
edwinteo, can you figure it out at the end of the post... cheers. |
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Ooo..pai seh...from the edge..sianz lor..poems last time use to provide FOC...
bsiong ( Date: 16-Dec-2010 17:54) Posted:
edwinteo, can you figure it out at the end of the post... cheers. |
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edwinteo, can you figure it out at the end of the post... cheers.
bsiong...where did you get this article from? I saw this headline in poems but cannot log into it to view the whole document...
bsiong ( Date: 16-Dec-2010 12:32) Posted:
| DBS Vickers ups Yangzijiang target 9.2% to $2.60 |
| WRITTEN BY DOW JONES & CO, INC | | THURSDAY, 16 DECEMBER 2010 12:06 | DBS Vickers raises Yangzijiang's (BS6.SG) target price to $2.60 from $2.38 after rolling over its valuation to blended 2011-2012 earnings and increasing 2011-12 earnings forecasts by 4% and 14% respectively in anticipation of increased orders. The house expects the China-based shipbuilder to clinch US$1.5 billion ($1.97 billion) of contracts next year, compared with US$600 million tipped previously: "As one of China's largest and best containership builders, Yangzijiang will be a big winner of the expected strong order flow for containerships in 2011."
DBS Vickers keeps a Buy call on the stock.
Shares are flat at $1.90. /theedge/
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downward trend?
Hawkeye ( Date: 14-Dec-2010 20:03) Posted:
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Open 1.93 Close 1.93 Doji Star formed
MACD down, Flattening
kiasiDBT ( Date: 14-Dec-2010 10:44) Posted:
From CIMB:
Company update - Preferred Chinese yard - by Lim Siew Khee
• Maintain Outperform with higher target price of S$2.57 (from S$2.15). YZJ had secured US$1.3bn worth of orders in 3Q10 with pockets of orders in 4Q10. We believe the strength in containership orders could make up for softer demand for bulk carriers in 2011.
As such, we upgrade our order assumption from US$800m to
US$1bn for 2011 and our FY11-12 earnings estimates by 3%. Our higher target price takes into account our earnings upgrade and a higher P/E of 14x (from 11x, its average since listing), now set in line with the average for Chinese peers in view ofthe revival in the containership sector. Stock catalysts could include stronger-thanexpected order wins and margins, in our view.
• Containership orders could return to 2007 peak. The container sector’s order book to fleet ratio of 13% is much lower than its 4-year average of 20%. There are only 277 containerships scheduled for delivery in 2011, adding 6% to the global fleet.
If more cash-rich owners are indeed out on a newbuild spree and assuming orders match the 2006/2007 order peak, the supply-demand balance by end-2011 could still be favourable with an estimated order book ratio of 15%.
• Top privately-held Chinese yard by container orders. Excluding state-owned yards, YZJ ranks first in terms of contract wins with about US$150m worth of containership orders YTD. Given this leading position, we believe YZJ should benefit from any further uptick in the containership sector.
Revival of containerships
Can orders return to 2007 peak?
A spike in containership newbuilding occurred in 3Q10 with 62 vessels ordered globally. Low 4Q10 orders (35 units) may be caused by seasonality, and we believe in an order resurgence from the containership sector in 2011, potentially back to 2007 levels on the back of:
1) strong utilisation rates;
2) disciplined addition of new capacity in recent years; and
3) ship owners’ cash-rich positions.
Global order book to fleet ratio on the way down.
The container sector’s order book to fleet ratio of 13% is much lower than its 4-year average of 20% due to the newbuild
order drought since 4Q08. There are only 277 containerships scheduled for delivery in 2011, adding 6% to the global fleet capacity. This is so much lower than the bulk carrier sector’s 1,353 vessels up for delivery in 2011 with an order book to fleet ratio of 38%. If more cash-rich owners are indeed out on a newbuild spree and assuming orders match 2007 levels (about 500 units), the supply-demand balance by end-2011 could still be favourable with an estimated order book ratio of 15%.
Ranks first among privately-held Chinese yards.
The crisis may have booted out smaller shipyards from the industry, leaving state-owned and quality private yards behind. YZJ ranks first among Chinese private yards in terms of contract wins, securing
10,184 TEU of new containership orders or about US$150m YTD. Given this leading position, we believe it should benefit from any further uptick in the containership sector.
Upgrade in order-win assumptions.
YZJ had secured about US$1.3bn worth oforders in 3Q10 with pockets of orders in 4Q10. Given an expected strength in
containership orders in 2011, we upgrade our order assumption from US$800m to US$1bn for 2011 and our FY11-12 earnings estimates by 3%. We keep our FY12 orderassumption of US$1.2bn intact.
Moving up the value chain
Win-win partnership with CSBC. We believe YZJ’s dual listing in Taiwan as well as its impeccable track record in the shipbuilding industry has made it the preferred yard for Taiwanese shipbuilder, CSCB, in the latter’s first-ever partnership with a Chinese
shipbuilder.
CSBC has the strength in shipbuilding design and technology while YZJ’s production capacity is twice that of CSBC’s total production capacity from yards in Keelung and Kaohsiung. We believe further collaboration is on the way between the two.
CSCB is considering diverting part of its shipbuilding process to the mainland in view of the lower labour costs there (one-third of Taiwan’s) while YZJ is moving up the value chain hoping to secure orders for larger containerships (above 4,500 TEUs).
Riding consolidation wave in China.
Recently, China Shipbuilding Economy Research, an affiliate of state-owned China State Shipbuilding Corp, declared that the Chinese shipbuilding industry will encounter a wave of consolidation with more M&As over the next few years, eliminating 30% of the existing players.
With YZJ’s strong balance sheet, we expect more M&As as YZJ can take on several smaller yards to expand its capacity. This year alone, it has been building up capacity and capabilities through joint ventures and M&As and the acquisition of new land in preparation for more order wins and larger vessel wins.
Valuation and recommendation
Expect upgrades in consensus estimates.
YZJ is our preferred Chinese shipbuilder for its quality execution and strong financials. FY11-12 consensus estimates appear too
low and a blanket upgrade by the Street is very possible as the market could have underestimated YZJ’s profit margins and revenue recognition.
Maintain Outperform with higher target price of S$2.57 (from S$2.15), now based on 14x (from 11x, average since listing) CY12 P/E, in line with the average for Chinese
peers. Stock catalysts could include stronger-than-expected order wins and margins, in our view. |
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okay........roger.
bsiong ( Date: 16-Dec-2010 12:32) Posted:
| DBS Vickers ups Yangzijiang target 9.2% to $2.60 |
| WRITTEN BY DOW JONES & CO, INC | | THURSDAY, 16 DECEMBER 2010 12:06 | DBS Vickers raises Yangzijiang's (BS6.SG) target price to $2.60 from $2.38 after rolling over its valuation to blended 2011-2012 earnings and increasing 2011-12 earnings forecasts by 4% and 14% respectively in anticipation of increased orders. The house expects the China-based shipbuilder to clinch US$1.5 billion ($1.97 billion) of contracts next year, compared with US$600 million tipped previously: "As one of China's largest and best containership builders, Yangzijiang will be a big winner of the expected strong order flow for containerships in 2011."
DBS Vickers keeps a Buy call on the stock.
Shares are flat at $1.90. /theedge/
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| DBS Vickers ups Yangzijiang target 9.2% to $2.60 |
| WRITTEN BY DOW JONES & CO, INC |
| THURSDAY, 16 DECEMBER 2010 12:06 |
DBS Vickers raises Yangzijiang's (BS6.SG) target price to $2.60 from $2.38 after rolling over its valuation to blended 2011-2012 earnings and increasing 2011-12 earnings forecasts by 4% and 14% respectively in anticipation of increased orders. The house expects the China-based shipbuilder to clinch US$1.5 billion ($1.97 billion) of contracts next year, compared with US$600 million tipped previously: "As one of China's largest and best containership builders, Yangzijiang will be a big winner of the expected strong order flow for containerships in 2011."
DBS Vickers keeps a Buy call on the stock.
Shares are flat at $1.90. /theedge/
|
ta wise look weak on short term. Stochastic converse at o/b region. cci (5 days) trending down. 193 is the critical point for the trend confirmation with base set up at 187.
my personal chart view only
Open 1.93 Close 1.93 Doji Star formed
MACD down, Flattening
kiasiDBT ( Date: 14-Dec-2010 10:44) Posted:
From CIMB:
Company update - Preferred Chinese yard - by Lim Siew Khee
• Maintain Outperform with higher target price of S$2.57 (from S$2.15). YZJ had secured US$1.3bn worth of orders in 3Q10 with pockets of orders in 4Q10. We believe the strength in containership orders could make up for softer demand for bulk carriers in 2011.
As such, we upgrade our order assumption from US$800m to
US$1bn for 2011 and our FY11-12 earnings estimates by 3%. Our higher target price takes into account our earnings upgrade and a higher P/E of 14x (from 11x, its average since listing), now set in line with the average for Chinese peers in view ofthe revival in the containership sector. Stock catalysts could include stronger-thanexpected order wins and margins, in our view.
• Containership orders could return to 2007 peak. The container sector’s order book to fleet ratio of 13% is much lower than its 4-year average of 20%. There are only 277 containerships scheduled for delivery in 2011, adding 6% to the global fleet.
If more cash-rich owners are indeed out on a newbuild spree and assuming orders match the 2006/2007 order peak, the supply-demand balance by end-2011 could still be favourable with an estimated order book ratio of 15%.
• Top privately-held Chinese yard by container orders. Excluding state-owned yards, YZJ ranks first in terms of contract wins with about US$150m worth of containership orders YTD. Given this leading position, we believe YZJ should benefit from any further uptick in the containership sector.
Revival of containerships
Can orders return to 2007 peak?
A spike in containership newbuilding occurred in 3Q10 with 62 vessels ordered globally. Low 4Q10 orders (35 units) may be caused by seasonality, and we believe in an order resurgence from the containership sector in 2011, potentially back to 2007 levels on the back of:
1) strong utilisation rates;
2) disciplined addition of new capacity in recent years; and
3) ship owners’ cash-rich positions.
Global order book to fleet ratio on the way down.
The container sector’s order book to fleet ratio of 13% is much lower than its 4-year average of 20% due to the newbuild
order drought since 4Q08. There are only 277 containerships scheduled for delivery in 2011, adding 6% to the global fleet capacity. This is so much lower than the bulk carrier sector’s 1,353 vessels up for delivery in 2011 with an order book to fleet ratio of 38%. If more cash-rich owners are indeed out on a newbuild spree and assuming orders match 2007 levels (about 500 units), the supply-demand balance by end-2011 could still be favourable with an estimated order book ratio of 15%.
Ranks first among privately-held Chinese yards.
The crisis may have booted out smaller shipyards from the industry, leaving state-owned and quality private yards behind. YZJ ranks first among Chinese private yards in terms of contract wins, securing
10,184 TEU of new containership orders or about US$150m YTD. Given this leading position, we believe it should benefit from any further uptick in the containership sector.
Upgrade in order-win assumptions.
YZJ had secured about US$1.3bn worth oforders in 3Q10 with pockets of orders in 4Q10. Given an expected strength in
containership orders in 2011, we upgrade our order assumption from US$800m to US$1bn for 2011 and our FY11-12 earnings estimates by 3%. We keep our FY12 orderassumption of US$1.2bn intact.
Moving up the value chain
Win-win partnership with CSBC. We believe YZJ’s dual listing in Taiwan as well as its impeccable track record in the shipbuilding industry has made it the preferred yard for Taiwanese shipbuilder, CSCB, in the latter’s first-ever partnership with a Chinese
shipbuilder.
CSBC has the strength in shipbuilding design and technology while YZJ’s production capacity is twice that of CSBC’s total production capacity from yards in Keelung and Kaohsiung. We believe further collaboration is on the way between the two.
CSCB is considering diverting part of its shipbuilding process to the mainland in view of the lower labour costs there (one-third of Taiwan’s) while YZJ is moving up the value chain hoping to secure orders for larger containerships (above 4,500 TEUs).
Riding consolidation wave in China.
Recently, China Shipbuilding Economy Research, an affiliate of state-owned China State Shipbuilding Corp, declared that the Chinese shipbuilding industry will encounter a wave of consolidation with more M&As over the next few years, eliminating 30% of the existing players.
With YZJ’s strong balance sheet, we expect more M&As as YZJ can take on several smaller yards to expand its capacity. This year alone, it has been building up capacity and capabilities through joint ventures and M&As and the acquisition of new land in preparation for more order wins and larger vessel wins.
Valuation and recommendation
Expect upgrades in consensus estimates.
YZJ is our preferred Chinese shipbuilder for its quality execution and strong financials. FY11-12 consensus estimates appear too
low and a blanket upgrade by the Street is very possible as the market could have underestimated YZJ’s profit margins and revenue recognition.
Maintain Outperform with higher target price of S$2.57 (from S$2.15), now based on 14x (from 11x, average since listing) CY12 P/E, in line with the average for Chinese
peers. Stock catalysts could include stronger-than-expected order wins and margins, in our view. |
|
From CIMB:
Company update - Preferred Chinese yard - by Lim Siew Khee
• Maintain Outperform with higher target price of S$2.57 (from S$2.15). YZJ had secured US$1.3bn worth of orders in 3Q10 with pockets of orders in 4Q10. We believe the strength in containership orders could make up for softer demand for bulk carriers in 2011.
As such, we upgrade our order assumption from US$800m to
US$1bn for 2011 and our FY11-12 earnings estimates by 3%. Our higher target price takes into account our earnings upgrade and a higher P/E of 14x (from 11x, its average since listing), now set in line with the average for Chinese peers in view ofthe revival in the containership sector. Stock catalysts could include stronger-thanexpected order wins and margins, in our view.
• Containership orders could return to 2007 peak. The container sector’s order book to fleet ratio of 13% is much lower than its 4-year average of 20%. There are only 277 containerships scheduled for delivery in 2011, adding 6% to the global fleet.
If more cash-rich owners are indeed out on a newbuild spree and assuming orders match the 2006/2007 order peak, the supply-demand balance by end-2011 could still be favourable with an estimated order book ratio of 15%.
• Top privately-held Chinese yard by container orders. Excluding state-owned yards, YZJ ranks first in terms of contract wins with about US$150m worth of containership orders YTD. Given this leading position, we believe YZJ should benefit from any further uptick in the containership sector.
Revival of containerships
Can orders return to 2007 peak?
A spike in containership newbuilding occurred in 3Q10 with 62 vessels ordered globally. Low 4Q10 orders (35 units) may be caused by seasonality, and we believe in an order resurgence from the containership sector in 2011, potentially back to 2007 levels on the back of:
1) strong utilisation rates;
2) disciplined addition of new capacity in recent years; and
3) ship owners’ cash-rich positions.
Global order book to fleet ratio on the way down.
The container sector’s order book to fleet ratio of 13% is much lower than its 4-year average of 20% due to the newbuild
order drought since 4Q08. There are only 277 containerships scheduled for delivery in 2011, adding 6% to the global fleet capacity. This is so much lower than the bulk carrier sector’s 1,353 vessels up for delivery in 2011 with an order book to fleet ratio of 38%. If more cash-rich owners are indeed out on a newbuild spree and assuming orders match 2007 levels (about 500 units), the supply-demand balance by end-2011 could still be favourable with an estimated order book ratio of 15%.
Ranks first among privately-held Chinese yards.
The crisis may have booted out smaller shipyards from the industry, leaving state-owned and quality private yards behind. YZJ ranks first among Chinese private yards in terms of contract wins, securing
10,184 TEU of new containership orders or about US$150m YTD. Given this leading position, we believe it should benefit from any further uptick in the containership sector.
Upgrade in order-win assumptions.
YZJ had secured about US$1.3bn worth oforders in 3Q10 with pockets of orders in 4Q10. Given an expected strength in
containership orders in 2011, we upgrade our order assumption from US$800m to US$1bn for 2011 and our FY11-12 earnings estimates by 3%. We keep our FY12 orderassumption of US$1.2bn intact.
Moving up the value chain
Win-win partnership with CSBC. We believe YZJ’s dual listing in Taiwan as well as its impeccable track record in the shipbuilding industry has made it the preferred yard for Taiwanese shipbuilder, CSCB, in the latter’s first-ever partnership with a Chinese
shipbuilder.
CSBC has the strength in shipbuilding design and technology while YZJ’s production capacity is twice that of CSBC’s total production capacity from yards in Keelung and Kaohsiung. We believe further collaboration is on the way between the two.
CSCB is considering diverting part of its shipbuilding process to the mainland in view of the lower labour costs there (one-third of Taiwan’s) while YZJ is moving up the value chain hoping to secure orders for larger containerships (above 4,500 TEUs).
Riding consolidation wave in China.
Recently, China Shipbuilding Economy Research, an affiliate of state-owned China State Shipbuilding Corp, declared that the Chinese shipbuilding industry will encounter a wave of consolidation with more M&As over the next few years, eliminating 30% of the existing players.
With YZJ’s strong balance sheet, we expect more M&As as YZJ can take on several smaller yards to expand its capacity. This year alone, it has been building up capacity and capabilities through joint ventures and M&As and the acquisition of new land in preparation for more order wins and larger vessel wins.
Valuation and recommendation
Expect upgrades in consensus estimates.
YZJ is our preferred Chinese shipbuilder for its quality execution and strong financials. FY11-12 consensus estimates appear too
low and a blanket upgrade by the Street is very possible as the market could have underestimated YZJ’s profit margins and revenue recognition.
Maintain Outperform with higher target price of S$2.57 (from S$2.15), now based on 14x (from 11x, average since listing) CY12 P/E, in line with the average for Chinese
peers. Stock catalysts could include stronger-than-expected order wins and margins, in our view.
Company update - Preferred Chinese yard - by Lim Siew Khee
•
YZJ had secured US$1.3bn worth of orders in 3Q10 with pockets of orders in 4Q10. We
•
The container sector’s order book to fleet ratio of 13% is much lower than its 4-year average of 20%.
There are only 277 containerships scheduled for delivery in 2011, adding 6% to the global fleet.
•
Excluding state-owned yards, YZJ ranks first in terms of contract wins with about US$150m worth of
containership orders YTD. Given this leading position, we believe YZJ should benefit
from any further uptick in the containership sector.
Revival of containerships
Can orders return to 2007 peak?
Low 4Q10 orders (35 units) may be caused by seasonality and we believe in an order
resurgence from the containership sector in 2011, potentially back to 2007 levels on the back of:
1) strong utilisation rates;
2) disciplined addition of new capacity in recent years; and 3) ship owners’ cash-rich positions.
Ranks first among privately-held Chinese yards.
quality private yards behind. YZJ ranks first among Chinese private yards in terms of contract wins,
securing 10,184 TEU of new containership orders or about US$150m YTD. Given this leading
position, we believe it should benefit from any further uptick in the containership sector.
Upgrade in order-win assumptions.
orders in 3Q10 with pockets of orders in 4Q10. Given an expected strength in
containership orders in 2011, we upgrade our order assumption from US$800m to
US$1bn for 2011 and our FY11-12 earnings estimates by 3%. We keep our FY12 order
assumption of US$1.2bn intact.
YZJ had secured about US$1.3bn worth of
Moving up the value chain
Win-win partnership with CSBC.
industry has made it the preferred yard for Taiwanese shipbuilder, CSCB, in the latter’s
first-ever partnership with a Chinese shipbuilder. CSBC has the strength in shipbuilding
design and technology while YZJ’s production capacity is twice that of CSBC’s total production
capacity from yards in Keelung and Kaohsiung. We believe further collaboration is on the way
between the two. CSCB is considering diverting part of its shipbuilding process to the mainland in
Riding consolidation wave in China.
China State Shipbuilding Corp, declared that the Chinese shipbuilding industry will
encounter a wave of consolidation with more M&As over the next few years, eliminating
30% of the existing players. With YZJ’s strong balance sheet, we expect more M&As as
YZJ can take on several smaller yards to expand its capacity.
This year alone, it has been building up capacity and capabilities through joint ventures and
M&As and the acquisition of new land in preparation for more order wins and larger vessel wins.
Valuation and recommendation
Expect upgrades in consensus estimates.
FY11-12 consensus estimates appear too low and a blanket upgrade by the Street
is very possible as the market could have underestimated YZJ’s profit margins and revenue recognition.
Maintain Outperform with higher target price of S$2.57 (from S$2.15),
on 14x (from 11x, average since listing) CY12 P/E, in line with the average for Chinese
peers. Stock catalysts could include stronger-than-expected order wins and margins, in
our view.
now based
YZJ is our preferred Chinese shipbuilder for its quality execution and strong financials.
Recently, China Shipbuilding Economy Research, an affiliate of state-owned
view of the lower labour costs there (one-third of Taiwan’s) while YZJ is moving up the
value chain hoping to secure orders for larger containerships (above 4,500 TEUs).
We believe YZJ’s dual listing in Taiwan as well as its impeccable track record in the shipbuilding
The crisis may have booted out smaller shipyards from the industry, leaving state-owned and
A spike in containership newbuilding occurred in 3Q10 with 62 vessels ordered globally.
Top privately-held Chinese yard by container orders.
If more cash-rich owners are indeed out on a newbuild spree and assuming orders
match the 2006/2007 order peak, the supply-demand balance by end-2011 could still
be favourable with an estimated order book ratio of 15%.
Containership orders could return to 2007 peak.
believe the strength in containership orders could make up for softer demand for bulk
carriers in 2011. As such, we upgrade our order assumption from US$800m to
US$1bn for 2011 and our FY11-12 earnings estimates by 3%. Our higher target
price takes into account our earnings upgrade and a higher P/E of 14x (from 11x, its
average since listing), now set in line with the average for Chinese peers in view of
the revival in the containership sector. Stock catalysts could include stronger-thanexpected
order wins and margins, in our view.
Maintain Outperform with higher target price of S$2.57 (from S$2.15).
Open 1.93 Close 1.94, white hammer head, strengthening of bullish trend
MACD still trending up.
Formation of Inverse Head and Shoulder pattern? Breakout?
Good Luck for all of us who are still vested.
Go Long + risk factor sometimes do rewards the stronger hands. : )
epliew ( Date: 13-Dec-2010 18:17) Posted:
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wow....so low.
make me feel bad ...... i bought semb mar when it was 3.7 in may and keppel land @3.7 in june..... sold both at 4.1 now.... both sky high....
i predicted this year will be a year low and high....hence exit when profit is felt.... seems like a wrong strategies....
kiasiDBT ( Date: 13-Dec-2010 16:38) Posted:
| This is my long term holder stock, bot at 1.25 in Ma |
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wow....so low.
make me feel bad ...... i bought semb mar when it was 3.7 in may and keppel land @3.7 in june..... sold both at 4.1 now.... both sky high....
i predicted this year will be a year low and high....hence exit when profit is felt.... seems like a wrong strategies....
kiasiDBT ( Date: 13-Dec-2010 16:38) Posted:
This is my long term holder stock, bot at 1.25 in May
epliew ( Date: 13-Dec-2010 16:36) Posted:
| yjz.... what price did u take ur position |
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i don't read yzj price action chart daily. be'cos the swing is not very big each day. good to keep for nesting golden egg at 125/-
kiasiDBT ( Date: 13-Dec-2010 16:38) Posted:
This is my long term holder stock, bot at 1.25 in May
epliew ( Date: 13-Dec-2010 16:36) Posted:
| yjz.... what price did u take ur position |
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