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Pharoah88 eh,
Why are u posting all these irrelevant articles eh? Can be seen in many threads u created eh...especially after 5pm eh...are u bored eh...(,")
U are either clinically insane or incredibly annoying eh...(,")
pharoah88 ( Date: 03-Nov-2010 13:38) Posted:
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big and powerful ship.
kiasiDBT ( Date: 28-Oct-2010 22:00) Posted:
From DBS Sec:
3Q10 results for Yangzijiang better than expected; gross
margin held up at c.23%.
Our analyst has raised FY10-11 forecasts by 3-5% on lower steel cost.
There is ample room for further earnings upgrade.
Maintain BUY, TP raised to S$2.38 (Prev S$ 2.05). |
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Only
at rIght prIce
at rIght tIme
fUtUre prOfItabIlIty
UNcertaIn
dependIng On Orders receIved daIly
cosco still can buy Pharoah ?
pharoah88 ( Date: 02-Nov-2010 16:46) Posted:
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 x 0
 Alert Admin |
| Laggard Cosco still attractive -Kim Eng |
Tags: Cosco Corp | Kim Eng Holdings | Yangzijiang
| WRITTEN BY DOW JONES & CO, INC |
| TUESDAY, 02 NOVEMBER 2010 16:12 |
Kim Eng notes both Cosco Corp. (F83.SG), Yangzijiang (BS6.SG) have seen raft of new shipbuilding orders recently, reportedly on back of China financing arrangements. But says despite positive news (Cosco Monday announced contract to build three bulk carriers worth US$87 million($112.2 million)), Cosco has lagged Singapore, Korean, HK-listed peers. Cosco trading at 76% discount vs 2007 peak of $7.90 vs peers trading at average 60% discount. “Overall, we expect the positives in the ship building sector to continue and eventually witness this in upside to Cosco’s share price.”
Adds, it’s matter of time before Chinese money finances more offshore projects, Cosco has competitive edge among Chinese yards due to track record, repertoire in segment. With Cosco, +0.5% at $1.89, off 1-year peak of $1.96, “this is still an attractive price to enter because of how far it lags its peers,” though house keen to wait for earnings due Wednesday, before buying.
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From Edge:
Yangzijiang Shipbuilding hedges for 3% yuan advance
| Written by Bloomberg |
| Wednesday, 27 October 2010 18:11 |
Yangzijiang Shipbuilding Holdings, China’s third-largest shipyard outside state control, is basing currency-hedging on the yuan gaining 3% a year in expectation the government will prevent rises above that pace.
“Appreciation is inevitable because of China’s trade imbalance, but the rate won’t be as rapid as the Americans and other countries are expecting,” Chairman Ren Yuanlin said yesterday in an interview in Singapore. “Three% a year is a scenario we can live with.”
The shipyard, which books all of its orders in dollars, is reflecting confidence that China will resist U.S.-led pressure to quicken yuan gains. The Chinese currency has appreciated 2.4% since China ended a two-year peg in June. Yuan forwards indicate a 2.9% strengthening over the next year.
“China will appreciate the yuan but it will be a slow pace,” said Francis Lun, general manager at Fulbright Securitiesin Hong Kong. “For shipyards, the effect will be less, but still it will hurt profits.”
Yangzijiang, whose main yards are in Jiangsu province, eastern China, eventually plans to hedge 30% of its foreign exchange, Ren said.
YUAN GAINS
China will allow the yuan to gain because officials understand it’s in the interest both of domestic growth and global economic stability, U.S.
Treasury Secretary Timothy F. Geithner said in an Oct. 23 interview. Chinese officials have countered by promising a gradual increase, saying that a sudden rise would cause social and economic disruption.
Twelve-month non-deliverable yuan forwards weakened 0.5% to 6.4775 per dollar yesterday, reflecting bets the currency will strengthen from the spot rate of 6.6627, according to data compiled by Bloomberg.
Yangzijiang is also planning to buy more yards in China as lower vessel prices and overcapacity squeeze margins, Ren said, without naming any potential targets.
“Many of the weaker shipyards remain in denial even though they’re facing cash-flow problems and possible closures,” Ren said. “It’s like a dying person -- the yards are fighting to survive until their last breath.”
Yangzijiang fell 3.6% to $1.89 at the close of trading in Singapore today. It’s gained 56% this year. Its Taiwan-listed TDRs dropped 1.9% to NT$22.80 ($0.97) compared with an NT$18.80 sale price.
CAPACITY BOOST
Yangzijiang expects to boost capacity 20% next year, helped by acquisitions, Ren said. More than half the company’s capacity is for building container ships, with the rest being for multipurpose and bulk vessels, he said.
The company’s cash reserves rose 23% in the nine months ended September to 4.7 billion yuan ($917 million). The shipyard raised NT$3.76 billion ($122 million) in its Taiwan depositary receipts sale.
The shipbuilder has announced three acquisitions this year, taking advantage of government attempts to encourage consolidation in shipbuilding following a 55% slump in orders nationwide last year. The company has also expanded into ship-breaking and ship-repair to boost sales.
Yangzijiang’s third-quarter net income rose 32% to 730.4 million yuan, the company said in a Singapore Exchange statement yesterday. Ship deliveries doubled to 14 as shipping lines resumed taking new vessels after a slowdown last year during the global recession.
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Written by Bloomberg
Wednesday, 27 October 2010 18:11
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Yangzijiang Shipbuilding Holdings, China’s third-largest shipyard outside state control, is basing currency-hedging on the yuan gaining 3% a year in expectation the government will prevent rises above that pace.
“Appreciation is inevitable because of China’s trade imbalance, but the rate won’t be as rapid as the Americans and other countries are expecting,” Chairman Ren Yuanlin said yesterday in an interview in Singapore. “Three% a year is a scenario we can live with.”
The shipyard, which books all of its orders in dollars, is reflecting confidence that China will resist U.S.-led pressure to quicken yuan gains. The Chinese currency has appreciated 2.4% since China ended a two-year peg in June. Yuan forwards indicate a 2.9% strengthening over the next year.
“China will appreciate the yuan but it will be a slow pace,” said Francis Lun, general manager at Fulbright Securitiesin Hong Kong. “For shipyards, the effect will be less, but still it will hurt profits.”
Yangzijiang, whose main yards are in Jiangsu province, eastern China, eventually plans to hedge 30% of its foreign exchange, Ren said.
YUAN GAINS
China will allow the yuan to gain because officials understand it’s in the interest both of domestic growth and global economic stability, U.S.
Treasury Secretary Timothy F. Geithner said in an Oct. 23 interview. Chinese officials have countered by promising a gradual increase, saying that a sudden rise would cause social and economic disruption.
Twelve-month non-deliverable yuan forwards weakened 0.5% to 6.4775 per dollar yesterday, reflecting bets the currency will strengthen from the spot rate of 6.6627, according to data compiled by Bloomberg.
Yangzijiang is also planning to buy more yards in China as lower vessel prices and overcapacity squeeze margins, Ren said, without naming any potential targets.
“Many of the weaker shipyards remain in denial even though they’re facing cash-flow problems and possible closures,” Ren said. “It’s like a dying person -- the yards are fighting to survive until their last breath.”
Yangzijiang fell 3.6% to $1.89 at the close of trading in Singapore today. It’s gained 56% this year. Its Taiwan-listed TDRs dropped 1.9% to NT$22.80 ($0.97) compared with an NT$18.80 sale price.
CAPACITY BOOST
Yangzijiang expects to boost capacity 20% next year, helped by acquisitions, Ren said. More than half the company’s capacity is for building container ships, with the rest being for multipurpose and bulk vessels, he said.
The company’s cash reserves rose 23% in the nine months ended September to 4.7 billion yuan ($917 million). The shipyard raised NT$3.76 billion ($122 million) in its Taiwan depositary receipts sale.
The shipbuilder has announced three acquisitions this year, taking advantage of government attempts to encourage consolidation in shipbuilding following a 55% slump in orders nationwide last year. The company has also expanded into ship-breaking and ship-repair to boost sales.
Yangzijiang’s third-quarter net income rose 32% to 730.4 million yuan, the company said in a Singapore Exchange statement yesterday. Ship deliveries doubled to 14 as shipping lines resumed taking new vessels after a slowdown last year during the global recession.
pellty ( Date: 02-Nov-2010 16:44) Posted:
What is the impact on Yangzijiang and Cosco and some other shipbuilders when US$ depreciates further in the medium term, 1-3 years?
Will their profit be marginalized?
Do you think these shares will shoot up when the Fed announce the 2nd round of monetary easing policy by injecting more money into the economy?
Definitely, commodities will be impacted directly but how about these shipbuilding businesses?
Do post your thoughts!!! |
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pharoah88..how are you able to extract this document?
16:11 DowJones DJ MARKET TALK: Laggard Cosco Still Attractive -Kim Eng ==> I saw this in my poems account but unable to retrieve it in poems.
pharoah88 ( Date: 02-Nov-2010 16:46) Posted:
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Alert Admin |
| Laggard Cosco still attractive -Kim Eng |
Tags: Cosco Corp | Kim Eng Holdings | Yangzijiang
| WRITTEN BY DOW JONES & CO, INC |
| TUESDAY, 02 NOVEMBER 2010 16:12 |
Kim Eng notes both Cosco Corp. (F83.SG), Yangzijiang (BS6.SG) have seen raft of new shipbuilding orders recently, reportedly on back of China financing arrangements. But says despite positive news (Cosco Monday announced contract to build three bulk carriers worth US$87 million($112.2 million)), Cosco has lagged Singapore, Korean, HK-listed peers. Cosco trading at 76% discount vs 2007 peak of $7.90 vs peers trading at average 60% discount. “Overall, we expect the positives in the ship building sector to continue and eventually witness this in upside to Cosco’s share price.”
Adds, it’s matter of time before Chinese money finances more offshore projects, Cosco has competitive edge among Chinese yards due to track record, repertoire in segment. With Cosco, +0.5% at $1.89, off 1-year peak of $1.96, “this is still an attractive price to enter because of how far it lags its peers,” though house keen to wait for earnings due Wednesday, before buying.
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x 0
x 0
Alert Admin |
| Laggard Cosco still attractive -Kim Eng |
Tags: Cosco Corp | Kim Eng Holdings | Yangzijiang
| WRITTEN BY DOW JONES & CO, INC |
| TUESDAY, 02 NOVEMBER 2010 16:12 |
Kim Eng notes both Cosco Corp. (F83.SG), Yangzijiang (BS6.SG) have seen raft of new shipbuilding orders recently, reportedly on back of China financing arrangements. But says despite positive news (Cosco Monday announced contract to build three bulk carriers worth US$87 million($112.2 million)), Cosco has lagged Singapore, Korean, HK-listed peers. Cosco trading at 76% discount vs 2007 peak of $7.90 vs peers trading at average 60% discount. “Overall, we expect the positives in the ship building sector to continue and eventually witness this in upside to Cosco’s share price.”
Adds, it’s matter of time before Chinese money finances more offshore projects, Cosco has competitive edge among Chinese yards due to track record, repertoire in segment. With Cosco, +0.5% at $1.89, off 1-year peak of $1.96, “this is still an attractive price to enter because of how far it lags its peers,” though house keen to wait for earnings due Wednesday, before buying.
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What is the impact on Yangzijiang and Cosco and some other shipbuilders when US$ depreciates further in the medium term, 1-3 years?
Will their profit be marginalized?
Do you think these shares will shoot up when the Fed announce the 2nd round of monetary easing policy by injecting more money into the economy?
Definitely, commodities will be impacted directly but how about these shipbuilding businesses?
Do post your thoughts!!!
pharoah88 ( Date: 28-Oct-2010 19:24) Posted:
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From CIMB:
YZJ moves closer to building bigger vessels
Yangzijiang Shipbuilding Holdings (YZJ) is a step closer to realising its ambition of
building bigger ships. The company, which on Tuesday reported strong third-quarter
revenues of 3.08 billion yuan (S$597 million) and net profits attributable to equityholders
of 730.4 million yuan, said yesterday that it has entered into a business and
technical cooperation memorandum of understanding (MOU) with Taiwan-listed CSBC
Corporation. No other details were given. CSBC is a Taiwanese megaship builder.
Although the terms of the MOU have not been publicised, market sources say CSBC
will provide vessel designs while YZJ will chip in with manpower and shipyards for the
execution of any orders. (BT)
From Kim Eng:
Lunch Bites - Chinese shipyards on the rebound
Aiming to be No.1 – The outlook for the Chinese shipyards has improved significantly with a recovery in the bulk shipping sector, as evidenced by a 63% rise in the Baltic Dry Index in the past three months. This has also translated to a pickup in new orders and enquiries for bulk carriers, the current mainstay of these shipyards. Cosco has progressively reported improving execution on its problematic backlog of bulk carrier newbuilding orderbook, and we expect this to be reflected in its 3Q results due on 3 November.
Yangzijiang, too, recently announced a steady set of 3Q numbers, and it disclosed this morning a strategic tie-up with Taiwanese shipbuilder CSBC. JES, which has been a serious laggard due to its own execution issues in the past, has staged a sharp recovery as well. We expect continued interest and more positive re-ratings for this group of stocks. Short-term prospects should be bolstered by more new orders, but the longer-term view is also positive as China aims to become the largest global shipbuilder by 2015, with the government facilitating the transformation via supportive policies such as VAT refunds and favourable financing arrangements through domestic financial institutions. The objective is to also extend its breadth of capability beyond its mainstay of bulkers into others such as containerships and offshore. Cosco, with its expanding range of capabilities, should be the prime beneficiary, in our opinion.
From Investor Central:
EARNINGS AT A GLANCE
Q3 Revenue: +19% to RMB 3.08 bln
Net Profit: +33% to RMB 554.3 mln
Cash From Operations: RMB 1.75 bln vs RMB 495.3 mln
EARNINGS COMMENTARY
Yangzijiang’s revenue rose due mainly to the production ramp up in its new yard resulting in more vessels delivered. Its new yard delivered seven vessels in Q3 2010 compared to four in Q3 2009. On the overall, it delivered 14 vessels on schedule, as compared to seven vessels the previous year.
Gross profit margin rose to 24% due to higher margin from construction and delivery of shipbuilding contracts secured prior to the financial crisis. The group managed to keep all those shipbuilding contracts intact without any cancellation during the crisis.
OUTLOOK
The board is confident of delivering continued growth and profitability for 2010.
~INVESTOR CENTRAL’S TAKE~
Yangzijiang’s current ratios (by Reuters):
P/E: 16.10x
P/B: 6.22x
Free cashflow for FY2009: RMB 1.77 bln vs RMB 1.69 bln
REUTERS CONSENSUS FORECAST
[color=red][u][b]Analysts surveyed by Reuters have on average an OUTPERFORM call on the stock with a price target of RMB 10.05, compared to its last traded price of S$1.96. [/b][/u][/color]
As always, please see your licensed financial advisor before making any investment decisions.
From CIMB:
Yangzijiang Shipbuilding - Quality shipbuilder
3Q10 post-results briefing
Maintain Outperform.
We attended the company’s analysts’ briefing following the
release of its 3Q10 results.
Our takeaways were:
1) sustainable gross margins into 2011;
2) on track for its delivery targets with upside potential; and
3) higher interest income from financial assets.
We keep our earnings estimates and target price of S$2.15, still based on 12x CY12 P/E.
YZJ is our preferred Chinese shipbuilder for its quality execution and strong financial muscles.
We continue to see catalysts from stronger-than-expected orders and margins.
Takeaways
Gross margins from execution of orders before crisis and improving productivity.
We expect YZJ to keep gross margins above 20% going into 2011 on the back of:
1) the execution of high-value contracts;
2) improved productivity from is new yard; and
3) an upgrade in its technical skills to expand capacity.
High-priced contracts (fetching 20% more than current projects) account for about
65% of YZJ’s order book of US$5.3bn.
On track for 48 deliveries in 2010. Management expects to deliver 12 vessels in
4Q10, meeting its target of 48 for 2010. We believe these could be higher-value vessels
which would boost its revenue recognition in 4Q10. With productivity gains, we believe
YZJ could deliver up to 54 vessels in 2011-12, exceeding its target of 50 vessels p.a.
Higher-than-expected investment income. YZJ booked Rmb203m of interest income
in 3Q10, mainly relating to structured financial assets and cash deposits. YZJ had
Rmb7.9bn of financial assets comprising collateral for bridging loans extended to listed
blue-chip companies in China, listed shares, land titles and investment projects
supported by the Chinese government.
Management hopes to raise investments in financial assets to Rmb10bn in the mid-term
with an average return of 10%. We believe 4Q10 earnings could be lifted by higher interest
income as more financial assets are expected to mature.
YZJ booked Rmb347m of interest income in 4Q09.
Slight glitch in Jiangsu Changbo shipyard. No profits were consolidated in 3Q10
from YZJ’s new subsidiary, Jiangsu Changbo Shipyard. There were also two
cancellations during the quarter for which the yard would be compensated. Changbo’s
order book was US$338m, comprising 20 bulk carriers for delivery up until 2012
Management expects Changbo to turn around in FY12 when YZJ has finished with
integrating and transferring management skills to beef up its operations. We do not
expect material earnings from Changbo in the meantime.
Valuation and recommendation
Maintain Outperform and target price of S$2.15, still based on 12x CY12 P/E. We
believe YZJ offers good value relative to its Chinese peers. It remains our preferred
Chinese shipbuilder for its quality execution and strong financial muscles. We continue
to see catalysts from stronger-than-expected orders and margins.
From DBS Sec:
3Q10 results for Yangzijiang better than expected; gross
margin held up at c.23%.
Our analyst has raised FY10-11 forecasts by 3-5% on lower steel cost.
There is ample room for further earnings upgrade.
Maintain BUY, TP raised to S$2.38 (Prev S$ 2.05).
http://www.todayonline.com/PrintEditionpharoah88 ( Date: 28-Oct-2010 19:22) Posted:
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TODAY ONLINE
Thursday: 28 10 2010
pharoah88 ( Date: 28-Oct-2010 15:15) Posted:
TODAY Thursday: 28 10 2010
Yangzijiang
Sell | $1.89
CLSA downgrades from “Outperform” as 3Q results in line, sees limited upside to incremental order flow, slower growth in capital expenditure by shippers and lack of near-term catalysts following shipbuilding company’s successful TDR listing.
Says it is time to take profit, with stock having returned 62 per cent year-to-date. |
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TODAY ONLINE
Thursday: 28 10 2010
pharoah88 ( Date: 28-Oct-2010 15:15) Posted:
TODAY Thursday: 28 10 2010
Yangzijiang
Sell | $1.89
CLSA downgrades from “Outperform” as 3Q results in line, sees limited upside to incremental order flow, slower growth in capital expenditure by shippers and lack of near-term catalysts following shipbuilding company’s successful TDR listing.
Says it is time to take profit, with stock having returned 62 per cent year-to-date. |
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it should drop somemore......cash flow is a issue for big projects....
pharoah88 ( Date: 28-Oct-2010 15:15) Posted:
TODAY Thursday: 28 10 2010
Yangzijiang
Sell | $1.89
CLSA downgrades from “Outperform” as 3Q results in line, sees limited upside to incremental order flow, slower growth in capital expenditure by shippers and lack of near-term catalysts following shipbuilding company’s successful TDR listing.
Says it is time to take profit, with stock having returned 62 per cent year-to-date. |
|
do you mind to share the source of the news?
TODAY Thursday: 28 10 2010
Yangzijiang
Sell | $1.89
CLSA downgrades from “Outperform” as 3Q results in line, sees limited upside to incremental order flow, slower growth in capital expenditure by shippers and lack of near-term catalysts following shipbuilding company’s successful TDR listing.
Says it is time to take profit, with stock having returned 62 per cent year-to-date.
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