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price dropping today....
kiasiDBT ( Date: 27-Oct-2010 11:13) Posted:
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
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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
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
, still based on 12x CY12 P/E. We.kiasiDBT ( Date: 27-Oct-2010 11:13) Posted:
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
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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
Very Good result??
maintain the speed n travel with a smile.
chinastar ( Date: 15-Oct-2010 16:16) Posted:
sail with $$$$ mission.
petrarchan ( Date: 28-Sep-2010 09:57) Posted:
Credit Suisse lifts target price to $2.20!
Credit Suisse lifts Yangzijiang (BS6.SG) target price to $2.20 from
$1.90, based on 13x FY2011 P/E, to align valuation with sector average,
keeps Outperform call, according to Dow Jones.
“The market is underestimating Yangzijiang’s growth potential, and
the stock will be re-rated as container ship orders accelerate and
strong margins are maintained,” says Credit Suisse.
hopefully all bodes well!
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sail with $$$$ mission.
petrarchan ( Date: 28-Sep-2010 09:57) Posted:
Credit Suisse lifts target price to $2.20!
Credit Suisse lifts Yangzijiang (BS6.SG) target price to $2.20 from
$1.90, based on 13x FY2011 P/E, to align valuation with sector average,
keeps Outperform call, according to Dow Jones.
“The market is underestimating Yangzijiang’s growth potential, and
the stock will be re-rated as container ship orders accelerate and
strong margins are maintained,” says Credit Suisse.
hopefully all bodes well!
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sell down......by BB. brother, if you holding please be careful...... personal advice.
epliew ( Date: 14-Oct-2010 14:21) Posted:
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today will come down. profit taking.
chinastar ( Date: 14-Oct-2010 14:19) Posted:
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today will come down. profit taking.
chinastar ( Date: 14-Oct-2010 14:19) Posted:
how about 1.99
epliew ( Date: 13-Oct-2010 13:30) Posted:
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how about 1.99
epliew ( Date: 13-Oct-2010 13:30) Posted:
today went up alot.
tqas06 ( Date: 04-Oct-2010 14:36) Posted:
Why Cosco go up so much as compare to Yangzijiang? |
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Aiya, wasted didn't buy when it was at 1.8+ otherwise, now can make profits... Sigh!
epliew ( Date: 13-Oct-2010 13:30) Posted:
today went up alot.
tqas06 ( Date: 04-Oct-2010 14:36) Posted:
Why Cosco go up so much as compare to Yangzijiang? |
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today went up alot.
tqas06 ( Date: 04-Oct-2010 14:36) Posted:
Why Cosco go up so much as compare to Yangzijiang? |
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Why Cosco go up so much as compare to Yangzijiang?
see-saw prices....
i love these two counters (cause made money from both counters),but i cannnot imagine "with greek debts and chinese funding.....is telling the world....... this is a inflated news for ship builders"
tqas06 ( Date: 04-Oct-2010 13:03) Posted:
Singapore-listed Chinese shipbuilders outperforming rest of market on hopes for increased orders following China’s plan for U$5 billion ($6.6 billion) fund to help Greek shipping companies buy Chinese vessels, says Dow Jones.
Cosco (F83.SG) +3.3% at $1.87, JES International (EG0.SG) +7.1% at $0.375, Yangzijiang (BS6.SG) +1.7% at $1.81 vs STI +0.8%.
Fund announced over weekend by Chinese Premier Wen Jiabao.
While details scant, move deemed beneficial for these companies as contracts from Greece, Europe account for significant part of their orderbooks.
“This can extend the earnings visibility of these companies by several years if the orders materialise. It’s another booster for the shipbuilding industry, where orders have already started to pick up,” dealer says.
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Singapore-listed Chinese shipbuilders outperforming rest of market on hopes for increased orders following China’s plan for U$5 billion ($6.6 billion) fund to help Greek shipping companies buy Chinese vessels, says Dow Jones.
Cosco (F83.SG) +3.3% at $1.87, JES International (EG0.SG) +7.1% at $0.375, Yangzijiang (BS6.SG) +1.7% at $1.81 vs STI +0.8%.
Fund announced over weekend by Chinese Premier Wen Jiabao.
While details scant, move deemed beneficial for these companies as contracts from Greece, Europe account for significant part of their orderbooks.
“This can extend the earnings visibility of these companies by several years if the orders materialise. It’s another booster for the shipbuilding industry, where orders have already started to pick up,” dealer says.
last min trade just two cents, no idea why leh.
buy today maybe u can sell tomorrow ?
petrarchan ( Date: 28-Sep-2010 09:57) Posted:
Credit Suisse lifts target price to $2.20!
Credit Suisse lifts Yangzijiang (BS6.SG) target price to $2.20 from
$1.90, based on 13x FY2011 P/E, to align valuation with sector average,
keeps Outperform call, according to Dow Jones.
“The market is underestimating Yangzijiang’s growth potential, and
the stock will be re-rated as container ship orders accelerate and
strong margins are maintained,” says Credit Suisse.
hopefully all bodes well!
|
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Credit Suisse lifts target price to $2.20!
Credit Suisse lifts Yangzijiang (BS6.SG) target price to $2.20 from
$1.90, based on 13x FY2011 P/E, to align valuation with sector average,
keeps Outperform call, according to Dow Jones.
“The market is underestimating Yangzijiang’s growth potential, and
the stock will be re-rated as container ship orders accelerate and
strong margins are maintained,” says Credit Suisse.
hopefully all bodes well!
if buy yesterday and sell this afternoon, make a quick profit and exit......
xin_lin89 ( Date: 22-Sep-2010 09:09) Posted:
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Yea. Thanks for all the guide everyone. hahahs. 
louis001 ( Date: 22-Sep-2010 09:01) Posted:
| and also sell High and buy Low later.. |
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Yea. Thanks for all the guide everyone. hahahs.
louis001 ( Date: 22-Sep-2010 09:01) Posted:
and also sell High and buy Low later...
edwinteo ( Date: 22-Sep-2010 00:30) Posted:
| agree with candle too...by the way xin lin..also buy low and sell high....
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