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ozone2002 ( Date: 11-Aug-2010 10:47) Posted:
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Crude oil:
¨ IEA raises 2010 crude oil demand forecast after reducing its forecast in Jul.
¨ Maintain our assumption that crude oil price for 2010 will hover at around US$75/barrel.
¨ We remain more positive about 2011 offshore E&P activity on longer-term positive outlook for global consumption.
Yangzijiang Shipbuilding: Raising gross margin assumptions
Summary: Yangzijiang Shipbuilding (YZJ) reported a 23% YoY rise in revenue to RMB3.1b and a 32% increase in net profit to RMB800.5m in 2Q10. Given this, 1H10 net profit formed 58% of our full year estimate and 61% of the street’s estimate. Gross profit margin amounted to 25% in 2Q10 and was higher than 24% in 2Q09 and 23% in 1Q10. This was mainly due to profit recognition of contracts secured prior to the financial crisis, which were generally of higher margins. YZJ’s effective tax rate in 2Q10 was also lower at 12.5%, mainly due to a refund to the old yard which is now enjoying a preferential enterprise income tax rate.
The group is working closely with interested customers who intend to build container vessels in the near future. We understand that 96 vessels of its order book are contracts that were secured in the past when margins were still relatively higher.
As such, we raise our full year gross margin assumption and our fair value estimate rises to S$1.66 (prev. S$1.60).
Maintain BUY. (Low Pei Han)
Yangzijiang’s 2Q10 results beat ours and consensus
expectations by 7%. The outperformance came from stronger
gross margin and higher interest income. There is room for
earnings upgrade ahead, with its dual listing in Taiwan serves
as a neat term catalyst. Maintain Buy, TP of S$1.80.
WHY PRiCE STiLL DROPPED ? ? ? ?
COSCO already GAP UP UP
marubozu1688 ( Date: 26-Jul-2010 17:35) Posted:
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Yangzijiang continues up trend. Wait for pull back to enter.
http://mystocksinvesting.com/singapore-stocks/yangzijiang/yangzijiang-continues-the-up-trend/
Announcement on 19 Jul, 6:17pm, 2 big news in one night.
______________________
Yangzijiang’s TDR listing receives approvals from TSE and TCB
Receipt of approvals from Taiwan Stock Exchange and Taiwan Central Bank
Pending approvals from Taiwan Financial Supervisory Commission, Executive Yuan, the Securities and Futures Bureau and the SGX-ST
Also, the Group secured new shipbuilding orders for 10 vessels worth USD234.16 million
SINGAPORE – 19 July 2010 – Yangzijiang Shipbuilding (Holdings) Limited (“Yangzijiang” or “the Group”), one of PRC’s leading and most enterprising shipbuilder who is listed on the SGX Main Board, has received approvals from both the Taiwan Stock Exchange (“TSE”) and the Taiwan Central Bank (“TCB”) for the offering and listing of up to 120 million Taiwan Depository Receipts (“TDR”) on the TSE, representing an aggregate of up to 100 million new ordinary shares (“TDR Shares”) in the capital of Yangzijiang (“Proposed TDR Issue”) and up to 20 million vendor shares.
The proposed TDR issue is conditional, inter alia, on the granting of approvals by the TSE, the TCB, the Taiwan Financial Supervisory Commission, Executive Yuan, the Securities and Futures Bureau and the SGX-ST (the “Relevant Authorities”).
Having received approvals from the TSE and TCB, the Group is now in the process of making the necessary applications to the rest of the Relevant Authorities.
Further announcements will be made by the Group in relation to the proposed TDR issue when further approvals are obtained and as and when appropriate.
“With the receipt of approvals from the TSE and TCB, our TDR application process is going smoothly, and we are pleased with the progress so far.”
Mr Ren Yuanlin (任元林), Executive Chairman, Yangzijiang
The Group is also pleased to announce that it has secured new shipbuilding orders for 10 vessels worth USD234.16 million from 1 April 2010 to 30 June 2010 (“2Q2010”). These contract wins bring the total outstanding order book to USD5,234.93 million as at 30 June 2010 comprising 124 vessels. These are excluding the current order book of the Group’s recently acquired yard, Jiangsu Yangzi Changbo Shipbuilding Co., Ltd.
Order book breakdown No of vessels CGT Amount (USD'mln)
Containerships
42
1,003,972
2,583.17
Bulk Carriers
82
1,275,058
2,651.76
Total
124
2,279,030
5,234.93
“In addition to the announced new shipbuilding contracts, we are currently in negotiation with several ship-owners for more prospective new shipbuilding orders. We shall make timely announcement once these new contracts are secured.”
Mr Ren Yuanlin (任元林), Executive Chairman, Yangzijiang
The new shipbuilding contracts secured are to be delivered before July 2012, and thus will not have any significant impact on the earnings of the Group for the financial year ending 31 December 2010.
--The End--
Recommendation from OCBC. Fair value: $1.60
http://www.remisiers.org/research//Yangzijiang-100709-OIR.pdf
volume still healthy... next wk shld be good...
gd luck to everyone holding...
GAP UP iN neXt wEEk
Buy Yangzijiang Shipbuilding; Hold Cosco Corp
We rate YZJ a Buy for its strong execution track record and attractive valuations (as one of the cheapest Chinese shipbuilding stocks). COS’ valuations currently appear fair; we rate the stock a Hold. Our target prices are S$1.75 for YZJ, and S$1.58 for COSCO. We base YZJ’s target price on the Gordon Growth model and use an average of the Gordon Growth model and PEG for Cosco. Key upside risks: rise in new order wins and strong project execution.
Key downside risks: greater-than-expected steel price increases, fewer–than-expected new order wins and tightening of credit markets.
Of course if you want to buy, you can still buy.
MACD and Stochastic are both pointing up.
My concern is on the RSI, which is very close to the over-brought level.
I just feel that there is not much room for big profit.
And I would probability make more from other beaten down stocks than from Yangzijiang.
This is my personal opinion, don't take it too serious.
rickyw ( Date: 09-Jul-2010 13:26) Posted:
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Hi Alex, I think can try to buy lor, but dont to much. From the TA, now is start to trend, when stock entering trend mode then safe to ridding the thing. The challenge is when the trend will stop and against you.
Today I bought one of china stock, i know its quite high, but from TA it has on trend mode...then i dare devil to falling knife or get some fruitful.
alexchia01 ( Date: 09-Jul-2010 12:56) Posted:
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Wah! Sold too early at $1.35.
But now too risky to Buy liao.
Yang Zi Jiang
had stEp Up tO
TRUBO CHARGE
ahEad Of GentIng Sp
Latest Analyst Target
S$1.800
pharoah88 ( Date: 09-Jul-2010 09:24) Posted:
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Container Shipping vOlume has iNCREASED
lOOse cargO shipping still lOw
Oil cargO shipping still lOw
lOOse and Oil cargOes shipping WiLL be pOsitive by 2011