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Author: kimeng   |   Latest post: Fri, 15 Nov 2019, 2:29 PM

 

Yangzijiang Shipbuilding: Solid Set of 2Q18 Results

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Yangzijiang Shipbuilding (YZJ) delivered a 110% YoY rise in revenue to RMB7.96b and a 38% increase in net profit to RMB994.9m in 2Q18, such that 1H18 net profit accounted for about 65% of ours and the street’s full year estimates, higher than expectations.

20 vessels were delivered in 2Q18, more than 2Q17 which just saw four vessels being delivered. There was also the delivery of larger sized vessels this quarter.

YTD, the group has secured new orders worth about US$0.98b and has an outstanding order book of US$4.1b which should keep yard facilities at a healthy utilisation rate up to 2020.

At close to 8x forward P/E, 0.67x P/B, and 4.4% forecasted dividend yield, the stock is trading at undemanding valuations. Pending an analyst briefing, we maintain our BUY rating but put our fair value estimate of S$1.18 under review.

Source: OCBC Research - 8 Aug 2018

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