SGX Stocks and Warrants

Author: kimeng   |   Latest post: Mon, 22 Jul 2019, 12:00 PM


Yangzijiang Shipbuilding: Smooth Execution

Author:   |    Publish date:

Yangzijiang Shipbuilding (YZJ) delivered a 27% YoY rise in revenue to RMB6.3b and a 38% increase in net profit to RMB824m in 1Q19, such that the latter accounted for 27% and 26% of ours and the street’s full year estimates. Results were within expectations.

15 vessels were delivered in 1Q19, more than the nine vessels delivered in 1Q18. YTD, the group secured new orders for three vessels worth US$116m, and had an outstanding order book of US$3.5b for 101 vessels as at 29 Apr 2019. These orders will keep its yard facilities at a healthy utilisation rate up to 2021.

Meanwhile, management believes that risks relating to global economic growth and trade war tensions still exist and could weigh on the pace of new shipbuilding orders.

Pending an analyst briefing, we maintain our HOLD rating but put our fair value estimate of S$1.44 under review.

Source: OCBC Research - 30 Apr 2019

Share this

Related Stocks

Chart Stock Name Last Change Volume 
YZJ Shipbldg SGD 1.52 0.00 (0.00%) 7,633 

  Be the first to like this.


119  163  197  623 

Top 10 Active Counters
 Libra 0.058+0.006 
 China Star Food 0.036+0.003 
 Sino Grandness 0.050.00 
 KLW 0.0030.00 
 Golden Agri-Res 0.295-0.005 
 NetLink NBN Tr 0.865-0.015 
 Rex Intl 0.069+0.001 
 Sinwa 0.031+0.002 
 Jadason^ 0.04+0.003 
 CapitaLand 3.59-0.04 
Partners & Brokers