Highlights

Simons Trading Research

Author: simonsg   |   Latest post: Fri, 19 Jul 2019, 9:08 AM

 

Yangzijiang Shipbuilding - Exceedingly Impressive

Author:   |    Publish date:


  • We were surprised by Yangzijiang Shipbuilding’s record delivery of 20 vessels in 2Q18. Group revenue of Rmb7.9bn was 60% higher than our expectations.
  • Yangzijiang Shipbuilding’s 2Q18 net profit of Rmb994m exceeded our Rmb720m forecast. 1H18 net profit of Rmb1.6bn formed 62% of our FY18F and 68% of consensus.
  • Shipbuilding margin of 21% was broadly in line with our expectation of 20%. There were 10 large vessels that were part of the delivery.
  • Earnings were also boosted by some one-offs - Rmb101m forex gain, impairment losses of trade/other trade receivables (Rmb229m) and HTM (Rmb133m).
  • Maintain ADD. Yangzijiang Shipbuilding proved that it is set apart from Singapore peers and did not need HTM income to outperform. Our SOP Target Price is up slightly to S$1.29 (from S$1.27).

Source: CGS-CIMB Research - 08 Aug 2018

Share this

Related Stocks

Chart Stock Name Last Change Volume 
YZJ Shipbldg SGD 1.51 -0.01 (0.66%) 4,603 

  Be the first to like this.
 


 

121  76  178  727 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 Sinwa 0.047+0.016 
 Sino Grandness 0.051+0.001 
 Jadason^ 0.041+0.001 
 HPH Trust USD 0.220.00 
 HMI 0.72+0.005 
 Forise Intl^ 0.006+0.003 
 NetLink NBN Tr 0.86-0.005 
 AEM 1.15+0.02 
 Parkson Retail 0.04+0.013 
 Miyoshi 0.045+0.002 
Partners & Brokers