Yangzijiang Shipbuilding (YZJ) recently announced that it has secured six effective orders in 2Q17 with a total contract value of US$133m, of which three 1,800 TEU were exercised from existing options, while the remaining three 82,000 DWT bulk carriers were new shipbuilding orders. The six contracts are scheduled for deliveries from 2018-2020.
YTD, the group has secured a total of 19 effective shipbuilding contracts worth US$450m, and there are nine outstanding options as well. At the last results briefing, management reiterated its target for US$1.5b new orders this year. For reference, YZJ won new orders of US$820m in FY16 and US$2.25b in FY15.
Maintain HOLD with S$1.18 fair value estimate on YZJ.
Source: OCBC Research - 6 Jul 2017
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Created by kimeng | Dec 29, 2022
Created by kimeng | Dec 29, 2022