Singapore Stock Market News
Yangzijiang Shipbuilding - Two years of famine?
StockFanatic
Publish date: Thu, 08 Nov 2012, 02:01 PM
StockFanatic
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
2013-14 could pan out as Yangzijiang's worst years as it confronts an
order drought, lower margins and potential delays and cancellations
of existing orders. Jack-up rigs secured by end-2012 may not
compensate for its looming earnings contractions.
9M12 net profit met expectations at
72% of our FY12 forecast (3Q at 23%)
and 78% of consensus. But as new
orders shrank 80% yoy to US$230m
vs. our US$1.2bn expectation, we cut
our EPS by 12-22%. Downgrade to
Underperform from Neutral with a
lower target price, now set at 0.8x
CY13 P/BV (30% disc to last trough)
in view of its limited earnings
visibility (previously 6x CY13 P/E,
35% below 5-year mean).
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