Singapore Stock Market News
Yangzijiang Shipbuilding - Two years of famine?
StockFanatic
Publish date: Thu, 08 Nov 2012, 02:01 PM
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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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