Singapore Stock Market News
Yangzijiang Shipbuilding - Last one standing
StockFanatic
Publish date: Wed, 07 Aug 2013, 04:22 PM
StockFanatic
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1H13 core EPS is above our expectations and consensus at 54% of our
FY13 forecast, thanks to strong shipbuilding revenue from the
execution and delivery of high-value larger vessels. With US$1.1bn of
orders secured YTD, YZJ is on track to meet its 2013 target of
US$2.5bn while its non-state-owned peers are dropping like flies.
We upgrade our order-win target to
US$2.5bn from US$800m and raise
EPS by 22-45% for FY13-15. We have
a higher target price of S$1.25, now
based on 1.4x P/BV, -1SD of its 5-year
mean on a better outlook (previously
30% discount to trough). Continuous
orders in 2014 could swing its FY15
profits from yoy decline to growth,
providing catalysts for our new
Outperform rating (upgraded from
Neutral).
Read more » Related Stocks
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