Yangzijiang Shipbuilding - Momentum picking up | I3investor

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Yangzijiang Shipbuilding - Momentum picking up

StockFanatic

Publish date: Wed, 11 Sep 2013, 11:42 AM

The re-rating catalyst for YZJ is the potential for more shipbuilding orders, backed by a sustained climb in the Baltic Dry Index. The BDI is supported by the stronger steel production and macro fundamentals in China.

The heightened order momentum and FY15 delivery slots being quickly snapped up suggest that YZJ's order drought has bottomed out. We like YZJ as it is one of the last privately-owned Chinese shipyards with decent profitability. We keep our Outperform rating and target price (based on 1.4x FY13 P/BV; 1 s.d. below its 5-year mean). The stock has the highest dividend yield of 4.8% among the ship/rig builders.

YZJ Shipbldg SGD (BS6)

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