Yangzijiang Shipbuilding - Banker no more | I3investor

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Yangzijiang Shipbuilding - Banker no more

StockFanatic

Publish date: Thu, 19 Jun 2014, 09:52 AM

Winning new contracts, consisting of four 260,000DWT very large ore carriers from Australia, was not the landmark for YZJ but its gradual exit from non-core businesses (investments in held-to-maturity assets and property development) is the breakthrough that could catalyse the stock. We turn positive on YZJ, upgrading it from a Hold to an Add with a revised target price of S$1.56, now based on 1.7x CY14 P/BV or 0.5 s.d. below its 5-year mean (1.2x P/BV prev.) as the overhanging fear of a 'blow-up' is removed. Our FY14-16 EPS is cut by 9-15% for lower investment income that is offset by higher interest income from normal deposits. Our target price implies a CY15 P/E of 10x, a fraction of Cosco Corp's current valuation of 33x CY15.

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