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Yangzijiang - Riding Positive Macro Trends
StockFanatic
Publish date: Tue, 06 Jan 2015, 10:20 AM
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Yangzijiang announced that it entered into nine new shipbuilding contracts in 4Q14, bringing total effective order wins for 2014 to USD1.8bn. Maintain BUY with a SGD1.68 TP (39% upside). We estimate the current outstanding orderbook at USD4.5bn, or 1.8 years of shipbuilding revenue. Yangzijiang stands to benefit from a strong USD and stronger global growth spurred by cheap oil. Valuations are inexpensive at c.6x FY15/FY16F P/Es, with a 4.3% dividend yield.
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