Yangzijiang Shipbuilding - Helping hand | I3investor

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Yangzijiang Shipbuilding - Helping hand

StockFanatic

Publish date: Mon, 09 Mar 2015, 04:58 PM

Yangzijiang is in advanced talks to buy a stake in cash-strapped Jiangsu Rongsheng, according to Upstream's report. However, we think the report may not be accurate as Yangzijiang plans to exit from offshore, expand into LNG and continue with containerships and larger bulk carriers. Moreover, the jack-up rig that Yangzijiang built is only breaking even. The semi-submersible orders secured in Jan-14 have also been cancelled as its customer failed to obtain funding. Our target price is still based on 1.2x CY15 P/BV (1 s.d. below 5-year mean).

Maintain Hold. A significant reduction in investments in assets held-to-maturity (HTM) could re-rate the stock.

YZJ Shipbldg SGD (BS6)

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