Yangzijiang Shipbuilding - OCBC Investment 2017-07-06: US$450m Of New Orders YTD

Yangzijiang Shipbuilding - OCBC Investment 2017-07-06: US$450m Of New Orders YTD YANGZIJIANG SHIPBLDG HLDGS LTD BS6.SI

Yangzijiang Shipbuilding - US$450m Of New Orders YTD

  • Yangzijiang Shipbuilding (YZJ) recently announced that it has secured six effective orders in 2Q17 with a total contract value of US$133m, of which three 1,800 TEU were exercised from existing options, while the remaining three 82,000 DWT bulk carriers were new shipbuilding orders. The six contracts are scheduled for deliveries from 2018-2020. 
  • YTD, the group has secured a total of 19 effective shipbuilding contracts worth US$450m, and there are nine outstanding options as well. 
  • At the last results briefing, management reiterated its target for US$1.5b new orders this year. For reference, YZJ won new orders of US$820m in FY16 and US$2.25b in FY15. 
  • Maintain HOLD with S$1.18 fair value estimate on YZJ.




Low Pei Han CFA OCBC Investment | http://www.ocbcresearch.com/ 2017-07-06
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 1.180 Same 1.180



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