Stock Name: Yangzijiang
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
Research House: CLSA
“The strong recovery in the past nine months has been priced in and valuations now appear rich at 15X P/E.” Adds, time to take profit, with stock having returned 62% YTD; expects potential switching into Rongsheng Heavy, a bigger private yard, when it lists in HK soon. Keeps target at $2.05, implying relative downside of 9.0%.
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
Research House: CLSA
CLSA downgrades Yangzijiang Shipbuilding (BS6.SG) to Sell vs Outperform as 3Q results in line, sees limited upside to incremental orderflow (given large jump in new orders won YTD; 9M10 orders of US$1.3 billion ($1.69 billion) vs US$300 million 9M09), slower growth in capex by shippers, lack of near term catalysts following YZJ’s successful TDR listing.
“The strong recovery in the past nine months has been priced in and valuations now appear rich at 15X P/E.” Adds, time to take profit, with stock having returned 62% YTD; expects potential switching into Rongsheng Heavy, a bigger private yard, when it lists in HK soon. Keeps target at $2.05, implying relative downside of 9.0%.
Shares off 3.6% at $1.89.
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