Stock Name: Yangzijiang
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
Research House: UOB KayHian
Expects orders to soar as container shipping market recovers; “if the freight rates in the end-year lull season are beyond market expectations, we may see a consistent flow of new containership orders and YZJ will be a beneficiary.”
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
Research House: UOB KayHian
UOB KayHian starts Yangzijiang (BS6.SG) at Buy with $2.37 target price, based on 15X 2012 P/E. Says China-based shipbuilder 1 of few yards spared order cancellations during global financial crisis, thanks to its good order execution.
Expects orders to soar as container shipping market recovers; “if the freight rates in the end-year lull season are beyond market expectations, we may see a consistent flow of new containership orders and YZJ will be a beneficiary.”
Expects new orders worth US$1.60 billion ($2.1 billion) for 2011, US$1.72 billion for 2012 vs US$979 million so far this year. Shares +1.6% at $1.86.
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