Stock Name: Yangzijiang
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
| Research House: CIMB | Price Call: BUY | Target Price: 2.05 |
Shares of Singapore-listed Chinese shipbuilder Yangzijiang (YAZG.SI) rose as much as 3.9% on Friday after the firm secured contracts worth US$700 million ($860 million) to build seven container ships for Seaspan Corp (SSW.N).
The contracts come with options for another 18 vessels, which could lift the total value to around US$2.5 billion, the firm said in a statement.
The contracts come with options for another 18 vessels, which could lift the total value to around US$2.5 billion, the firm said in a statement.
At 9:10 a.m., Yangzijiang shares were up 3.3% at $1.58 on a volume of 7.2 million shares.
CIMB Research upgraded the stock to outperform from neutral with a target price of $2.05, estimating that the latest contracts could lift Yangzijiang's year-to-date order win to US$1.2 billion.
“We see this win as a major milestone for Yangzijiang as it climbs up the value chain with larger vessels, competing heads on with the Korean yards,” CIMB Research said in a report.
No comments:
Post a Comment