Stock Name: Yangzijiang
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
DMG & Partner Research in a July 19 research report says: "Yangzijiang (YZJ) issued a statement clarifying that: (1) it has no plans for convertible bonds in the pipeline; (2) existing European customers are long-term customers with strong financial standing and payment track record; (3) YZJ reported timely delivery of vessels in 1H11 and is confident of delivering at least 30% earnings growth in 1H11 (to be announced on 11 Aug 2011); (4) Management may use share buyback to protect the interest of minority shareholders.
"Assuming 30% net profit growth in 1H11, YZJ should report at least RMB848 million net profit (+6% y-o-y) in 2Q11 and 1H11 earnings should account for at least 54% of our forecast. Unchanged target price of $1.98 based on 12x FY11F P/E. Stock is now valued at 7.5x FY11F P/E and offers 3.6% net dividend yield. MAINTAIN BUY."
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
| Research House: DMG | Price Call: BUY | Target Price: 1.98 |
DMG & Partner Research in a July 19 research report says: "Yangzijiang (YZJ) issued a statement clarifying that: (1) it has no plans for convertible bonds in the pipeline; (2) existing European customers are long-term customers with strong financial standing and payment track record; (3) YZJ reported timely delivery of vessels in 1H11 and is confident of delivering at least 30% earnings growth in 1H11 (to be announced on 11 Aug 2011); (4) Management may use share buyback to protect the interest of minority shareholders.
"Assuming 30% net profit growth in 1H11, YZJ should report at least RMB848 million net profit (+6% y-o-y) in 2Q11 and 1H11 earnings should account for at least 54% of our forecast. Unchanged target price of $1.98 based on 12x FY11F P/E. Stock is now valued at 7.5x FY11F P/E and offers 3.6% net dividend yield. MAINTAIN BUY."
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