Stock Name: Yangzijiang
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
| Research House: AmFraser | Price Call: BUY | Target Price: 1.60 |
AmFraser has initiated coverage of Singapore-listed Chinese shipbuilder Yangzijiang (YAZG.SI) with a ’buy’ rating and a target price of $1.60.
AmFraser said it believed Yangzijiang had reached a significant milestone when the company won orders from Seaspan Corp (SSW.N) to build seven containerships, edging out South Korean yards though it was bidding 5% higher.
AmFraser said it believed Yangzijiang had reached a significant milestone when the company won orders from Seaspan Corp (SSW.N) to build seven containerships, edging out South Korean yards though it was bidding 5% higher.
Yangzijiang’s stock price had already factored in the expectations for weaker demand and the general fears about corporate governance among Singapore-listed Chinese companies, AmFraser added.
“Put bluntly, not every S-chip is a bad egg. Over time, these fears should recede and allow for revaluation,” AmFraser said.
At 11:02 a.m., Yangzijiang shares were down 2.5% at $0.97. The stock has fallen around 49% so far this year.
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