Stock Name: YZJ Shipbldg RMB
Company Name: YANGZIJIANG SHIPBLDG HLDGS RMB
Company Name: YANGZIJIANG SHIPBLDG HLDGS RMB
| Research House: Credit Suisse | Price Call: HOLD | Target Price: 1.50 |
SINGAPORE (May 26): Credit Suisse has downgraded Yangzijiang Shipbuilding to "neutral" from "outperform", citing limited upside to its $1.50 price target and concerns over earnings dilution as a batch of warrants issued in 2013 are due to expire in April next year.
The shipbuilder issued 330 million warrants at 30.72 RMB cents each in February 2013. They can be converted into shares at a price of RMB6.60 ($1.42).
"(The) warrants are likely to be a near-term overhang," Credit Suisse analysts Gerald Wong and Hwang Shih Huar wrote in a note.
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