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Latest Forum Topics / YZJ Shipbldg SGD    Last:3.46    -0.12  Post Reply
The Only Shipbuilding Blue Chip in SGX!
Winnertakeall
Elite
20-Aug-2024 19:25     
 
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Yangzijiang Shipbuilding Holdings Ltd (YZJSGD SP):
More growth in the Shipbuilding industrial      

     
  • BUY Entry 2.60 Target  2.80 Stop Loss 2.50
  • Yangzijiang Shipbuilding Holdings Limited builds a wide range of ships. The Company produces a wide range of commercial vessels, mini bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels, and lifting vessels.       
  • Record order backlog.  China largest private-sector shipbuilder, Yangzijiang Shipbuilding, has achieved a new record with its order backlog exceeding US$16bn, driven by soaring global demand for tonnage. To manage the increased volume, the company has acquired over 200 acres of land adjacent to its shipyard and plans to invest over US$400mn in an expansion plant, including a 300,000-tonne drydock. This expansion will add 800,000 deadweight tons of annual capacity, enhancing China self-reliance in high-value-added shipbuilding. Yangzijiang is also establishing an advanced, digitalized production plant with a 5G industrial data network, reflecting a shift towards more technologically advanced processes. This growth is part of a broader trend among Chinese shipyards. According to shipbroker BRS, Chinese orderbooks are nearly full through 2027, with orders extending to 2029, indicating a strong future for the industry.
  • Expansion into VLAC carriers.        Yangzijiang Shipbuilding has secured a US$440mn deal with Nissen Kaiun for four 88,000 cubic meter very large ammonia carriers (VLACs), marking Yangzijiang entry into this segment. These ships are ordered under seven-year time charters with energy trader BGN and will be delivered between May 2028 and February 2029. Nissen Kaiun, owning about 200 ships including 10 very large LPG carriers and nearly 40 newbuilds, is responding to the high demand for LPG/ammonia carriers driven by the anticipated surge in low-carbon ammonia trade, especially from Japan and South Korea due to their decarbonization initiatives.
  • New manufacturing facility.        Yangzijiang Shipbuilding has entered into a framework agreement with Jingjiang City in Jiangsu Province, to acquire 866,671 square meters of land in Xinqiao Park for a new clean energy ship manufacturing base. This land includes 1,320 meters of Yangtze River shoreline, allowing for efficient expansion. Strategically located next to its existing facility, the new site will enhance productivity and operational efficiency. The company plans to invest three billion yuan (S$554.3mn) over the next two years, pending the results of a feasibility study and government approvals. The project will be executed in phases to ensure regulatory compliance. The approval of this project will allow the company to manufacture clean energy ships, expanding its manufacturing capacity.       
  • FY23 results review.        Revenue for FY23 increased by 16.5% YoY to RMB24.1bn, compared to RMB20.7bn in FY22. Net profit increased by 57.0% YoY to RMB4.10bn in FY23, compared to RMB2.61bn in FY22. NPM increased by 4.4ppts to 17.0% in FY23, compared 12.6% in FY22.
  • Market Consensus.        A blue and white rectangular box with white text Description automatically generated
     
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SgYuan
Supreme
20-Aug-2024 14:09     
 
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 Alert Admin 		yzj 1h
dn 61.8 250 must not breakdn
px hit up 24.6 256
dn 14.6 254 must hold
then up 61.8 265
see can hit and breakup

if can breakup
then need to clear 275
and w5 285
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BinderyT
Elite
20-Aug-2024 12:48     
 
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 Alert Admin 		how far up w5 estimate?

SgYuan      ( Date: 19-Aug-2024 16:23) Posted:

SGX Penny Stocks (EW Charts by sgYuan):
yzj 1h
wabc wc dn 250 hit
also lower trendline
see it can hold

yzj day
if 250 cannot hold then
may visits w4 235

if hols then w5 can start early
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BinderyT
Elite
20-Aug-2024 12:46     
 
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 Alert Admin 		Bounced off 20DMA, ... nice.
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pkli899
Supreme
20-Aug-2024 11:07     
 
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 Alert Admin 		Yes, I did point out on their net cash position.
Astonishing to be able to accumulate such amount in such short period.
Very close to S$ 3 Bn by end of first half.
Surely, we will see big increase from this figure by full year.
That will mean they have got back what they have spinned off!
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Winnertakeall
Elite
20-Aug-2024 10:32     
 
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Yangzijiang Shipbuilding (Holdings)' s (SGX:BS6) Strong Earnings Are Of Good Quality

When companies post strong earnings, the stock generally performs well, just like  stock has recently. Our analysis found some more factors that we think are good for shareholders.

Examining Cashflow Against Yangzijiang Shipbuilding (Holdings)' s Earnings

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the    accrual ratio. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company' s profit is not backed by free cashflow. 

That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it' s worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, " firms with higher accruals tend to be less profitable in the future" . 

Yangzijiang Shipbuilding (Holdings) has an accrual ratio of -0.64 for the year to June 2024. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. Indeed, in the last twelve months it reported free cash flow of CN¥ 12b, well over the CN¥ 5.43b it reported in profit. Yangzijiang Shipbuilding (Holdings)' s free cash flow improved over the last year, which is generally good to see.
 
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SgYuan
Supreme
19-Aug-2024 16:23     
 
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 Alert Admin 		SGX Penny Stocks (EW Charts by sgYuan):
yzj 1h
wabc wc dn 250 hit
also lower trendline
see it can hold

yzj day
if 250 cannot hold then
may visits w4 235

if hols then w5 can start early
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gosharej
Senior
19-Aug-2024 14:30     
 
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 Alert Admin 		is a big fish eats small fish.  YZJ has been always eating the small fish so they can be cash rich.  So when the price goes up, don' t buy, goes down buy.   

s100125      ( Date: 19-Aug-2024 13:43) Posted:

七 月 半 的 原 因 。 Hungry ghost 7 half month , many are cautious as the hell gate are wide open till end of lunar 7 month 

pursuer76      ( Date: 19-Aug-2024 13:32) Posted:

HSI, FTSE & SET all green while STI is in the red. Can' t be due to yesterday' s speech ba...
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s100125
Elite
19-Aug-2024 13:43     
 
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 Alert Admin 		七 月 半 的 原 因 。 Hungry ghost 7 half month , many are cautious as the hell gate are wide open till end of lunar 7 month 

pursuer76      ( Date: 19-Aug-2024 13:32) Posted:

HSI, FTSE & SET all green while STI is in the red. Can' t be due to yesterday' s speech ba...
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pursuer76
Veteran
19-Aug-2024 13:32     
 
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 Alert Admin 		HSI, FTSE & SET all green while STI is in the red. Can' t be due to yesterday' s speech ba...
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dontbetray
Master
19-Aug-2024 13:16     
 
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 Alert Admin 		It' s profit taking 

Winnertakeall      ( Date: 19-Aug-2024 12:32) Posted:

Mgmt has presented a super good HY2024 results but share prices on descending/ correction mode.
Best results to date. 


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Winnertakeall
Elite
19-Aug-2024 12:32     
 
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 Alert Admin 		Mgmt has presented a super good HY2024 results but share prices on descending/ correction mode.
Best results to date. 

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Panda8
Veteran
18-Aug-2024 20:48     
 
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Dated 14/8, Citi Research Adjusts Yangzijiang Shipbuilding' s Price Target to SG$3.14 From SG$2.45, Keeps at Buy Buy Buy.....

Winnertakeall      ( Date: 18-Aug-2024 00:00) Posted:



CGS analysts: Lim Siew Khee &   Meghana Kande
Yangzijiang Shipbuilding --  Strong order momentum continues

■ YZJ&rsquo s strong 1H24 order wins of US$8.5bn surpassed its FY24 guidance of US$4.5bn. Slots at new yard are likely to be available for mid-2027 delivery. 
 

Yangzijiang 

Share price: 
$2.73

Target: 
$3.20

■ 1H24 shipbuilding GM was at 25.9% (+0.4% pt hoh) on favourable contract pricing and FX rates shipping GM rose 5.5% pts on better charter rates. 

■ Industry focus on energy transition presents YZJ diversification opportunities. Clean vessels&rsquo orderbook share rose to 70% at end-1H24 (end-May 24: 61%) 

■ We change our valuation to P/E (from P/BV previously) in view of YZJ&rsquo s strong earnings visibility. 

Our new TP of  S$3.20  is based on 11x CY26F P/E.
1H24: containerships drive strong order wins



Since its business update at end-May 2024, YZJ had won orders worth US$5.2bn for 41 vessels (total 1H24 wins: US$8.5bn). 

These include 28 dual-fuel containerships, 3 bulk carriers, 4 very large ammonia carriers (VLACs), and 6 oil tankers. Its orderbook stood at US$20.2bn at end-1H24. 

In addition, YZJ is targeting to start ship construction at its new yard, adjacent to its existing Xinfu yard, by 2026 for earliest delivery in mid-2027.

Management noted that all slots at the new yard are still available. 

In our note dated 15 Jul 2024, we estimated that the new yard can deliver 5-6 vessels p.a., equivalent to US$850m1bn in orders.

We raise our FY24F/FY25F/FY26F order win forecasts to US$11.3bn/ US$5.2bn/US$5.2bn to reflect strong order wins, yard capacity availability and customer enquiries extending into 2029F.
 
Shipbuilding GM uplift to slow, offset by better shipping margins 


 

We cut FY24F/FY25F/FY26F shipbuilding gross margin (GM) to 26.5%/27%/25% as YZJ&rsquo s delivery mix shifts towards oil tankers, which YZJ says command slightly lower GM than containerships. 

Construction of tankers in its orderbook has begun, with deliveries to pick up from 2025F. 

YZJ expects steel prices to remain broadly stable for the year.

Meanwhile, its shipping segment enjoyed strong GM of 40.5% in 1H24, up from 35% in 2H23 as bulk carrier rates remained elevated. 

As of end-1H24, YZJ had 27 bulk carriers in its fleet

Diversification is a key focus 
With the addition of orders for 47 new eco-friendly vessels in 1H24, clean vessels account for 70% of YZJ&rsquo s orderbook value as at end-Jun 2024. 

The shipping industry&rsquo s focus on energy transition presents YZJ an opportunity to diversify away from containerships (c.84% of 1H24 shipbuilding revenues), towards medium-sized gas carriers. 

50% of the US$3.3bn orderbook at its Yangzi-Mitsui yard (YAMIC) as at end-1H24 were for gas carriers.  
  Maintain Add   raised TP to S$3.20

Reiterate Add on YZJ&rsquo s superior margins and ROE.

Our new TP of  S$3.20  is based on CY26F P/E of 11x, in line with regional peers. 

Re-rating catalysts: stronger margins and higher new orders improving profitability. 

Key downside risks: surge in steel costs affecting margins, order cancellations, unfavourable outcome of US investigation into China&rsquo s shipbuilding industry impacting its new order wins.
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Panda8
Veteran
18-Aug-2024 09:44     
 
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 Alert Admin 		Thank you boss for the information. 
Haha....New target $3.20 
Let' s see when the targe will reach. Hope by year end. 
Next Feb result annoucement another new target of $3.80.....
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Winnertakeall
Elite
18-Aug-2024 00:00     
 
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CGS analysts: Lim Siew Khee &   Meghana Kande
Yangzijiang Shipbuilding --  Strong order momentum continues

■ YZJ&rsquo s strong 1H24 order wins of US$8.5bn surpassed its FY24 guidance of US$4.5bn. Slots at new yard are likely to be available for mid-2027 delivery. 
 

Yangzijiang 

Share price: 
$2.73

Target: 
$3.20

■ 1H24 shipbuilding GM was at 25.9% (+0.4% pt hoh) on favourable contract pricing and FX rates shipping GM rose 5.5% pts on better charter rates. 

■ Industry focus on energy transition presents YZJ diversification opportunities. Clean vessels&rsquo orderbook share rose to 70% at end-1H24 (end-May 24: 61%) 

■ We change our valuation to P/E (from P/BV previously) in view of YZJ&rsquo s strong earnings visibility. 

Our new TP of  S$3.20  is based on 11x CY26F P/E.
1H24: containerships drive strong order wins



Since its business update at end-May 2024, YZJ had won orders worth US$5.2bn for 41 vessels (total 1H24 wins: US$8.5bn). 

These include 28 dual-fuel containerships, 3 bulk carriers, 4 very large ammonia carriers (VLACs), and 6 oil tankers. Its orderbook stood at US$20.2bn at end-1H24. 

In addition, YZJ is targeting to start ship construction at its new yard, adjacent to its existing Xinfu yard, by 2026 for earliest delivery in mid-2027.

Management noted that all slots at the new yard are still available. 

In our note dated 15 Jul 2024, we estimated that the new yard can deliver 5-6 vessels p.a., equivalent to US$850m1bn in orders.

We raise our FY24F/FY25F/FY26F order win forecasts to US$11.3bn/ US$5.2bn/US$5.2bn to reflect strong order wins, yard capacity availability and customer enquiries extending into 2029F.
 
Shipbuilding GM uplift to slow, offset by better shipping margins 


 

We cut FY24F/FY25F/FY26F shipbuilding gross margin (GM) to 26.5%/27%/25% as YZJ&rsquo s delivery mix shifts towards oil tankers, which YZJ says command slightly lower GM than containerships. 

Construction of tankers in its orderbook has begun, with deliveries to pick up from 2025F. 

YZJ expects steel prices to remain broadly stable for the year.

Meanwhile, its shipping segment enjoyed strong GM of 40.5% in 1H24, up from 35% in 2H23 as bulk carrier rates remained elevated. 

As of end-1H24, YZJ had 27 bulk carriers in its fleet

Diversification is a key focus 
With the addition of orders for 47 new eco-friendly vessels in 1H24, clean vessels account for 70% of YZJ&rsquo s orderbook value as at end-Jun 2024. 

The shipping industry&rsquo s focus on energy transition presents YZJ an opportunity to diversify away from containerships (c.84% of 1H24 shipbuilding revenues), towards medium-sized gas carriers. 

50% of the US$3.3bn orderbook at its Yangzi-Mitsui yard (YAMIC) as at end-1H24 were for gas carriers.  
  Maintain Add   raised TP to S$3.20

Reiterate Add on YZJ&rsquo s superior margins and ROE.

Our new TP of  S$3.20  is based on CY26F P/E of 11x, in line with regional peers. 

Re-rating catalysts: stronger margins and higher new orders improving profitability. 

Key downside risks: surge in steel costs affecting margins, order cancellations, unfavourable outcome of US investigation into China&rsquo s shipbuilding industry impacting its new order wins.
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Winnertakeall
Elite
17-Aug-2024 23:53     
 
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After a remarkable 1H2024, this S-chip is on track to make S$1 billion net profit this year

Yangzijiang Shipbuilding,  one of the largest non-state-owned shipbuilding companies in China, continues to wow the market. 

Its 1H2024  net profit  soared 77% to RMB3.1 billion. At this pace, it will exceed S$1 billion this year. 

&bull Yangzijiang (market cap: S$10.8 billion) currently sits on an orderbook of  US$20.2 billion, a record that outperforms its own previous records.   

&bull The order wins, whose progression is shown below, just keep rolling in for Yangzijiang especially post-Covid. 

orderbook 2.2024

To deal with the orderbook and future growth, Yangzijiang has made moves to acquire land for expanding its shipyard capacity. 

That' s yet another sign that this year, which marks the  17th year  of Yangzijiang' s listing on the Singapore Exchange, is truly remarkable.
 
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Tracer63
Elite
16-Aug-2024 14:10     
 
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 Alert Admin 		Coming soon, last all to board

Tracer63      ( Date: 16-Aug-2024 14:06) Posted:

Will be green green later

Tracer63      ( Date: 16-Aug-2024 14:02) Posted:

Load up, 2.57
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Tracer63
Elite
16-Aug-2024 14:06     
 
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 Alert Admin 		Will be green green later

Tracer63      ( Date: 16-Aug-2024 14:02) Posted:

Load up, 2.57
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Tracer63
Elite
16-Aug-2024 14:02     
 
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 Alert Admin 		Load up, 2.57
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emailpeter
Veteran
16-Aug-2024 13:21     
 
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 Alert Admin 		Paiseu, kena revise "slightly" .....

May 7th 2022 - $0.89
May 7th 2023 - $1.26 - div 5.5c - DY 6.2% - SP up 42%
May 7th 2024 - $1.70 - div 6.5c - DY 5.2% - SP up 35%
May 7th 2025 - $3.25 - div 12.0c - DY 3.7% - SP up 92% **
** merely my prediction. Do your own DD.
Iron Ore price has tanked from high of USD138 to below 99 and continues to fall owing to low demand.

That' s why Senior Ren says if you have spare money in your popcorn jar, buy this share.
Best of luck for next 8 mths !!!

emailpeter      ( Date: 09-May-2024 16:28) Posted:

May 7th 2022 - $0.89
May 7th 2023 - $1.26 - div 5.5c - DY 6.2% - up 42%
May 7th 2024 - $1.70 - div 6.5c - DY 5.2% - up 35%
May 7th 2025 - $2.25 - div 8.5c - DY 5.0% - up 32% **
** merely my prediction. Do your own DD.

That' s why Senior Ren says if you have spare money in your wallet, buy this share.
Best of luck for next 12 mths !!!
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