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Latest Forum Topics / YZJ Shipbldg SGD    Last:3.46    -0.12  Post Reply
Mid to long term - should be good.
MrBear12
Supreme
13-Aug-2024 09:17     
 
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Yells: "Cast all our anxieties on Jesus for He cares for us"
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 Alert Admin 		3 golden dollars

kt3152      ( Date: 13-Aug-2024 09:15) Posted:

EPS first half 77rmb cents which is about 14.2cents. using PE of 10 will be 2.80+.....
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kt3152
Supreme
13-Aug-2024 09:15     
 
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 Alert Admin 		EPS first half 77rmb cents which is about 14.2cents. using PE of 10 will be 2.80+.....
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MrBear12
Supreme
13-Aug-2024 09:15     
 
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Yells: "Cast all our anxieties on Jesus for He cares for us"
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 Alert Admin 		I' m considering bringing my old Seatrium rocket here for blast off.
This is truly going to the moon soon

Login20      ( Date: 12-Aug-2024 22:42) Posted:

Very good result.
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s100125
Elite
13-Aug-2024 09:09     
 
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 Alert Admin 		Impressive gap up in opening 5 minutes.
YZJ now a charging bull
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SgYuan
Supreme
13-Aug-2024 09:05     
 
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 Alert Admin 		yzj 1h
wb dn 61.8 235 hit
if hold wc up
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Everyday
Elite
13-Aug-2024 06:11     
 
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 Alert Admin 		Yangzijiang Shipbuilding&rsquo s 1H2024 net profit grows 77.2% yoy to a record high of RMB3.06 billion
SINGAPORE

Revenue rose 15.3% yoy to RMB13.0 billion driven by higher shipbuilding activities and improved shipping charter rates.

Gross margin expanded 8.1 ppts to 26.7% due to more favourable contract pricing, and a favourable exchange rate.

Secured new order-wins of USD8.5 billion for 79 vessels in 1H2024, achieving 188% of the annual target. Total outstanding orderbook at record USD20.2 billion for 224 vessels.

Made headway with energy transition plans for a new manufacturing base for clean energy vessels and government approval for an LNG terminal.

https://links.sgx.com/1.0.0/corporate-announcements/UXC3P6JFT8MD5V66/6b901736ae00009321c98c179caa6439eddb856fbbfc9424ef814fa496c69665

 
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Login20
Master
12-Aug-2024 23:41     
 
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 Alert Admin 		You are very good, spotted on those target dated 18 July 24 for at least 1HF 24, which I saw too and quite confidence with YZJSH, especially JP Morgan on 2 July 24 has write up too.

I agree with the rest of your targets too. YZJSH business is solid.

Good night all.

DYODD

Smallboat1021      ( Date: 12-Aug-2024 23:26) Posted:

Call back some track record herewink  for reference.
Shortists just repeat the old saying again and again. 不 听 好 人 言 吃 亏 在 眼 前
RIP today' s shortistsangel

Smallboat1021      ( Date: 18-Jul-2024 12:21) Posted:

Sell-off when HY result coming in 1 month is brave but foolwink&hellip &hellip Happy to see silly no-brainer HF traders to be buried again and againcheeky

Reiterate and raise my already-conservative estimation here: 24HY NP approaching 3bn RMB, 24FY 6bn+, 25 7bn+, 26 8bn+ and in 2027, with new yard put into full operation, YZJ' s earnings will easily surpass RMB 10bn with upcycle sustaining into 2030s.

TP raised to SGD 5, with SGD 2bn earning*10PE
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Login20
Master
12-Aug-2024 23:32     
 
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 Alert Admin 		yes

emailpeter      ( Date: 12-Aug-2024 23:22) Posted:

Not all. Shipping revenue rose RMB532m to 604m. But NP fell 336m to 306m. Ship operation cost up.. Over 34 young ships. Snr Ren did indicate of lowering shipping margins. Overall. TP ought get revised to 3.50 and more. Reflecting ave RMB7.5 to 8b in NP over next 3 - 5 years.

Login20      ( Date: 12-Aug-2024 22:54) Posted:

Yes, all records breaks, Very good management.

Contract win can keep secret until result annoucement together release to surprise all with 188% target achieved for the year at only 1H24. Record order book of US$20.15bn.

Wonderful.



 
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Smallboat1021
Member
12-Aug-2024 23:26     
 
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 Alert Admin 		Call back some track record herewink  for reference.
Shortists just repeat the old saying again and again. 不 听 好 人 言 吃 亏 在 眼 前
RIP today' s shortistsangel

Smallboat1021      ( Date: 18-Jul-2024 12:21) Posted:

Sell-off when HY result coming in 1 month is brave but foolwink&hellip &hellip Happy to see silly no-brainer HF traders to be buried again and againcheeky

Reiterate and raise my already-conservative estimation here: 24HY NP approaching 3bn RMB, 24FY 6bn+, 25 7bn+, 26 8bn+ and in 2027, with new yard put into full operation, YZJ' s earnings will easily surpass RMB 10bn with upcycle sustaining into 2030s.

TP raised to SGD 5, with SGD 2bn earning*10PE
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emailpeter
Veteran
12-Aug-2024 23:22     
 
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 Alert Admin 		Not all. Shipping revenue rose RMB532m to 604m. But NP fell 336m to 306m. Ship operation cost up.. Over 34 young ships. Snr Ren did indicate of lowering shipping margins. Overall. TP ought get revised to 3.50 and more. Reflecting ave RMB7.5 to 8b in NP over next 3 - 5 years.

Login20      ( Date: 12-Aug-2024 22:54) Posted:

Yes, all records breaks, Very good management.

Contract win can keep secret until result annoucement together release to surprise all with 188% target achieved for the year at only 1H24. Record order book of US$20.15bn.

Wonderful.



 

emailpeter      ( Date: 12-Aug-2024 22:49) Posted:

More than that. Best in class. Super strong balance sheet, free cashflow, and growing order book.

As usual, patience needed. For results to sink in and assimilate to share price
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s100125
Elite
12-Aug-2024 23:11     
 
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 Alert Admin 		Tomorrow rocket to the roof!!

https://www.theedgesingapore.com/capital/results/yangzijiang-shipbuilding-reports-record-high-earnings-rmb306-bil-1hfy2024-77-higher
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Login20
Master
12-Aug-2024 22:54     
 
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 Alert Admin 		Yes, all records breaks, Very good management.

Contract win can keep secret until result annoucement together release to surprise all with 188% target achieved for the year at only 1H24. Record order book of US$20.15bn.

Wonderful.



 

emailpeter      ( Date: 12-Aug-2024 22:49) Posted:

More than that. Best in class. Super strong balance sheet, free cashflow, and growing order book.

As usual, patience needed. For results to sink in and assimilate to share price.

Login20      ( Date: 12-Aug-2024 22:42) Posted:

Very good result.
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emailpeter
Veteran
12-Aug-2024 22:49     
 
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 Alert Admin 		More than that. Best in class. Super strong balance sheet, free cashflow, and growing order book.

As usual, patience needed. For results to sink in and assimilate to share price.

Login20      ( Date: 12-Aug-2024 22:42) Posted:

Very good result.
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Login20
Master
12-Aug-2024 22:42     
 
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 Alert Admin 		Very good result.
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Panda8
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12-Aug-2024 22:36     
 
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 Alert Admin 		http://yangzijiang-cn.listedcompany.com/newsroom/20240812_215626_BS6_UXC3P6JFT8MD5V66.3.pdf
http://yangzijiang-cn.listedcompany.com/newsroom/20240812_215626_BS6_UXC3P6JFT8MD5V66.2.pdf
http://yangzijiang-cn.listedcompany.com/newsroom/20240812_215626_BS6_UXC3P6JFT8MD5V66.1.pdf
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spursfan
Supreme
12-Aug-2024 22:00     
 
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 Alert Admin 		https://links.sgx.com/1.0.0/corporate-announcements/UXC3P6JFT8MD5V66/815164_YZJSH_1H2024_Press%20Release_final.pdf
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s100125
Elite
12-Aug-2024 11:16     
 
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 Alert Admin 		Let the weak holders on contra unload first than make the announcement .

pkli899      ( Date: 12-Aug-2024 10:39) Posted:

Funny, opening went up to 2.52.
Then down so much.....sad
Results coming still like that?
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pkli899
Supreme
12-Aug-2024 10:39     
 
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 Alert Admin 		Funny, opening went up to 2.52.
Then down so much.....sad
Results coming still like that?
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Elf2000
Elite
12-Aug-2024 10:22     
 
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 Alert Admin 		Roller coaster
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Login20
Master
10-Aug-2024 13:42     
 
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 Alert Admin 		Usually JP Morgan analyst carried more weight than any analyst. DOYDD.

JP Morgan raises Yangzijiang Shipbuilding&rsquo s TP to $2.80 as it sees it entering a &lsquo sweet spot&rsquo for earnings (theedgesingapore.com)

Panda8      ( Date: 10-Aug-2024 12:42) Posted:

Thank you Boss. 
This month 4 analysts give rating strong buy and another 4 analysts give buy rating. None give hold to sell rating with highest target price of 2.86.   

Winnertakeall      ( Date: 10-Aug-2024 12:00) Posted:

Analysts positive on Yangzijiang Shipbuilding 
CGS, Citi and DBS analysts have all kept their &ldquo buy&rdquo and &ldquo add&rdquo calls, and DBS raised its TP to $2.75.



Analysts are positive on Yangzijiang Shipbuilding after the announcement of a new yard investment of about 1,300 mu, or 866,671 sqm of land in Jiangsu Province on July 15.

The shipbuilding group plans to invest about RMB3 billion ($550 million) in capital expenditures over the next two years to complete this project, with long-term prospects of liquid natural gas and other clean energy vessels in mind.
 
All analysts from three brokerage firms, CGS International, Citi Research and DBS Group Research have kept their &ldquo add&rdquo and &ldquo buy&rdquo calls. CGSI and Citi analysts have kept their target price at $2.50 and $2.45 respectively, while DBS&rsquo s analysts have raised their target price to $2.75.

Lim Siew Khee and Meghana Kande from CGSI say that the new yard could deliver five to six vessels p.a. or US$850 million ($1.14 billion) to US$1 billion in orders. They estimate that the new yard will be about 60% the size of the group&rsquo s existing Jiangsu Yangzi Xinfu yard, which focuses on the construction of mid-to-large-sized vessels.

&ldquo Recall that Yangzijiang had invested RMB650 million for the remaining 20% equity stake in Xinfu yard in 2021, implying a total value of RMB3.25 billion for the entire Xinfu yard,&rdquo they say.

Xinfu yard delivered 12 containerships in 2023, which Lim and Kande estimate to be about US$1.3 billion worth of contracts, and it is also scheduled to deliver 12 vessels in 2025.

They use Xinfu as a benchmark and expect the new yard to deliver five to six vessels of similar size p.a.

&ldquo Assuming US$170 million per vessel (based on year-to-date average prices for 13k TEU newbuild liquified natural gas (LNG) dual fuel containerships), we estimate the new yard could add about US$850 million - US$1 billion in new order wins p.a. This represents about 15-18% of our 2024 order win target of US$5.5 billion,&rdquo they add. TEU stands for twenty-foot equivalent unit.

Lim and Kande&rsquo s target price is still based on a 35% premium to regional yards&rsquo average calendar year (CY) 2024 P/BV of 1.53 times, on improved margin outlook. The analysts&rsquo re-rating catalysts include stronger margins and stronger order wins, and note that key downside risks include a sharp rise in steel costs affecting margins, order cancellations, and unfavourable outcome of the US investigation into the Chinese shipbuilding industry impacting new order wins.

Likewise, Citi analyst Luis Hilado says that Yangzijiang&rsquo s net cash position of RMB11 billion by FY2025 makes the funding of the project appear highly feasible.

While the breakdown of cost between land facilities has yet to be disclosed, he assumes a 30:70 ratio, respectively, and a 10-year average asset life, the additional depreciation charges could amount to RMB 210 million annually or about 3% of our current FY2026 profit forecasts.

&ldquo Albeit an initial profit pressure point, management is likely looking ahead to the long-term project and revenue upside from demand for clean energy ships,&rdquo he says.

Hilado values the company at $2.45, based on a target multiple of 10 times, or 1 standard deviation above its 10-year mean prior to the spin-off of its financial arm, applied to his FY2024 earnings per share forecasts.
 

We believe our target multiple is fair considering Yangzijiang&rsquo s strong medium-term earnings visibility/momentum given its record order book amid the current shipping industry upcycle, and as it now offers investors pure-play shipbuilding exposure as one of the leading shipyards in China,&rdquo he adds.

Finally, DBS analysts add that this new land acquisition will &ldquo lift growth prospects ahead&rdquo . They say that the land&rsquo s proximity to its existing Xinfu yard will enable Yangzijiang to seamlessly integrate the new facilities, thereby enhancing both productivity and operational efficiency.

They estimate it could boost capacity by about 20% and enable the delivery of an additional six ultra-large or high value add vessels, and could raise Yangzijiang&rsquo s annual revenue run-rate from US$3.5 billion to US$4 billion or US$4.5 billion, lifting its growth prospects beyond 2026.

The capex could be fully funded by internal resources, supported by the group&rsquo s strong net cash position of over RMB10 billion net cash as of end 2023, they add.

DBS analysts say that Yangzijiang&rsquo s share price has done &ldquo spectacularly well&rdquo post 1QFY2024 business update at end May, surpassing their target price. &ldquo The share price pulled back from the high of almost $2.50 was due to normalisation following the impact of the Red Sea attack, in our view. We believe there are more legs to the rally in view of the robust order flow amidst a multi-year shipbuilding upcycle, translating to double-digit earnings growth for the next few years boosted by potential capacity expansion,&rdquo they add.

As such, they raise their target price to $2.75, on a higher valuation multiple of 2.3 times P/B, in line with its historical 20% premium to industry average, justifiable by Yangzijiang&rsquo s stronger return on equity and yield as well as financials. This translates to 12 times FY2024 P/E, which is undemanding, they add.

 

 


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