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YZJ Shipbldg SGD
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The Only Shipbuilding Blue Chip in SGX!
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atomgraf
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04-Apr-2023 15:31
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Somewhat dated article, hopefully it sheds a positve light on their Robinson Rd purchase. https://www.edgeprop.sg/property-news/ara-rides-robinson-road-renaissance July 16, 2021 SINGAPORE (EDGEPROP) - Covid or not, the rejuvenation of the CBD is underway. Nowhere is it more evident than along Robinson Road. On the stretch between Boon Tat Street and McCallum Street, office buildings have undergone ownership changes, refurbishments or redevelopment.....
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Tracer63
Elite |
04-Apr-2023 10:45
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Lai leow
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Tracer63
Elite |
04-Apr-2023 09:53
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YZJ, tgt 1.26 >>>> 1.32 | ||||
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Winnertakeall
Elite |
03-Apr-2023 20:25
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ShortSaleVolume from SGX (FYI) 03/4 : 5308100 31/3 : 12255200 30/3 : 14003100 29/3 : 8235600 28/3 : 14110600 27/3 : 11596300 24/3 : 11135000 23/3 : 12463400 22/3 : 13025400 21/3 : 16431800 20/3 : 12471900 |
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fuzzyshares
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03-Apr-2023 15:44
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Despite the hype and hoard of cash, my take on the dismay performance:
First it is a retail or trading stock subjected frequent cycles of buying and selling. Next it is a chinese stock with the stigma attached to most chinese stocks. Then came the winding up petition which should not have happened in the first place. YZJ shipping was told to wind up and pay a fine. The entire shenanigan was supposed to be a 'non-event'. Then again the case is not over yet so stay tuned. Looking at the current trading trend, momentun is swinging back to hot stocks like Genting Singapore (GS) and Sembcorp Marine (SM). In retrospect YZJSH was the high flying darling stock while others faltered. Still not too bad now but both GS and SM have come full circle. Just a matter of rotational plays. And last but not least the not so great but decent dividend of 0.05. Need to look no further, GS offered a dividend of 0.02 and the stock soars. Having said that it probably turned off some if not many investors and punters. |
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emailpeter
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03-Apr-2023 11:15
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As highlighted by Adrian Loh below. Good news, I will wait for short covering to $1.40+, hopefully soon. then I will sell off my significant portions to dwindle to 10% of total portfolio. Like many, I am also done with this kiamsap stock, bye bye soon. Just hold insignificant amounts, no need study anymore...... Yangzijiang Shipbuilding &ndash BUY (Adrian Loh) &bull At an early stage of shipbuilding margin expansion. Overall gross margins improved in 2022 as the company secured favourable contract prices and locked in a lower cost of steel used for its shipbuilding segment. YZJ stated that it expects its shipbuilding margins to improve in 2023 and we expect it to stabilise at around 15%. &bull Now an office building owner. In late Mar 23, YZJ announced that it had bought 39 Robinson Road for S$399m in an all-cash deal, equivalent to S$2,360psf. Clearly this is a less than ideal outcome for shareholders who had been hoping for higher dividends. At an assumed rental of $8psf, this would equate to a 4% yield, and at least the cash is in a freehold office building in Singapore instead of an offshore bank account. &bull We have a BUY rating on YZJ with a target price of S$1.58 using a target PE multiple of 9.0x to our 2023 EPS forecast. Our target PE multiple is 1SD above YZJ&rsquo s past fiveyear average of 6.7x which we view as fair given the company&rsquo s earnings growth in 2023, as well as the stability of its earnings due to its US$10.3b orderbook at present. We note that at our fair value of S$1.55, YZJ would trade at a 2023 P/B of 1.3x. SHARE PRICE CATALYSTS &bull Events: a) Evidence of continued shipbuilding margin expansion, b) better capital management initiatives, and c) new order win announcements. &bull Timeline: 3-6 months. |
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Observers
Elite |
02-Apr-2023 17:52
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Declare dividend must pay tax to China government. Must pay a lot of tax.
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emailpeter
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01-Apr-2023 10:13
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Well said, as evident in this thread, plenty of ways to justify their asset purchases. (And paying you peanuts) Esp that building.....haha
They are so cash filled bursting out over last 10 yrs. Even split off FH, still have so much left. Yet some or many shareholders here seem to be happy with the dull divs. Perhaps the new young Ren, let's suggest to him, the Russian Oli's are crumbling, may we urge him to buy up a fleet of 8 super yachts. (8 x 5b = 40b) Easily justified as they need showcase their sailing ships deep in ocean, and visit a few at time, and those terminals too. If they invite Bezos and Musk to it, sure the share price will rise.... haha. Have fun pondering this guy's. Hava great weekend. I'm still vested.
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pasttime
Supreme |
01-Apr-2023 06:18
Yells: "gold silver are real money. not others iou." |
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good morning. early in the morning. let' s talk about something sure win with time, property. property has 3 elements. land, labour, materials. labour and materials goes up with time due to inflation. land is of limited supply. by recovring land from the sea singapore can increased land mass. cbd is small limited area. no new cbd area is created. one may try to expand southwards or distribute out to regional business district. but the traditional cbd area remains the same. unless ura allow higher plot ratio there will be limited increased in build up area in cbd. overtime as singapore prosper the most increased in value will come from land in the 3 elements. investing in property especially in cbd is a sure win. just need time and collect rental in the wait. if one own your own building it can build prestige. like changing the building name to your business name. loud advertisement for the business brand name. sure win then why so much discount in the property company that own huge chunk of cbd like uol , city dev? i can only guess it is a slow game. fund manager probably cannot wait. also sure win their role is limited. but surely they still need to put little bit into these especially when price is low and dividend payment time. the other thing about property is it appear as asset in the balance sheet. that allows business to use it as collateral when they need to borrow money with banks. yzj buy of 39 robinson is a good , prudent long term game. but it will not go well with short term traders, investors as the argument with western style of managing is asset light, low cost to allow rapid growth. |
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pkli899
Supreme |
31-Mar-2023 22:37
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Let' s put it this way. Before split, excess cash can lend out to generate income. After split, despite spending on upgrading the yards' capacity, LNG terminal, etc, still got extra cash idling and not giving enough return to cover inflation. Then this fire sale came along, they fast hand fast leg grabbed lor. The Vietnam vendor sold at 20% discount to their purchase price. This doesn' t mean YZJSB bought 20% cheaper. Based on current market rate, the building should be worth somewhere around $600m or even more. This is to say, YZJ bought it at 33% discount to market price. Above my estimate la. Don' t scold me if wrong, ok. |
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Winnertakeall
Elite |
31-Mar-2023 18:33
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ShortSaleVolume from SGX (FYI) 31/3 : 12255200 30/3 : 14003100 29/3 : 8235600 28/3 : 14110600 27/3 : 11596300 24/3 : 11135000 23/3 : 12463400 22/3 : 13025400 21/3 : 16431800 20/3 : 12471900 |
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unclebond
Master |
31-Mar-2023 18:28
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4% dividend is coming soon. More LNG contracts are on the way. Good price to enter now for the next wave up. Cleared my position $1.30-$1.40
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Segarvale
Senior |
31-Mar-2023 18:22
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Cash rich but instead of declaring special dvd to SH, the mgmt buys up property, generating recurring rental income..their view is always different from normal SH who only think of quick capital gains. If you are the major SH, would you buy this property or declare dvd? See, major SH already very rich so the money invested can hedge against inflation. Come to one point when the share price is depressed (inflation may ease soon, property valuation may drop if recession hit, cyclical peak over), can easily scoop and privatise. Think along the way, buy shares get dividends all years, come to a point where peak cycle and you think yes, i earn enough already, then sell all..quick buck is only easy when you shortsell during a black swan event..😉 | ||||
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ss2017.
Supreme |
31-Mar-2023 17:42
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In the past s chips have bad name. But now, YZJSB has anchored well in the local market, it will become a big player together with YZJFH. | ||||
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Winnertakeall
Elite |
31-Mar-2023 17:38
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According to Ren, " this is a one-off exercise" , and the company' s focus remains its core shipbuilding business.
Having been listed on the SGX mainboard for 16 years and being an STI index component company, the acquisition gives us an opportunity to deepen our roots in Singapore with our very own office building, comments Ren Letian, executive chairman and CEO of Yangzijiang in a statement. Furthermore, considering the highly inflationary environment, we see this as a good vehicle to preserve our existing capital over the long term while also providing us stable rental cash flow, adds Ren.
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stlimst
Master |
31-Mar-2023 16:42
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Whose is ' the market' ? It is made up of particioants - all kinds of investors (from the very big to the very small), traders (from BBs to small time day traders), short-sellers, etc, etc. I think not all of the market participants knows the full impact of the property purchase/investment. Is it a deviation from their core business or it is complementing their core business? I believe the manangement has done due diligence and it nett positive to business. The buying and selling are part of the daily trading - most hoping to buy low and sell high. Publicly available data are there, so you decide. |
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soonsoonhuat
Veteran |
31-Mar-2023 15:49
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mkt doesnt like them to deviate from their core biz if the comm bldg were to be acquired by yzjfh, then that would make sense as it involves asset mgmt.
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pursuer76
Veteran |
31-Mar-2023 15:04
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Seems like market is punishing YZJSH for the procurement of a commercial building? It' s supposed to be a good news with the potential to earn more revenue, ain' t it? Can' t comprehend the sentiment. | ||||
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Winnertakeall
Elite |
31-Mar-2023 13:10
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No strength/ power to push up after property purchased What' s next for YZJ moving forward ?? |
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Winnertakeall
Elite |
30-Mar-2023 18:33
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ShortSaleVolume from SGX (FYI) 30/3 : 14003100 29/3 : 8235600 28/3 : 14110600 27/3 : 11596300 24/3 : 11135000 23/3 : 12463400 22/3 : 13025400 21/3 : 16431800 20/3 : 12471900 |
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