Last:3.18    +0.03

Cruising with the ship ..Yangzijiang

seebeh sian ive been looking from feb till now, been to so many places, only got offered once which i turned down cos it wasnt right

no leh, recently no mood.. sian

trying to find a new job seems so tough

thought ecy recovering liao

Geneva88      ( Date: 03-Jun-2010 10:47) Posted: Cheooong Ahhhhh!!! No cheer leaders today ?

sidetrack from yzj....

just to share with fellow forumers

Ah fai is in a mood to buy 100lots of yanlord!

sse has oredi bottomed out by 20% and upside is very imminent ....cheong argh!!!!!!!!!!!!!

no lar bro...i am harley.

ah fai is ah fai.

see...ah fai has oredi blessed u with his prayers its up now .

ah fai is a finance guru whilst i am only his disciple  

haha, dont know who or what is ah fai

ah fai is bullish abt this counter ....short term.

dun be greedy he says - in and out

ah fai was not too pleased when questioned abt his reclusive self.

i had to cool him down yesterday at 4pm!

ah fai is upbeat abt the short technical rebound and calls it summer rally.

pls do not overleverage and not cfd's!

invest within your means...do not try to be rich through stock market!!!!!

who is ah fai?????????????

Yah easy come easy go

bro tis one is old news according to ah fai...

ah fai magic is working once again...pls dont agitate him as his curse is more potent than prayers!

ed: MY / sa: YM

Yangzijiang (Bloomberg: YZJ SP | Reuters: YAZG.SI)

BUY; S$1.25; Price Target: S$1.75

Analyst:

peihwa@dbsvickers.comHo Pei Hwa +65 6398 7968

Propose dual-listing in Taiwan

Yangzijiang announced over lunch that it is proposing a

dual-listing on Taiwan Stock Exchange (TSE). The Group

is preparing to submit the TDR application in Taiwan,

offering up to 100m new shares, representing 2.7% of

existing share cap.

Management reiterates the rationale of its dual-listing:

1) To improve liquidity of Yangzijiang

2) To induce better valuation

3) To raise fund for M&A opportunity, which we

believe should be in the offshore segment.

Expectation of listing at higher valuation will propel

share price in the near term. There is currently one

shipyard listed on TSE – CSBC Corp, which is trading at

11.9x FY09 PE, 25% higher than Yangzijiang’s 9.5x

historic PE. We believe Yangzijiang could potentially

trade at a premium over CSBC in the light of

Yangzijiang’s larger scale (6x CSBC’s market cap), higher

ROE (40% vs CSBC’s 20% in 2009) and better execution

track record. Taking cue from CSBC’s historic PE (no

consensus estimate for CSBC), Yangzijiang could list at

>12x PE, or S$1.50 in Taiwan. This would provide price

catalyst to Yangzijiang in the near term.

M&A in offshore again? Funds raised from the duallisting

will be used to finance any M&A opportunity. We

ruled out the possibility of acquiring another

shipbuilding company since the management is less

optimistic about newbuild segment for the next couple

of years. We believe management will most probably

explore another partnership in offshore segment given

the challenging situation of PPL Holdings acquisition,

which receives no blessing from SMM.

We are positive on this new development. Maintain BUY

and TP of S$1.75.

DBS Group Research . Equity 24 May 2010

Singapore

Flash Note

Flash Note

Yangzijiang

Page 2

DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows:

STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)

BUY (>15% total return over the next 12 months for small caps, >10% for large caps)

HOLD (0-15% total return over the next 12 months for small caps, 0-10% for large caps)

FULLY VALUED (negative total return i.e. > -10% over the next 12 months)

SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

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Flash Note

Yangzijiang

Page 3

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dont be greedy bro....

ah fai can rarely prays but he can curse....i would rather go slow and easy.....;)