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YZJ Shipbldg SGD    Last:2.88    -0.03

Cruising with the ship ..Yangzijiang

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ascend88
    04-Sep-2013 15:36  
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nice....if u notice....its not gg down at all....

 

building a base at 94c

cheongsl      ( Date: 04-Sep-2013 12:23) Posted:

BDI started to raise again close at 1168 yesterday.

 
 
cheongsl
    04-Sep-2013 12:23  
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BDI started to raise again close at 1168 yesterday.
 
 
oldflyingfox
    03-Sep-2013 08:51  
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I think is the same order just starting to build now.

darkknight      ( Date: 02-Sep-2013 18:16) Posted:



can provide the URL link to the below information? A bit confused, is this a new Jack up rig order or the  2012 order  with Explorer I that worth only $170M?

samson      ( Date: 02-Sep-2013 11:24) Posted:

Yangtze River will start building's first offshore jack-up drilling platform

 

 

        Recently, the Yangtze River shipping industry announced that its subsidiary Jiangsu Yangtze River Marine Engineering Co., Ltd. (Yangtze marine) is preparing to 350 ft Le Tourneau " super enhanced 116E" -type self-propelled jack-up drilling rigs started cutting steel.
      The jack-up drilling platform of the detailed design of the sea by the Yangtze River and the Explorer 1 Limited co-workers completed the drilling platform is expected to put into operation within two years.
      " Striking steel" in the field of marine equipment engineering and construction means the detailed design phase has been completed, the project is currently in the Marine base in Taicang start building.
      According to the owner introduced, this type of implementation of the most advanced and most stringent international standards for the construction works jackup drilling platform on the market demand, the effective life of 20 years.
      Reportedly, the jack-up drilling platforms Qatar Investment Corporation construction, cost nearly $ 200 million, was received by the Yangtze River shipping industry's first self-elevating drilling platforms orders. The drilling platform in the " LeTourneau Super 116E" on the basis of the design to optimize and strengthen the United States Cameron company provides drilling equipment, the U.S. ship class classification. Operating water depth 350 feet, the maximum drilling depth of 30,000 feet, capacity of 120 people.



 

 
darkknight
    02-Sep-2013 18:16  
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can provide the URL link to the below information? A bit confused, is this a new Jack up rig order or the  2012 order  with Explorer I that worth only $170M?

samson      ( Date: 02-Sep-2013 11:24) Posted:

Yangtze River will start building's first offshore jack-up drilling platform

 

 

        Recently, the Yangtze River shipping industry announced that its subsidiary Jiangsu Yangtze River Marine Engineering Co., Ltd. (Yangtze marine) is preparing to 350 ft Le Tourneau " super enhanced 116E" -type self-propelled jack-up drilling rigs started cutting steel.
      The jack-up drilling platform of the detailed design of the sea by the Yangtze River and the Explorer 1 Limited co-workers completed the drilling platform is expected to put into operation within two years.
      " Striking steel" in the field of marine equipment engineering and construction means the detailed design phase has been completed, the project is currently in the Marine base in Taicang start building.
      According to the owner introduced, this type of implementation of the most advanced and most stringent international standards for the construction works jackup drilling platform on the market demand, the effective life of 20 years.
      Reportedly, the jack-up drilling platforms Qatar Investment Corporation construction, cost nearly $ 200 million, was received by the Yangtze River shipping industry's first self-elevating drilling platforms orders. The drilling platform in the " LeTourneau Super 116E" on the basis of the design to optimize and strengthen the United States Cameron company provides drilling equipment, the U.S. ship class classification. Operating water depth 350 feet, the maximum drilling depth of 30,000 feet, capacity of 120 people.


 
 
samson
    02-Sep-2013 11:24  
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Yangtze River will start building's first offshore jack-up drilling platform

 

 

        Recently, the Yangtze River shipping industry announced that its subsidiary Jiangsu Yangtze River Marine Engineering Co., Ltd. (Yangtze marine) is preparing to 350 ft Le Tourneau " super enhanced 116E" -type self-propelled jack-up drilling rigs started cutting steel.
      The jack-up drilling platform of the detailed design of the sea by the Yangtze River and the Explorer 1 Limited co-workers completed the drilling platform is expected to put into operation within two years.
      " Striking steel" in the field of marine equipment engineering and construction means the detailed design phase has been completed, the project is currently in the Marine base in Taicang start building.
      According to the owner introduced, this type of implementation of the most advanced and most stringent international standards for the construction works jackup drilling platform on the market demand, the effective life of 20 years.
      Reportedly, the jack-up drilling platforms Qatar Investment Corporation construction, cost nearly $ 200 million, was received by the Yangtze River shipping industry's first self-elevating drilling platforms orders. The drilling platform in the " LeTourneau Super 116E" on the basis of the design to optimize and strengthen the United States Cameron company provides drilling equipment, the U.S. ship class classification. Operating water depth 350 feet, the maximum drilling depth of 30,000 feet, capacity of 120 people.

 
 
cheongsl
    30-Aug-2013 19:56  
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Buy some today at 0.94.
 

 
samson
    29-Aug-2013 15:47  
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Exemption from the Ministry of Transport and shipping enterprises cancellation fees List

Source: China Maritime Service CNSS 2013-08-29 13:58:38   
\

(From left to right are: Wang Zhiming, Liangxiao An, Zheng Heping)

August 29, the Ministry of Transport held a special press conference to announce a clear specification Water SheQi charges related work situations. According to reports, the total cancellation , shall be exempted from the seven categories of administrative fees charged in the 10 specific projects , to cancel or suspend the collection of four regulatory services fees, and to take measures to regulate the operational and service charges. International and domestic shipping companies to help solve serious out of the current predicament of the important initiatives

Chinese maritime service network compiled a summary of which Ministry of Transport and Water Board, Maritime Bureau specific cancellation and exempt from the toll project .

Which the Ministry of Transport Maritime Bureau canceled and waived fees Project :

1, to cancel the ship out of China's coastal ports escort fees. Maritime authorities decided to cancel the shipping company for the ship escorted out of China's coastal ports and maritime sector by providing escort services.

2, cancel out of the Yangtze River ship escort fees.

3, the cancellation of large LNG ship out of Hong Kong escort fees.

4, eliminating cargo shippers and agents assume unpacking containers carrying dangerous goods inspection process sampling inspection fees.

5, cancellation ship fuel during refueling operations building booms of the cost. Vessels engaged in bulk, liquid, hazardous chemicals for water lightering operations, in accordance with the People's Republic of China " Prevention of Pollution from Ships environmental management regulations" should be laying booms, through research by the oil operations against ships for ways to cancel the maritime sector laying booms costs associated with the column.

6, pause International Ship cleared before the ship left the Chinese port of pollutants prescribed by the ship choose pollutant cleanup port. This measure prevents the ship anchored in international voyages repeated domestic ports in cleanup costs charged pollutants.

7, to suspend the internal transport of coal physical properties testing mandatory. In accordance with domestic routes to transport coal on the implementation of " the International Maritime Solid Bulk Cargoes matters related regulations" requirements, cargo shipper or agent of the need for testing the physical properties of coal. Now cancel enforceable regulations that will reduce testing costs shipping companies.

Ministry of Transport and Water Board canceled and waived fees Project :

1, ship trading service agencies regulate charges . Water Board shall not be required to ship trading profit service organization for the primary purpose principle. Will ship trading service fees associated with shipping price to pay-scale fees, charging methods to solve the high fees and not unified.

2, on the shipping company belongs wholly owned or holding subsidiaries, and between the merger and reorganization of shipping enterprises, involving a change of ownership ship free transactions. For large shipping companies to carry out structural adjustments to facilitate and reduce the burden on enterprises.

3, start sun pilotage work. Pilotage pilotage organizations active disclosure requirements planning, pilotage operations tug assisted standards, pilotage fees content, accept social supervision.

4, to strengthen market supervision and shipping agency. At present, some ports the ship agency mandatory for domestic ship agency, increased the burden on the domestic shipping companies, for which the Department of Transportation requires all incoming administration departments to strengthen supervision and inspection of the ship agency market, according to the law for violations investigated.

Meanwhile, the Ministry of Transport and Water Board and the State Development and Reform Commission is investigating to sort out the port fees relations, regulating port unreasonable charges.

 

 
 
samson
    28-Aug-2013 22:47  
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China: YZJOE Starts Construction of Le Tourneau Jack-Up Drilling Rig

Posted on Aug 28th, 2013

YZJOE Starts Construction of Le Tourneau Jack-up Drilling Rig

Creon, the Aim-listed resource and resource infrastructure focused investment company announced that, Jiangsu Yangzijiang Offshore Engineering Co. Ltd. (YZJOE), is ready to â??strike steelâ?? on the construction of its 350ft Le Tourneau â??super enhanced 116eâ?? design self-elevating Mobile Offshore Jack-up Drilling Rig.

This follows seven months of detailed technical engineering work, carried out by YZJOE in conjunction with Explorer 1 Limited (100% owned by Mena Offshore Investments Limited (MENA) and managed by Offshore Logistics (Asia Pacific) Pte Ltd (OLAP)). The rig is expected to be ready for commissioning within two years.

â??Striking steelâ?? in offshore marine construction parlance means that the detailed engineering phase has been successfully completed and execution of the underlying project can now begin at its joint venture yard based in Taicang, outside Shanghai.

Glen Lau, CEO of Creon, stated: â??Self-elevating jack up rigs such as this, built to the most modern and stringent international engineering standards are in short supply and high demand, particularly with the oil majors. They also have the capability to deliver a valid â??working lifeâ?? of up to 20 years.

â??With ever more demanding technical and accommodation specifications, the rig has to be at least semi-automated and have the ability to meet todayâ??s deeper drilling requirements, whilst of course at a highly competitive priceâ??.

 
 
samson
    25-Aug-2013 14:04  
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Yangtze River shipping industry: Strict process management to preserve the balanced production
(2013-08-20) Editor Posted:
Yangtze River shipping industry: Strict process management to preserve the balanced production


        The face of new challenges such as ship concentrate to start building in the first seven months to obtain delivery of the vessel 20, launched 16 ships of the good results.
 
      Since early this year, the overall shipbuilding market is still depressed, then ship owners will is not strong, orders shipping enterprises still difficult to cross the plight of the shipwreck, the Yangtze River shipping industry group also faces new ship to start building focus of new challenges. To this end, the company's various departments to work together, focusing on strengthening production preparation, to ensure segmented supply, improve the integrity of other aspects of the ship into the water to work, " Paul pay shipping, Bao Dai node, security focus ship." In the first seven months, the Yangtze River shipping industry to obtain delivery of the vessel 20, launched 16 ships of the good results, for the realization of the annual plan node has laid a solid foundation.

      Take precautions to strengthen the production preparation work
      currently Yangtze River shipping industry vessels under construction include 2500TEU, 4250TEU, 4800TEU, 1 million TEU in container ships, tankers and other ship wood soon start to have 1100TEU, 6400TEU container vessels. Ship more and more new ship, which the company's entire production system put forward higher requirements, therefore, do pre-production preparation work is crucial.
      Yangtze River shipping industry through the production preparation meetings, corporate and weekly production scheduling department will wait for a platform to strengthen technical, material, production and other aspects of the information exchange, coordinate and solve problems, to ensure that the technical preparations and materials preparation work carried out smoothly.
      In the steel supply side, the first half of this year, the Yangtze River shipping industry who have been influenced steel supply imbalance, a great impact on the balanced production. To this end, the company's production department, production workshop and Materials Department to strengthen communication, the Ministry of emergencies steel materials and green channels, effectively ensuring stable production.
      At the same time due to multi-boat construction, and there are several new boats began to focus on technical aspects of the protection exerted pressure. In order to overcome this difficulty, the Yangtze River shipping industry to deepen production design, improve production design standards, improve production design drawings accuracy, improve the professional materials to purchase mechanisms for timely processing site problems, as according to plan balanced production to create the conditions.


      Staging combine to ensure supply meets requirements rope
      segment is the most important intermediate product shipyard. Since early this year, due to the frequent changes in ship and volume demand imbalance and other factors, the Yangtze River shipping industry there have been segmented supply is not in place to make the ship in the group, and close working very passive.
      According to the Yangtze River shipping industry under the New Yangzi Shipbuilding Co., Ltd. Production Management Vice Minister Lu Dong, from the statistical data, in the first half, the company's segmented volume reaches its theoretical capacity is only about 70% of the production cycle is extended. The main reason for this situation has two aspects: First, 10,000 TEU container ship entered the construction phase, the difficulty of making segment increased production rhythm also eased two is affected by market factors, steel supply shortages, dominated by the valve member is not timely supplies.
      To this end, the Yangtze River shipping industry production departments conduct regular volume calculations, balance arrange the production plan at a reasonable share of steel in order to ensure a balanced monthly volume remained at 20,000 tons or more. With 10,000 TEU container ship segment construction on track, the production department to further increase efforts to control production cycle segment, while requiring departments to do the horizontal steel supply, material supply and improve the work of technical drawings. Through the joint efforts of relevant departments, at present, the company supplies the whole segment to meet the ship in the group and the need for closure.

      Optimization process to improve the integrity of the water
      last September, the Yangtze River shipping industry to start building 10,000 TEU container ship, and plans to fight the company's brand ship. To this end, the company strictly follow the requirements of this type of ship construction, organization of production management department, quality control department, Institute of the design process and the corresponding implementation of each process workshop and all the preparations and conduct real-time checks for construction work pave the way for smooth implementation.
      It is understood that the construction of the Yangtze River shipping industry in the 10000 TEU container ship during construction difficulties and around key intermediate goods production, from the promotion of new technology, new tooling to start, to ensure construction quality, improve construction efficiency, shorten the construction cycle. Currently, the company has implemented the relevant plate cutting process, no true features ultra-high strength plate assembly process, ultra high strength steel welding process, transverse bulkheads sided rail prefabrication, pre-process the rudder sleeve, segmented (total section) baseline grid positioning technology and other aspects of multiple research projects.
      First ship 10,000 TEU container ship is now well into the dock closure phase. The company is striving to improve production management department in the group of the ship's integrity, especially in the cabin, aft total segment integrity. Its request in the group stage of completion of pre-tube electrical outfitting, equipment installation, painting and construction, etc. closure phase in the segment status and control the total production rhythm, by region, the integrity of the construction in phases to set goals, and constantly refine the total segment Regional Integrity construction schedule. Meanwhile, the Yangtze River shipping industry is also actively promote the use of the host ahead of lifting technology, optimize the rudder shaft installation process, continue to explore the 10,000 TEU container ship in a closed stage of the production rules to control the dock cycle, improve water integrity. July 18, the company's construction of the third and fourth ship 10,000 TEU container ship docking keel laying, thus, the Yangtze River shipping industry a total of four 10,000 TEU container ship in a dock construction. Among them, a subsidiary of Jiangsu Yangzi Shipbuilding Co., Ltd. Xin Fu 3, New Yangzi Shipbuilding 1, there are two in front of the dock will be the end of October.

 
 
 
samson
    25-Aug-2013 13:49  
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Source: Ta Kung Pao 2011-08-12 09:08:20   

 

Figure: Yangzijiang Shipbuilding will be spending huge sums to improve strength and confidence to the new ship orders


      Singapore-listed China Jiangsu Yangtze River Shipyard chairman Ren Yuanlin said in Singapore yesterday, will be invested in 2013 before four billion yuan (about 623.2 million U.S. dollars), making the shipyard shipbuilding capacity doubled from the current annual amount of 3.5 million truck shipbuilding tonnes to 700 million dwt.         His concerns China to the outside world the problem of excess shipbuilding capacity will, no positive response, but expressed confidence that will receive the new ship orders, because the plant is being designed new ship products, and in capital allocation and utilization on access to bank support.         Ren Yuanlin said the new Yangtze River docks and dock lands and new rich, fully developed in 2013, the shipbuilding capacity will be doubled. All expansion project will be the construction companies cash in bank borrowings. As of the end of June, total orders handheld Yangzijiang is 126, worth $ 5.5 billion.




 

 
samson
    25-Aug-2013 13:47  
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Yangzijiang Shipbuilding: VLGC orders for Chinese yards?
â?? Potential VLGC orders?
â?? YZJâ??s expertise mainly in other areas
â?? Still weathering the storm well


China building up a VLGC fleet?
According to Platts, a number of Chinese firms are seeking older Very Large Gas Carriers (VLGCs). China does not have a VLGC fleet, but with imports expected to rise along with developments of several propane dehydrogenation plants, China may seek to cut costs by developing its own fleet for longdistance trips. For instance, China Oriental Energy (Donghua Energy) is building a 1.2m mt/year PDH plant for producing propylene at Zhangjiagang and is said to have placed orders for six VLGCs, with up to 16 options at a Chinese yard. Potential orders for YZJ? But could be
early days yet Plattsâ??s sources said that discussions between China Oriental Energy and Yangzijiang Shipbuilding could be restarted, but a final agreement has yet to be reached. Meanwhile, we note that while YZJâ??s Xinfu yard has plans
to build large vessels and has an annual  production capacity of up to 10 Very Large Crude Carriers (VLCCs), the groupâ??s capabilities remain primarily in containerships and bulk carriers. Currently,
Chinaâ??s top VLCC yards are mainly held by China State Shipbuilding (CSSC) and China Shipbuilding Industry Corporation (CSIC), which are state-owned firms. Aiming to be amongst the select few left standing With more than 1,500 yards in China, YZJâ??s CEO expects that more than half of the countryâ??s yards will have to be closed down,
and of the remainder, only 20% are likely to be profitable. In our view, what is imperative for YZJ is to continue its smooth execution, secure orders (albeit at almost breakeven levels), scale up the value chain by building green vessels and developing its offshore capabilities, while waiting for the industry consolidation to run its course. Should it be
one of the few large yards left standing when the dust has settled, YZJ would then find itself in a stronger position than before. Maintain HOLD with S$0.99 fair value
estimate. (Low Pei Han)
. . . . .

OCBC Investment Research
Market Pulse
23 Aug 2013
 
 
samson
    24-Aug-2013 10:32  
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Adversity Yangtze River shipping industry earnings of the Road

Source: China Ship Online 2013-08-23 13:39:36   

Although the Yangtze River shipping industry in the first half net profit decline, but with most operating at a loss compared to shipbuilding enterprise status, the Yangtze River shipping industry over $ 1.5 billion net profit performance has been really easy.

August 7, one of China's largest private shipbuilding enterprise Yangtze River shipping industry on the Singapore Exchange Limited Interim Report released in 2013. According to reported, Yangtze River shipping industry in the first half net profit of 15.2 billion yuan, down 20%. In this regard, the Yangtze River shipping industry in the mid-year report explained that quarter, primarily due to a decline in the shipbuilding business income excessive actions, but the results for the second quarter has been a noticeable rise.

According to insiders, assessment, despite the Yangtze River shipping industry in the first half net profit decline, but in the whole context of the shipbuilding industry in the doldrums, with the majority of enterprises are operating at a loss compared to shipbuilding, Yangtze River shipping industry over $ 1.5 billion in net income performance has been really difficult .

Yangzijiang chairman Ren Yuanlin Aug. 12 interview that, benefiting from the cost of management control, before the financial crisis as well as the maintenance of high-priced orders ship diversified business of exploration, the company's performance has better performance than the industry status quo. Ren Yuanlin also revealed that, in addition to the future development of shipbuilding industry, the marine business is an important direction for future development of enterprises, and shipping leasing, non-boat manufacturing, financial investments and retrofit of the real estate business will be an important contribution to the part of the corporate profits.

For the recently introduced national shipping industry Deal, Ren Yuanlin said that the New Deal on the torment of private shipbuilding enterprise is certainly a major positive, but this upgrade policy for further details have yet to be introduced in order to play a role.

 
 
samson
    24-Aug-2013 10:24  
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Ships price and ship financing round towards recovery

Source: International Ship Network 2013-08-23 11:09:48

With the expected recovery of the European economy to the new shipbuilding orders have become increasingly active, there are foreign investors proposed to increase the newbuilding prices.

Korea Investment analyst Kim Hyun said the second quarter of this year, second-hand vessels and newbuilding vessel prices stable towards recovery, and the first half of global ship financing amounted to $ 28.53 billion, an increase of 35.8%. European banks and now in the field of ship financing plays a key role in the United States, Asian banks showing signs of recovery, is the key to recovery shipbuilding market.

Kim Hyun said, " European manufacturing purchasing managers index (PMI) has clearly rebounded, had caught in a quagmire of debt in Greece and Spain are also expected to emerge from the crisis, especially the more positive is that German banks exceeded the domestic financial market ship, trying to change the ship financing of evaluation system. "

For newbuilding prices, the analyst explained, " second-hand boat price growth seems to shift to the new building prices, although there is not a cyclical recovery in the shipbuilding market, but the shipyard has enough orders on hand, and LNG ships and marine equipment market fiery, newbuilding prices to give full confidence. "

Kim said: " LNG demand began to grow, market supply and demand gradually balance the ship, ship finance recovery and other favorable factors, demonstrating newbuilding price rise is expected trend toward a theoretical and practical basis. "

Since the 2008 financial crisis, the shipbuilding market towards the hot from the cold cycle, the current shipbuilding market recovery is expected to increase in the year after the spread Shipyard shares rose.

 

 
 
Hawkeye
    23-Aug-2013 11:32  
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VLGC ORDERS FOR CHINESE YARDS?
  • Potential VLGC orders?

     
  • YZJ?s expertise mainly in other areas

     
  • Still weathering  the storm well

     


China building up a VLGC fleet?

According to Platts1, a number of Chinese firms are seeking older Very Large Gas Carriers (VLGCs). China does not have a VLGC fleet, but with imports expected to rise along with developments of several propane dehydrogenation plants, China may seek to cut costs by developing its own fleet for longdistance trips. For instance, China Oriental Energy (Donghua Energy) is building a 1.2m mt/year PDH plant for producing propylene at Zhangjiagang and is said to have placed orders for six VLGCs, with up to 16 options at a Chinese yard.

Potential orders for YZJ? But could be early days yet

Platts?s sources said that discussions between China Oriental Energy and Yangzijiang Shipbuilding could be restarted, but a final agreement has yet to be reached. Meanwhile, we note that while YZJ?s Xinfu yard has plans to build large vessels and has an annual production capacity of up to 10 Very Large Crude Carriers (VLCCs), the group?s capabilities remain primarily in containerships and bulk carriers. Currently, China?s top VLCC yards are mainly held by China State Shipbuilding (CSSC) and China Shipbuilding Industry Corporation (CSIC), which are stateowned firms.

Aiming to be amongst the select few left standing

With more than 1,500 yards in China, YZJ?s CEO expects that more than half of the country?s yards will have to be closed down, and of the remainder, only 20% are likely to be profitable. In our view, what is imperative for YZJ is to continue its smooth execution, secure orders (albeit at almost breakeven levels), scale up the value chain by building green vessels and developing its offshore capabilities, while waiting for the industry consolidation to run its course. Should it be one of the few large yards left standing when the dust has settled, YZJ would then find itself in a stronger position than before. Maintain HOLD with S$0.99 fair value estimate.

1?BW Group orders 4 new VLGCs from South Korea?s Hyundai Heavy Industries?. 14 Aug 2013.

Key financial highlights

HOLD (maintain)

Fair value S$0.99
add: 12m dividend forecast S$0.04
versus: Current price S$0.935
12m total return forecast 10%

Analysts

Low Pei Han, CFA (Lead) ● +65 6531 9813 lowph@ocbcresearch.com Wong Teck Ching, Andy ● +65 6531 9817 andywong@ocbcresearch.com

Key information

Market cap. (m) S$3,583 / USD2,797 Avg daily turnover (m) S$10 / USD8 Avg daily vol. (m) 10.6 52wk range (S$) 0.795 1.155 Free float (%) 48.5 Shares o/s. (m) 3,832.1

 
 
ascend88
    22-Aug-2013 16:30  
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wow....nice...may even close green ....
 

 
WanSiTong
    22-Aug-2013 15:41  
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Wow! How lucky for those who " hope" the durians this morning at 0.88!!

 
 
ruanlai
    22-Aug-2013 10:25  
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China PMI (AUG 2013) 50.1 (EST 48) VS JUL 2013 47.7
 
 
dippyboy
    22-Aug-2013 05:27  
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Very strong rsi divergence and macd retreating. Imminently technically bearish.
 
 
cheongsl
    21-Aug-2013 21:38  
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BDI have been on the rised after the correction from 12 August, currently reaching 1145, can it break the 1July high of 1179?
 
 
samson
    18-Aug-2013 11:52  
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ANGZIJIANG target $1.00, ROXY-PACIFIC 79.5 cents
Excerpts from analyst reports


OSK-DMG ups Yangzijiang Shipbuilding's target from 95 cents to $1.00

Analysts: Lee Yue Jer and Jason Saw

2Ren-Yuanlin-annRen Yuanlin, executive chairman of Yangzijiang. Company photoWe raise our FY13F-FY14F EPS by 9%-14% as we now expect a slower decline in HTM (held-to-maturity) investments. We remain NEUTRAL amid improving ship demand vis-à-vis still-weak pricing, with our revised TP at SGD1.00.

Confidence in winning more orders. YZJ has a net orderbook of USD3.24bn comprising 29 container ships and 42 bulk carriers.

YTD, it has secured USD1.01bn in new orders for 27 ships, and Management is confident of winning another USD1.0bn-USD1.5bn for 2H13.

We think this is achievable as YZJ has 47 options valued at USD2.54bn with various buyers, which we expect will translate into firm orders.

Faster recovery but no near-term catalysts in sight. We believe YZJ will recover from the current downturn faster than its peers given its industry-leading capabilities. 

However, we are still NEUTRAL on the stock given the lack of catalysts as new orders are likely to fetch lower margins while earnings momentum remains negative. 

We believe investors may like to see more proactive capital management on the companyâ??s part before becoming more positive on the stock.
 

dmg8.13

 
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