Yangzijiang

[Aspellian]

Looking at the results, I am still scratching my head.

How did YZJ get so far ahead of its competitors? If it can achieve this, Y did Cosco'S results fall so badly?

Its stated that YZJ do only standard vessel designs instead of various custom-made to customers wants. so that could be an advantage.

i am just surprised that Cosco Spore's parents will cancel shipbuilding orders with their own subsidiary but keep the orders with YZJ. there could be an hidden figurehead somewhere directing matters? (but all are pure speculations)

Either its a Ah-Gong favoured entity with special treatments or its a ticking timebomb?

[winston]

DJ MARKET TALK: CIMB Raises Yangzijiang To Outperform, Ups Target

0433 GMT [Dow Jones] STOCK CALL: CIMB upgrades Yangzijiang (BS6.SG) to Outperform from Underperform, raises target price to S$1.50 from S$1.18 after increasing FY10-12 earnings forecasts by 20%-27% to assume more shipbuilding orders, contributions from new ship demolition business, lower taxes.

Says company able to maintain superior margins, protect orderbook due to strong track record, standard designs for ships, requirement for 40% upfront payment for projects, proactive engagement with customers; "with the shipbuilding industry bottoming out in terms of order cancellations and credit defaults, we have turned positive."

Shares flat at S$1.19; STI +0.2%.


Source: Dow Jones Newswire

[millionairemind]

Published March 25, 2010

Yangzijiang 'not affected' by Rickmers difficulties

YANGZIJIANG Shipbuilding Holdings Ltd, a China-based shipbuilder, said it is 'not affected' by financial difficulties at Rickmers Maritime Singapore as ships ordered by its German parent haven't been cancelled.

'Yangzijiang is not affected by what is happening to Rickmers in Singapore as the orders to Yangzijiang are from Rickmers Holdings GmbH,' the company said. Rickmers Holdings holds 17.5 per cent of Rickmers Maritime Singapore.

Rickmers Singapore's liabilities 'may cast significant doubt on the ability of the trust to continue as a going concern,' PricewaterhouseCoopers told the shareholders of the Singapore-listed shipping trust on March 22. It has existing capital commitments of US$780.7 million and bank borrowings of US$128.7 million that are due in the next 12 months, the auditor said.

Yangzijiang said yesterday it is building four container ships for Rickmers Holdings. Payments are up to date and the vessels are scheduled for delivery this year and next year, it said. -- Bloomberg

[Aspellian]

YangZiJiang is simply an amazing fantasy stock that sails on through ALL negative news of its customers, industry and the global economy... i just dun understand! Amazing management or amazing accounting?

[Musicwhiz]

YangZiJiang is simply an amazing fantasy stock that sails on through ALL negative news of its customers, industry and the global economy... i just dun understand! Amazing management or amazing accounting?

If it's too "amazing", I will simply avoid. The world isn't that perfect.

[winston]

DJ MARKET TALK: DMG Starts Yangzijiang At Buy, S$1.48 Target

0143 GMT [Dow Jones] STOCK CALL: DMG starts Yangzijiang (BS6.SG) at Buy with S$1.48 target price, based on 12X FY10 P/E. Expects China-based shipbuilder to clinch more orders with ship owners turning profitable last quarter. Tips annual revenue of at least CNY10 billion over FY10-11. Says recent foray into ship breaking business could add CNY120 million to FY12 earnings if venture successful.

Notes sector-wide cancellation of contracts close to bottoming out as demand picking up, credit markets recovering; "we sense that investors' concern over order book quality has eased. There are some orders deferred but none were cancelled since the crisis began, compared to its competitors." Shares off 0.9% at S$1.15.

Source: Dow Jones Newswire

[millionairemind]

April 12, 2010, 1.58 pm (Singapore time)

Yangzijiang says no decision made on dual listing

SINGAPORE - Singapore-listed Yangzijiang said on Monday it has made no decision on any dual listing plan, following media reports about the possibility of listing its shares in Hong Kong or Taiwan.

'The Board wishes to highlight that a number of investment banks and financial advisors have approached the company with proposals for a dual listing on the Hong Kong Stock Exchange and/or a listing of Taiwan Depository Receipts on the Taiwan Stock Exchange,' it said in a statement.

'The Company has only conducted preliminary talks with these parties and no decision has been made on this matter,' the statement published on the Singapore stock exchange said. -- REUTERS

[Musicwhiz]

Ok, now it's made very clear who's courting the money. The investment bankers, not the company! The company probably doesn't even need the money. Investment bankers cook up a nice story of dual listing, come up with a glossy press release, and wah la! They get their fat fees. Can feed them for a year I think, with spare change to boot.

[millionairemind]

Ok, now it's made very clear who's courting the money. The investment bankers, not the company! The company probably doesn't even need the money. Investment bankers cook up a nice story of dual listing, come up with a glossy press release, and wah la! They get their fat fees. Can feed them for a year I think, with spare change to boot.

haha... someone's in a bad mood today.

The stock market has always been a game of greater fools... just make sure you are not the last one in line holding the baby..

[winston]

RESEARCH ALERT-DMG raises Yangzijiang target price to S$1.80

SINGAPORE, April 19 (Reuters) - Following is a list of Singapore stock price target changes and rating changes on Monday.

COMPANY RIC BROKER RATING (PVS) TARGET PRICE (PVS) YANGZIJIANG DMG BUY (BUY) S$1.80 (S$1.48) SHIPBUILDING STATEMENT: Yangzijiang and two partners have proposed to acquire PPL Holdings from Baker Technology for $155m (S$216m).

Under the structure of the deal and post-acquisition, Yangzijiang will own an effective stake of 7.5 percent in PPL Shipyard, which is one of the world's leading rig builder. In our view, the deal is positive as acquisition is fairly valued at 3 times price-to-book comparared to price-to-book valuation for listed rig builders of more than 4 times.

The deal is modestly EPS dilutive due to share placement to a Middle Eastern investor, but compensated by potential earnings growth when its offshore division is fully developed. The acquisition allows Yangzijiang to tap into PPL's expertise and helps develop Yangzijiang's offshore capabilities.

We believe this may lead to a yard setup in China to focus on the offshore market. We maintain our earnings forecast but raise our target price to S$1.80 based on higher price-to-earnings multiple of 15 times on 2010 earnings per share forecast.


Source: Reuters