We believe lower margins are unavoidable for YZJ due to the increasing price gap with top-tier players and an increased portion of lower-priced contracts in its revenue mix. We assume coverage with a Neutral rating and a Dec-14 PT of S$1.00.
Latest Forum Topics / YZJ Shipbldg SGD Last:2.54 -0.01 | Post Reply |
Cruising with the ship ..Yangzijiang
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hlfoo2010
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10-Sep-2013 15:19
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Yangtze River 长 江   ???? Yangzijiang 揚 子 江 |
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ascend88
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10-Sep-2013 14:53
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looks nice....like kepcorp product...   :)
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Tipster789
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10-Sep-2013 13:32
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TP: 1.30 | ||||
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samson
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10-Sep-2013 10:52
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Yangtze River building's first offshore jack-up drilling platform   |
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ascend88
Senior |
10-Sep-2013 10:02
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Vol low.....rainy day.....engine need time to warm up.....afternoon maybe... profit taking over...? |
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ascend88
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10-Sep-2013 08:56
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nice....thanks for the update...wondeful new...
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ascend88
Senior |
10-Sep-2013 08:52
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vested.....long term...to at least 2$....   cheong ah !   open at 1$
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Oldbird
Senior |
10-Sep-2013 07:29
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China economy is no hard landing as what the Ang Moh always like to say ...
Elsewhere in US, Europe,Japan are recovering, comodities , shipping as cyclical stocks will slowly climb up? Slow and steady will always win the race ! Cheers for those believers of YZJ Vested for long term?
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cheongsl
Master |
10-Sep-2013 07:06
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Yesterday, BDI continue to raise 126points to 1478, still have not stabilise. | ||||
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ascend88
Senior |
09-Sep-2013 17:13
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nice.....98......tomr climb the 1$ .....vol is good as well... hold on tight tight ....
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ascend88
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09-Sep-2013 09:20
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i like the word " Yangzijiang survived successfully and strengthened its position" !! china export up....means exported more goods....thus...goods go by shipping...   :) |
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cheongsl
Master |
09-Sep-2013 07:05
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BDI end 1352 last friday, after the break through of recent height of 1171 on thusday. | ||||
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ascend88
Senior |
08-Sep-2013 22:16
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I like the word " | ||||
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WanSiTong
Master |
08-Sep-2013 20:48
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Yangzijiang Shipbuilding - One more big test aheadWritten By Stock Fanatic on Friday, September 6, 2013 | 9/06/2013
Yangzijiang Shipbuilding (YZJ) successfully survived the worst period of turmoil seen in the global shipbuilding industry and strengthened its position. However, we believe the next round will be different, led by technology and quality.  We believe lower margins are unavoidable for YZJ due to the increasing price gap with top-tier players and an increased portion of lower-priced contracts in its revenue mix. We assume coverage with a Neutral rating and a Dec-14 PT of S$1.00. Despite a period of significant turmoil and restructuring for the shipbuilding industry, Yangzijiang survived successfully and strengthened its position, helped by stronger financials and a more stable order book than its local peers?.
■ Time required to narrow price gap from top-tiers
In the previous shipbuilding cycle, ship demand came from China, and early delivery slots secured a decent premium. In this cycle, the key driver is fuel efficiency. Only top-tier players can secure profitable contracts, and proven fuel efficiency and technology will be the most important drivers, in our view. Therefore, YZJ may see lower-priced contracts over the next several years until it improves fuel efficiency.
■ Need to lower margin outlook
With the final delivery of high-priced contracts and the upcoming burden of lower-priced contracts, we believe YZJ will see a declining top line and declining margins over the next two to three years. We expect a noticeable turnaround of margins to come with a one- to two-year lag vs top-tier players.
■ Assume coverage with a Neutral rating and Dec-14 PT of S$1.00
Considering the company?s falling margin trend and consistent price gap among global peers, we assume coverage with a Neutral rating and a PT of S$1.00. 
Downside risks include a slower-than-expected recovery of global shipbuilding demand potential execution risk in shipbuilding and delivery, and strengthened environmental regulations. 
Upside risks include crude oil price increases, greater-than-expected order wins, and continuous price increases for newbuild ship orders. (Read Report)
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ascend88
Senior |
07-Sep-2013 17:40
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Any correction is a good chance to load more :) | ||||
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samson
Veteran |
06-Sep-2013 14:50
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Yangzijiang orders on hand amounted to 80 Delivery of the vessel 18, the water 13 Plan Annual delivered 38 vessels currently holding orders up to 80, pay schedules scheduled in mid-2016. The first half of this year, the Yangtze River shipping industry group faction booming production and operation situation, to achieve a received new ship orders 35, delivery of the vessel 18, the water 13 good results, the company plans to deliver 38 vessels throughout the year. Currently, up to 80 handheld shipbuilding orders, delivery schedules has been scheduled in mid-2016. June, the company also achieved a completed and delivered six vessels, named six, started one, trial one, launching a, embarkation station a total of 16 production node. Early this year, signed with Xi Sipan shipping 4 million cases ship orders into effect, Yangtze River shipping industry has successively received a one 94,000 dwt self-unloading, two 36,000 dwt heavy lift ship, 7 8.2 million dwt bulk carriers and four 64,000 dwt bulk carrier orders. Currently, 18 new ship orders had entered into force, the contract amount of nearly 6 billion yuan. In addition, during the first half of this year, the company has successively undertaken worth 3.5 billion yuan of 17 new ship orders, batch orders will all take effect in the third quarter. In terms of production, from the beginning of June, the company followed a number of production nodes, cadres and employees work together, work together to ensure delivery of the ship and efforts. June 3, Yangtze River shipping industry to COSCO Container Lines Co., Ltd. built two 4250TEU container ship named after these two boats were on June 5, the 19th delivery of the owner outward voyage June 4 - 6, 2009, 1 2500TEU container ship completed sea trials June 9, a 2500TEU container ship was launched successfully June 14, a 47,500 dwt bulk carriers berth June 16, the first successful delivery system 4800TEU German container ship Shipowners PD / Hammonia at June 19 completed the four production node, including the construction of the Singapore Nova shipping ship 4.7 million cubic feet a second wood boat delivered to Klaveness shipping company built three 2500TEU container ship named a 49,500 dwt bulk carriers and container ships were a 2500TEU on June 27, 28, completed and delivered.     |
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samson
Veteran |
06-Sep-2013 14:46
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New Yangzi Shipbuilding million boxes ship hosts first hoisting system Source: Steel Union Information 2013-09-06 09:32:55  August 2, the first million boxes made â??â??boat hosts start lifting, Shanghai Diesel Engine Co., Ltd. Mitsui Engineering & Shipbuilding Shipbuilding service providers are also stationed in New Yangzi Shipbuilding , and began to build the New Yangzi Shipbuilding million cases ship hosts lifting escort. Million boxes ship hosts 10S90ME-C9.2 diesel engine horsepower up to 79,000, the whole weight of 1,900 tons, height of nearly 22 meters. Host lifting from August 2 to August 23 start over, at this time, just once in a century of high temperature reached 60 â?? above ground level, as in the oven in the cabin Zhengkao, but not electromechanical a workshop withdrawal due to high temperature, despite the difficulties, in active cooperation of fraternal sector, the successful completion of the host lifting, assembly work for the next job commenced to lay the foundation.   |
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beginners
Senior |
06-Sep-2013 13:56
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Me too:). But don't think so. Can closed at 0.990 very good Liao.
Huat ah!
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ascend88
Senior |
06-Sep-2013 13:29
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i like that too... 0.98....1.00....1.025
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samson
Veteran |
06-Sep-2013 10:46
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Yangzijiang will close $1.03 today . Please give way | ||||
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