Brokers' take
Yangzijiang Shipbuilding | Buy (upgraded) Sept 10 close: S$1.01 Target price: S$1.46 UOB Kay Hian, Sept 10
WE recently met with Yangzijiang's management for an update on the company's operations and commentary regarding its chairman. The latter is a non-event as it does not involve the company or its funds, while the mid-term shipbuilding outlook appears positive.
Last week, Yangzijiang announced a new order win for three 82,000 dwt bulk carriers and two 325,000 dwt bulk carriers. While no contract value was disclosed, we estimate this order at approximately US$250 million.
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