Brokers' take

Yangzijiang Shipbuilding | Hold (downgraded) March 4 close: S$1.43 Fair value: S$1.44 OCBC Investment Research, March 4

YANGZIJIANG Shipbuilding reported a 22 per cent year-on-year fall in revenue but saw an 84 per cent rise in net profit to 1.2 billion yuan in Q4, bringing full year net profit to 3.6 billion yuan which is a 23 per cent increase compared to FY2017.

Results beat our expectations and the street's, aided by 494 million yuan of other income in Q4 FY2018, 344 million yuan of forex gains, and other one-offs.