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CGS-CIMB raises Yangzijiang target price to S$2.41

Listing of investment arm spin-off Yangzijiang Financial Holdings on SGX mainboard expected by end-April

Singapore

CGS-CIMB has increased Yangzijiang Shipbuilding's target price to S$2.41 from its previous target of S$1.78, if its plans to list its investment arm spin-off Yangzijiang Financial Holdings come to fruition.

This presents a potential upside of 54.5 per cent from its Monday (Apr 4) closing price of S$1.56.

The new target price is derived from a sum-of-the-parts valuation method, based on a price-to-earnings ratio of 9 times of the projected shipping profits for FY2023, assuming order momentum...

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