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2681-2700 of 4713
On Thursday, Yangzijiang re-test the resistance at $1.85 and closed at $1.81 with HIGH volume of 21.25 million shares traded.
A black candle stick with no upper/lower shadow affirms that investors have no hesitant to sell down the stocks.
RSI & MACD are bearish as RSI trend downward.
Immediate Resistance of Yangzijiang: $1.85
Immediate Support of Yangzijiang: $1.79
Currently prices are supported by 200 days MA at $1.79.
For the past 2 session.............. READ MORE
FA VS TA. I go for the 3rd kind :)
with a good coy like yangzijiang. one shouldnt be worry at all to buy at this price. 1.80+ is dirt cheap.
i will buy more yangzijang. its no brainer with its Q1 2011 results it shows how well the company is being manage. constantly expansion n huge order from seaspan.
my friends just sold off his genting n gonna buy yangzijiang.
remember what happen to cosco just 2 days before the contract announcment.?
do no short yangzijiang. BOSAYOR
alexchia01 ( Date: 28-Apr-2011 17:00) Posted:
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Yangzijiang is most likely going down.
Short-Term MACD is pointing down and Resistance at $1.90, but support at $1.65.
These few days sell down volume has been building up, is already a sign it's about to move down.
Just my personal views. FYI, I short this counter, so you may want a 2nd opinion.
Good luck.
aosiis ( Date: 28-Apr-2011 14:26) Posted:
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Yes, great set of results. Clearly one of the few S-Chips that have been so consistent and more importantly net cash position. Also like proactive management. Did YZJ pay any dividend for FY2010? Did not seem to recollect so.
Yang zi Jiang should be good to have some on hand for long term as alot of shipping company are turn to ship builder for bigger ship building.
As fuel/bunker pricing are been going up alot so to maintain in the competition in shipping line you will need bigger ship so in term of per container/fuel price the computation will be lower. In long term Yang zi Jiang should be more or less price close to Cosco the other ship builder.
Looking at the pricing of Cosco in long term Yang is a much better buy now.
Come on. Climb !
Accumulate at 1.84
1.85 resistance may break
28 Apr 2011
Singapore
Results Note
Yangzijiang Shipbuilding Accumulate for contracts - by Lim Siew Khee
(YZJ SP / YAZG.SI, OUTPERFORM - Maintained, S$1.83 - Tgt. S$2.69, Offshore & Marine)
1Q11 core net profit of Rmb955.3m (+63% yoy) is 19% above our forecast and consensus, at 29% of our FY11 number, thanks to stronger-than-expected gross margins of 27% (22% expected). Interest income from investments in financial assets was Rmb280m, also beating our expectation of Rmb200m. We expect margins to normalise in the coming quarters as high-margin contracts secured before the crisis reach their tail end. Hence, we are keeping our earnings estimates, as well as target price of S$2.69, still based on 14x CY12 P/E, in line with regional peers. We recommend investors to accumulate YZJ ahead of potential sizeable contracts from Seaspan. Order wins and higher revenue from productivity gains plus the strong 1Q11 results are expected to boost its share price.
1Q11 results for Yangzijiang out this morning. Net profit rose
63% yoy to RMB954.9m, overshooting our expectation by
19%, attributable to high-than-expected 27.1% gross margin
and forex gain of RMB112.8m. YTD order wins amounted to
US$841m, making up 56% of our FY11assumption of
US$1.5bn. We favour Yangzijiang as one of the most well-run
Chinese yards and key beneficiary of replenishment of
containership orders.
it should easily crack 2.00 pretty soon. my friends tp is 2.30 :)
AGM is today 3PM. given their superb results in Q1 2011. The dividend will surely go thru. yangzijiang will CD today. good luck this baby is truly undervalued.
sci80899 ( Date: 28-Apr-2011 09:17) Posted:
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Yangzijiang Shipbuilding: High gross profit margin in 1Q11
Summary: Yangzijiang Shipbuilding (YZJ) reported a 14% YoY rise in revenue to RMB3.05b and a 63% increase in net profit to RMB954.9m in 1Q11, accounting for 20% and 29% of our full year revenue and net profit estimates, respectively. The boost in net profit was mainly contributed by an increase in gross profit margin (27% in 1Q11 vs 23% in 1Q10) and higher other gains comprising mainly foreign exchange gains. 17 vessels were delivered in 1Q11, while the group secured 14 effective contracts worth US$512.3m over the same period. This brings YZJ’s order book to US$5.38b, comprising 131 vessels. Pending an analyst briefing later in the morning, we maintain our BUY rating but put our fair value estimate of S$2.36 under review.
ozone2002 ( Date: 27-Apr-2011 09:26) Posted:
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Anyone knows if they're still giving out the 4.5 cents dividend, seems like it wasn't mentioned in yesterday's AGM call. Is that why the price has been dropping - no dividend
China’s Yangzijiang Shipbuilding has finally penned a letter of intent with containership owner Seaspan Corp to build 22 units of 10,000-teu newbuildings including options.
The Singapore listed shipbuilder is poised to win its biggest newbuilding order worth over $2bn.
Prior to Seaspan’s order, the largest boxships that Yangzijiang secured were the 4,250-teus from domestic shipping giant Cosco Container Line.
“The deal is for 6+6+5+5,” says a source familiar with Seaspan’s newbuildings contract. “The company is paying $98m per vessel so the total worth of the contract adds up to $2.156bn.”
Meanwhile, another source says the newbuilding price is about $95m each, with delivery in 2013 and 14.
News of the newbuilding contract emerged as Seaspan announced it would be setting up an investment venture with Carlyle, Tiger Group and an affiliate of Dennis Washington to capitalise on growth opportunities in the containership market.
Seaspan said the new venture would aim to invest up to $900m of equity capital in containership assets, primarily newbuilding vessels strategic to the greater China area.
An executive at Yangzijiang Shipbuilding confirms Seaspan’s deal and says his company is scheduled to deliver the first ship in January 2014.
“The signing of the official contract will take place in late April or early May,” he added.
The new panamax design with a beam of 48.2 m will be able to go through the new Panama Canal locks and so be suitable for all the major trade routes, Seaspan chief executive Gerry Wang said.
The ships would be about 8% lighter and burn between 15% and 25% less fuel than a standard-design 10,000 teu ship, Mr Wang said.
Source:Asiasis
FYI
Who's Carlyle Group ?
http://www.carlyle.com/Media%20Room/News%20Archive/2011/item11883.html
Looks like a done deal
http://www.supplychainasia.com/news-articles/latest-news/corporate-news/3249-seaspan-placed-usd2-billion-order-with-yangzijiang.html
$5 billion Asian shipping deal
Katerina Kerr | Tue, 15 Mar 2011
PE group Carlyle links up with containership operator Seaspan to launch major assault on Asian maritime market
Containership owner and charterer Seaspan has placed a US$2 billion order for 22 newbuildings with a Chinese shipbuilder.
The so-called New Panamax 10,000teu vessels will cost around $98 million each from Yangzijiang Shipbuilding, and will be up to 30% more fuel-efficient than previous panamax designs.
The order came as one of the world’s largest private equity firms, Carlyle Group, announced it would set up a new containership investment venture, involving Seaspan.
The group will invest up to $5 billion to buy dozens of containerships and tankers in a joint-venture with three of the biggest players in the Asian maritime market, Dennis Washington, Gerry Wang and Graham Porter.
Washington’s son Kyle is Seaspan’s Chairman and Wang its CEO, while Porter is a director of Seaspan and Chairman of Tiger Group Investments, which has a number of Chinese interests.
Seaspan has agreed to invest up to $100 million of equity while Carlyle Group is providing $750 million, with the rest coming from the other shareholders.
The New Panamax vessels will be made available to the new venture, said Seaspan.
“The company will primarily focus on bringing together Chinese shipbuilders, lenders and state-owned companies to support China’s desire to increase the amount of cargo it controls,” said a statement from Carlyle.
Seaspan will have a right of first refusal on containership investment opportunities available to the new venture and a right of first offer for any containership the new venture proposes to sell.
Wang said: “We believe the increased buying power and scale achievable through this venture, combined with Seaspan’s right of first refusal, will provide a valuable means by which we can selectively and cost effectively grow our fleet and better serve our customers.
“In addition, we believe that the combined scale of our business and this venture will allow us to realise volume discounts for newbuilding orders, negotiate design improvements from shipyards and obtain more attractive vessel financing than we would otherwise be able to achieve on our own.”
The so-called New Panamax 10,000teu vessels will cost around $98 million each from Yangzijiang Shipbuilding, and will be up to 30% more fuel-efficient than previous panamax designs.
The order came as one of the world’s largest private equity firms, Carlyle Group, announced it would set up a new containership investment venture, involving Seaspan.
The group will invest up to $5 billion to buy dozens of containerships and tankers in a joint-venture with three of the biggest players in the Asian maritime market, Dennis Washington, Gerry Wang and Graham Porter.
Washington’s son Kyle is Seaspan’s Chairman and Wang its CEO, while Porter is a director of Seaspan and Chairman of Tiger Group Investments, which has a number of Chinese interests.
Seaspan has agreed to invest up to $100 million of equity while Carlyle Group is providing $750 million, with the rest coming from the other shareholders.
The New Panamax vessels will be made available to the new venture, said Seaspan.
“The company will primarily focus on bringing together Chinese shipbuilders, lenders and state-owned companies to support China’s desire to increase the amount of cargo it controls,” said a statement from Carlyle.
Seaspan will have a right of first refusal on containership investment opportunities available to the new venture and a right of first offer for any containership the new venture proposes to sell.
Wang said: “We believe the increased buying power and scale achievable through this venture, combined with Seaspan’s right of first refusal, will provide a valuable means by which we can selectively and cost effectively grow our fleet and better serve our customers.
“In addition, we believe that the combined scale of our business and this venture will allow us to realise volume discounts for newbuilding orders, negotiate design improvements from shipyards and obtain more attractive vessel financing than we would otherwise be able to achieve on our own.”
------------------------------ ORDERS SEEM to have CONFIRMED --------------------------------
Likely to be announced in the quarterly orders in July.
Likely to be announced in the quarterly orders in July.
has to break 1.86 to move further..
technicals oversold..risk reward looks gd..
DMG & Partners Research
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http://www.remisiers.org/cms_images/research/Apr11-Apr15/11Apr11-Yangzijiang_buy_Dmg.pdf |
CIMB
Yangzijiang Shipbuilding - Steady order flows
Secured US$214m orders in March
Maintain Outperform. YZJ has secured contracts for six bulk carriers and small container
ships altogether worth US$214m. These bring its YTD new contracts to US$512m or 25%
of our US$2bn target for 2011. We are still hopeful of sizeable contracts for 10,000 TEU
container ships from Seaspan amounting to US$950m and see contract wins and
sustainable margins as catalysts for the stock. No change to our earnings estimate or
target price of S$2.69, based on 14x CY12 P/E, in line with regional peers.
The news
US$214m for six vessels. The contracts secured comprise two 82,000 dwt bulk carriers,
two 10,000 dwt bulk carriers and two 4,800 TEU container ships. Deliveries have been
scheduled for 2012-13.
Comments
On track to meet our target. We are hopeful that YZJ will be able to meet our US$2bn
order-win target for 2011, including 10 potential units of 10,000 TEU container ships from
Seaspan (about US$950m) and four 2,500 TEU container ships from Norwegian Torvald
Klaveness Group (US$160m). These contracts have surfaced in shipbuilding newswires
although no formal announcements have been made by YZJ, pending deposits.
Not spared from steel-price hikes, but in better shape than Cosco. If steel prices
surge sharply, we see an inevitable impact on YZJ’s margins as seen in 2008. However,
with higher gross margins of about 20%, YZJ should be able to weather any spike in steel
prices better than Cosco (gross margins 6%). In the worst case, we estimate a 450bp
drop in its gross margins to 16% in 2012 (current estimate: 20%), which could eat into
20% of its earnings.
Valuation and recommendation
Maintain Outperform and target price of S$2.69, based on 14x CY12 P/E, in line with
regional peers. YZJ is our preferred shipbuilder given its earnings resilience and proven
tight execution. Venturing into larger vessels could improve its status in the containervessel
segment, in our opinion. Catalysts are expected from stronger-than-expected order wins, strong quarterly results and margins.
http://www.remisiers.org/cms_images/research/Apr11-Apr15/SIN-Daybreak-_120411CIMBARA_Telecom_YZJ.pdf