$YZJ Shipbldg SGD (BS6.SG)$ Yangzijiang Shipbuilding kicked ...
Yangzijiang Shipbuilding kicked off 1Q25 with only US$290 million of orders (consisting of six units of small-mid-size containerships and bulk carriers) secured against a US$6 billion annual target.
Its ship delivery execution stayed on track with no cancellations.
CGS are cautious and trimmed their FY25 earnings forecasts by 2% and cut the 12-month target price to S$2.72.
UOBKH are also cautious but lowered tp to 3.29.
YZJ’s 1Q25 order wins were weak at just 5.0% of its annual target, with management sounding cautious amid global tariff uncertainties. Despite this, its record US$23.2b orderbook provides revenue visibility into 2028, supported by strong margins and delivery progress.
Growth plans remain intact with yard and LNG investments. Share price volatility may persist, but execution strength and earnings resilience support our BUY rating. Target price lowered to S$3.29 (S$3.50 previously).
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