Yangzijiang Shipbuilding - CGS-CIMB Research 2021-12-08: Spin-Off Unlocks More Value

Yangzijiang Shipbuilding - Spin-Off Unlocks More Value

YANGZIJIANG SHIPBLDG HLDGS LTD (SGX:BS6) | SGinvestors.ioYANGZIJIANG SHIPBLDG HLDGS LTD (SGX:BS6)
  • We think shareholders can unlock more value in Yangzijiang Shipbuilding (SGX:BS6) with its plan to list its debt investment business on the mainboard of SGX via dividend-in-specie. See Yangzijiang's announcements.
  • We estimate a total of ~Rmb17bn (~S$3.5bn) assets will be transferred to the new listco, potentially being valued at 12-15x P/E on the fund management platform.
  • Upside/premium of valuations of new listco could come from stronger-than-expected AUM growth and focus investments into ESG-related assets.
  • Our current SOP valuations for Yangzijiang Shipbuilding’s debt investment at 1x P/BV, with a 10% ROE, is RMB17.5bn (S$3.5bn), or S$0.89 per share.



Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.



LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2021-12-08
SGX Stock Analyst Report ADD MAINTAIN ADD 1.910 SAME 1.910




Previous report by CGS-CIMB:
2021-11-29 Yangzijiang Shipbuilding - Spin-Off In The Process

Check out the most recent target prices at Yangzijiang Target Prices. Listing of analyst research reports at Yangzijiang Analyst Report.

Relevant links:
Yangzijiang Share Price History,
Yangzijiang Announcements,
Yangzijiang Dividends & Corp Actions,
Yangzijiang News Articles





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