Yangzijiang Shipbuilding - DBS Research 2023-02-22: Under-Appreciated Growth Stock

Yangzijiang Shipbuilding - Under-Appreciated Growth Stock

  • Yangzijiang (SGX:BS6) is due to release its FY22 results after market close on 22 Feb 2023. Consensus expects Yangzijiang to deliver ~Rmb1.45bn net profit in 2H22, representing ~25% h-o-h growth.
  • - Read this at SGinvestors.io -

Margins set to improve further.

  • We expect Yangzijiang's gross margin to bottom out from ~14.6% in 1H22 to 18.6% in 2H22. We believe with the delivery of higher margin orders secured since 2021 and favourable steel cost (expected to hover in the RMB4,000- 5,000/t range) and forex, there is upside risk to our assumption of 20-23% in FY23-24F.

Expect 4-5 cents final dividend per share, translating to 3-4% dividend yield.

  • - Read this at SGinvestors.io -

40% of orderbook, based on our estimate.

  • Read more at SGinvestors.io.

Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.

Pei Hwa HO DBS Group Research | https://www.dbs.com/insightsdirect/ 2023-02-22

Read also DBS's most recent report:
2023-08-07 Yangzijiang Shipbuilding - Promising 1H23 Results; Steady Growth & Attractive Yield.

Previous report by DBS:
2023-02-24 Yangzijiang Shipbuilding - A Decent FY22; Compelling Growth Ahead.

Price targets by other brokers at Yangzijiang Target Prices.

Listing of research reports at Yangzijiang Analyst Reports.

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


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