- Yangzijiang’s record performance in 1H23, with net profit up 47% y-o-y to RMB1.7b, was in line with estimates. While the contribution from the non-shipbuilding business fell y-o-y, this was more than made up for by its 17.7% shipbuilding margins that were better than our estimates.
- - Read this at SGinvestors.io -
- Maintain BUY on Yangzijiang with target price upgraded from S$1.65 to S$1.88.
Stellar 1H23 performance with shipbuilding driving top-line.
- Yangzijiang Shipbuilding (SGX:BS6) reported strong 1H23 revenue growth of 16% to RMB11.3b, translating to a 47.3% y-o-y increase in net profit to RMB1.7b. Its core shipbuilding business reached a record-high top-line contribution of RMB10.7b in 1H23 (+25% y-o-y), delivering 31 vessels with its run-rate ahead of its full-year target of 57 vessels.
- - Read this at SGinvestors.io -
1H23 margins exceeded expectations.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Adrian Loh UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-08-07
Read also UOB's most recent report:
2023-11-06 Yangzijiang Shipbuilding - Sailing Towards A Strong Year On Multiple Fronts.
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
