- Yangzijiang Shipbuilding (SGX:BS6) made a new record for interim profit, with 1H24 net profit surging 77% y-o-y and 29% h-o-h to RMB3.06bn, 20% ahead of consensus’ expectation of ~Rmb2.5bn.
- - Read this at SGinvestors.io -
- The forex loss of RMB187mil was offset by one-off tax reversal of RMB123mil (arising from overprovision of income tax in prior years) and bad debt recovery of RMB25mil.
Shipbuilding margin on solid upward trajectory.
- Yangzijiang delivered 35 vessels (of which 7 were from Mitsui JV) in 1H24, on track to meet its full year target of 63 vessels.
- - Read this at SGinvestors.io -
- We now expect gross margin to hover around this level, supported by higher containership prices and productivity offsetting the weaker US$ and lower margin tanker orders. Steel cost is expected to stay low in the near term.
Higher Shipping income.
- 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/ 2024-08-13
Previous report by DBS:
2024-07-16 Yangzijiang Shipbuilding - Potential Capacity Expansion; Brighter Growth Prospects.
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
