Yangzijiang Shipbuilding 1H25 - UOB Kay Hian 2025-08-07: A Margin Machine ~ Delivering Profits Despite Headwinds

• New order wins lagged due to tariffs, but Yangzijiang Shipbuilding’s robust balance sheet, industry-leading ROE, and strong orderbook underpin our BUY rating with a higher target price of S$3.45.

Stellar 1H25 performance.

• - Read this at SGinvestors.io -
• Gross profit margin reached a record 34.5% (+4.9ppt y-o-y) while pre-tax profit was helped by strong associates contribution from new investment in Tsuneishi Zhoushan (completed in 1Q25) as well as fair value gain on cashflow hedges and currency translation gain.

Shipbuilding margins the highlight...

• - Read this at SGinvestors.io -
• On the earnings call, management guided that current margin levels are sustainable in the near to medium term.

... and new order wins the lowlight.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-09-04 Yangzijiang Shipbuilding - Incrementally Bullish Orderbook Update.

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 Dividend Payout Dates & Corporate Actions,
Yangzijiang News