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CIMB OCBC

Yangzijiang Shipbuilding

At a discount to peers

■ Despite a stronger balance sheet and better profits, YZJ is trading at 0.9x CY17 P/BV, a significant discount to Cosco Corp at 2.5x P/BV and SMM at 1.5x P/BV.

■ Pan Ocean Korea has recently ordered five 63,000dwt bulk carriers (US$146m in total) from YZJ, firming our view that orders should improve by 42% yoy in 2017F.

■ Positive industry data indicators - higher BDI, stronger secondhand market and narrowing orderbook to fleet to 11% - spur hopes of better order momentum.

■ As order outlook improves, we think its shipbuilding business should be traded at 1x CY17 P/BV while HTM business be valued at 0.85x P/BV, in line with c.8.5% ROE.

 

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Triyards Holdings:

Awaiting more clarity

 

Triyards Holdings recently announced that it has won contracts worth US$20.64m for the fabrication of two passenger ferries. They were secured by Strategic Marine, a wholly owned subsidiary, from two ferry operators. The group has been diversifying its order mix, but the stock is still trading at close to 0.3x book, as investors may be awaiting further clarity on the impact that Triyards may face from an Ezra default (e.g. corporate guarantees). As there could be further potential impact beyond what we know and estimate, we lower our fair value estimate to S$0.345 (based on 0.4x FY17F book), and downgrade our rating to HOLD, pending more clarity relating to Ezra.

 RHB

Scoop of the Day k1 Ventures (KONE SP, Not-Rated)

Time to take some money off the table

 

k1 Ventures recently announced plans to divest its interests in Knowledge Universe Education (KUE), an US based education company and Guggenheim Capital, a privately held global financial services firm. In 2011, k1 had invested USD100m in Guggenheim Capital through a combination of preferred shares, common shares and warrants. If the proposed sales are successful, k1 intends to distribute proceeds back to shareholders and will effectively become a shell company.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM2.5500.030
$ Alliance Mineral0.2700.010
AusGroup^0.0470.001
Avi-Tech0.490-
Best World1.3400.010
China Sunsine0.8200.020
CWG Intl0.1450.003
Dutech0.380-
Federal Int0.390-
Food Empire0.6450.015
Geo Energy Res0.265-
Golden Energy0.3950.005
$ GSS Energy0.1480.003
Heeton0.475-
$ ISOTeam0.350-
KSH0.7350.020
Lian Beng0.610-
$ Miyoshi0.0670.002
Nordic0.420-
Oxley0.5450.005
$ Rex Intl0.0450.002
Riverstone1.0900.010
Roxy-Pacific0.535-
Sunningdale Tech2.0900.030
Serial System0.179-
Sino Grandness0.1830.027
Straco0.8600.010
Sunpower0.6400.030
Tiong Seng0.3000.010
$ Trendlines0.140-
Uni-Asia Grp1.3650.015
XMH0.2500.100
Yamada Green Res0.400-
YZJ Shipbldg SGD1.6000.030
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