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Yangzijiang Shipbuilding Overachiever
■ Amidst record-high freight rates, YZJ clinched another US$1.08bn of new contracts, bringing YTD orders to US$6.67bn and order book to US$8.74bn. ■ EPS raised by 1-26% for FY21-23F as we lift our 2021 order win forecast by 60% to US$8bn (from US$5bn), offset by lower GM for steel price effects. ■ TP is upgraded to S$1.91 (SOP valuation). YZJ trades at a c.38% discount to the Korean shipbuilders on average despite its stronger margins.
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UOB KAYHIAN |
UOB KAYHIAN |
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Aztech Global (AZTECH SP) 2Q21: Impressive Showing Amid Adversities And Robust Orderbook Growth
2Q21 net profit of S$16.2m (+13.2% yoy) was in line. This is commendable amid the lockdowns and movement control orders caused by the pandemic. 2H21 is expected to be sequentially better, supported by Aztech’s growing orderbook on the back of increased demand for Customer A’s products and launches of new IoT products. Orderbook strength improved with orders at S$604.4m as at 30 Jul 21 (20 Apr 21: S$489m, 2 Jan 21: S$271m). Maintain BUY with a target price of S$1.86.
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Dairy Farm Int’l Holdings (DFI SP) 1H21: A Poor Set Of Results; Down But Not Out
DFI reported a weak set of 1H21 numbers with net profit declining 85% yoy to US$17m largely due to restructuring costs, difficult trading conditions and a normalisation of spending patterns post the COVID-19 spike in 1H20. Grocery and health & beauty revenues were weaker yoy while convenience stores were the key highlight of the result. Maintain BUY with a lower target price of US$4.53 (previously US$5.19).
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Check out our compilation of Target Prices
