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01 Latest News
France's Atos to sell Worldgrid unit to Alten for about $290 million | 1 | 0 | Loading... |
02 Latest News
Apple hits record as AI features promise boost in iPhone sales | 1 | 0 | Loading... |
03 management’s view. YZJ disclosed that it currently imputes a cost of Rmb4,000 per tonne for steel plates and does not believe that costs will increase in the near to medium term given that demand is weak from other sectors, particularly the property sector.
In our view, stable steel costs should benefit YZJ and enable it to generate higher shipbuilding margins which the company has guided for in 2024.
STOCK IMPACT
• LNG-fuelled vessels. LNG remains the fuel of choice for lower-carbon shipping with dual-fuel methanol and ammonia engines coming in second.
YZJ currently has orders for 35 LNG dual-fuel containerships (18% of its orderbook of 193 vessels) and 15 methanol dual-fuel containerships (8% of its orderbook).
We believe that LNG’s price competitiveness, abundant supply and well-developed infrastructure gives it an advantage over the alternatives. According to industry estimates, more than 2,400 vessels are equipped to operate on LNG globally, with another 1,000 vessels ordered that are yet to be delivered.
In our view, YZJ is well placed to win more of such vessel orders with many of such new ships able to be adapted to use alternative clean fuels, such as ammonia or methanol.
• With so much cash on its balance sheet and nothing material in terms of capex, we see potential for higher dividends.
As at end-23, YZJ had Rmb16.6b in cash (+54% yoy) and total borrowings of Rmb5.6b (+22% yoy), resulting in a net cash position of nearly Rmb11b, or over S$2b.
After payout of its 2023 dividends amounting to around S$257m, this still leaves the company with over S$1.74b in cash, or S$0.44 per share in cash (ie 18% of current share price).
Without any onerous spending on the horizon, we believe that the company could pay out more dividends.
EARNINGS REVISION/RISK
• Upgrading earnings by 10-30%. We have raised our earnings expectations for YZJ by 10- 30% for the 2024-26E period due to a greater conviction that the company will be able to maintain its 20% shipbuilding margins in the medium to longer term.
Our shipbuilding margins have been raised by 1.0ppt to 19% for 2024E, and by 1.5ppt to 18.5% for 2025- 26E.
We have left our gross margin assumptions for the shipping business at 42% for 2024, declining to 35% for 2025-26E.
VALUATION/RECOMMENDATION
• We maintain BUY on the stock with a higher PE-based target price of S$2.86 as we roll forward our valuation year to 2025 coupled with the earnings changes outlined above.
https://www.nextinsight.net/images/stories/Community/Analysts/AdrianLoh_722.png Adrian Loh, analystWe use a target PE of 9.0x which is 2SD above the company’s five-year average of 6.0x and believe that this premium to its average PE multiple is justified given its earnings visibility that now extends into 2028 as well as its strong track record of safe and efficient shipbuilding for its international customer base.
At our new target price of S$2.86, we note that YZJ remains inexpensive relative to its regional peers, trading at 2025 P/B of 1.6x and generating an ROE of 20% while its Korean peers trade at 1.8x P/B with 9-14% ROE.
SHARE PRICE CATALYSTS
• Better capital management.
• New orders in higher-margin shipbuilding segments, eg dual-fuel containerships, oil and/or LPG tankers.
• Safe and efficient execution of orderbook and evidence that the company can maintain its high shipbuilding margins of around 20%.
Full report here. | 3 | 0 | Loading... |
04 NextInsight - Latest News (Main)
Orderbook is great, profit is great, stock price too. Hey, how about giving great dividends?
• From 50 cents at the start of 2021 to $2.48 recently.
That's a 5x jump in 4.5 years by the stock price of Yangzijiang Shipbuilding. Its nice uptrend correlated with Yangzijiang's profit streak amid a growing orderbook (chart below).
https://www.nextinsight.net/images/stories/Yangzijiang/uptrend_profit6.24.jpg
• The profit rise, in turn, arose from massive order wins in the past 3 years -- and it continues. That's why Yangzijiang's market cap is now nearing S$10 billion.
https://www.nextinsight.net/images/stories/Yangzijiang/ytd_order5.24.jpg Source: CGS International, NextInsight
The most recent update, in May 2024, from Yangzijiang is that its outstanding orderbook was a record US$16.1 billion.
• If there's one area Yangzijiang can do better, it's in the dividend payout. Last year, it was 6.5 Singapore cents/share, translating into a 34% payout ratio.
It's an improvement from prior years' 5.0 cents, 5.0 cents and 4.5 cents. The covering UOB KH analyst works out that the company can well afford a higher payout this year. Read more below ...
Excerpts from UOB KH report
Analyst: Adrian Loh
Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)
The Not-so-little S-chip That Could
YZJ’s strong share price performance this year reflects its stellar operational and new order win performance by riding the shipbuilding upcycle, in our view.
We have upgraded our earnings by 10-30% as well as our 2024 order win expectations from US$5b to US$7b despite the company maintaining its guidance of US$4.5b.
Maintain BUY with a higher target price of S$2.86 (previously S$2.19).
WHAT’S NEW
• Market giving due recognition to a solid business. Yangzijiang Shipbuilding’s (YZJ) strong share price performance since its 1Q24 business update on 28 Mar 24 reflects, in our view, the market recognising YZJ’s management which has driven its stellar operational and new order win performance in the past few years.
Yangzijiang
Share price:
$2.48
Target:
$2.86
YZJ’s ability to execute well was demonstrated by its delivery of 28 vessels or 44% of its target of 63 vessels this year, despite the long Lunar New Year holidays in February.
Ytd, the stock is the best performer on the STI, up 62.4% and handily beating the STI’s 2.8% gain.
• Order wins continue to be robust. With US$3.32b in new orders ytd, YZJ has achieved 74% of its 2024 target of US$4.5b vs our higher expectation of US$5.0b.
Despite this outperformance, we note that management has remained particularly conservative and stuck to its original target while we have decided to upgrade our 2024 order win expectation to an admittedly high target of US$7b.
Note that its previous annual high was US$7.41b in 2021.
For 1Q24, the company won orders for 38 vessels comprising 14 oil/chemical tankers, 12 containerships, eight gas carriers and four bulk carriers.
"After payout of its 2023 dividends amounting to around S$257m, the company has over S$1.74b in cash, or S$0.44 per share in cash (ie 18% of current share price). Without any onerous spending on the horizon, we believe that the company could pay out more dividends."
• New order flows – what’s exciting? It was evident that management would continue to focus on oil tankers given that this segment is on an upswing globally and thus owners appear to be willing to put in orders.
Additionally, the company believes that greener ships will be in greater demand (ie replacement of older vessels that have high emissions of sulfur, nitrous oxide and carbon dioxide) and it will be in a strong position to fill its yard slots with high-margin low-emission vessels that are dual-fueled with LNG.
• Steel costs unlikely to increase, in[...] | 3 | 0 | Loading... |
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08 Latest News
Elon Musk withdraws lawsuit against OpenAI | 3 | 0 | Loading... |
09 Latest News
Eindhoven city council votes in favor of ASML development plan | 4 | 0 | Loading... |
10 Latest News
Oracle reports jump in quarterly cloud revenue | 5 | 0 | Loading... |
11 CNBC Television (Youtube)
National Amusements fail to reach agreement with Skydance on Paramount deal, sources say
CNBC's David Faber reports the latest news on Paramount and Skydance Media. | 5 | 0 | Loading... |
12 Latest News
Oracle misses quarterly revenue estimates | 7 | 0 | Loading... |
13 Latest News
Exclusive-MediaTek designs Arm-based chip for Microsoft's AI laptops, say sources | 8 | 0 | Loading... |
14 CNBC Television (Youtube)
President Biden addresses gun safety
President Joe Biden discusses gun safety and his administration's steps to reduce gun violence — hours after his son, Hunter Biden, was found guilty on gun-related charges by a federal jury in Delaware.
Hunter Biden was found guilty of making a false statement in connection with the sale of a firearm, a false statement in a firearms transaction, and possessing a firearm while being a drug user or drug addict. | 8 | 0 | Loading... |
15 CNBC Television (Youtube)
Morgan Stanley's Erik Woodring on Apple WWDC: Slightly exceeded expectations
Erik Woodring, Morgan Stanley equity research executive director, joins 'Closing Bell' to discuss Apple's WWDC, the outlook for the company's stock, its partnership with OpenAI, and more. | 6 | 0 | Loading... |
16 CNBC Television (Youtube)
Watch CNBC's full interview with SoFi's Liz Young Thomas
Liz Young Thomas, SoFi head of investment strategy, joins ‘Closing Bell’ to discuss markets, the Fed's decision, the economy, and more. | 2 | 0 | Loading... |
17 CNBC Television (Youtube)
Bitcoin drops to $67,000 level as crypto investors await Fed’s decision on rates: CNBC Crypto World
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Elliot Chun with Architect Partners, an M&A and financing advisor for crypto companies, discusses the ‘rapidly increasing pace’ of crypto M&A activity.
Chapters:
00:00 - CNBC Crypto World, June 11, 2024
0:24 - Bitcoin drops
1:01 - The headlines
4:03 - Elliot Chun of Architect Partners
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Bitcoin drops to $67,000 level as crypto investors await Fed’s decision on rates: CNBC Crypto World | 3 | 0 | Loading... |
18 CNBC Television (Youtube)
Three-Stock Lunch: Goldman Sachs, General Motors & VF Corporation
David Trainer, New Constructs CEO, joins 'Power Lunch' to discuss investment plays for three stocks, including Goldman Sachs, General Motors, and VF Corporation. | 4 | 0 | Loading... |
19 Latest News
US Fed likely to remain on pause and pare back rate cut expectations | 8 | 0 | Loading... |
20 CNBC Television (Youtube)
Brown Brother Harriman's Scott Clemons: Anticipate a 25 basis point cut at December meeting
Scott Clemons, Brown Brothers Harriman CIO, joins 'Power Lunch' to his expectation from the Fed. | 11 | 0 | Loading... |
21 CNBC Television (Youtube)
Muni bond inflows on the rise
Dan Close, head of municipals at Nuveen, joins CNBC's 'The Exchange' to discuss outlooks for municipal bonds, how position in the current rate environment, and more. | 11 | 0 | Loading... |
22 CNBC Television (Youtube)
Apple stock soars after AI reveal
CNBC’s Steve Kovach joins 'Power Lunch' to discuss Apple's newest developments with AI. | 11 | 0 | Loading... |
23 CNBC Television (Youtube)
Demand for 'super prime' commercial real estate is surging, says SHVO's Michael Shvo
Michael Shvo, CEO and chairman of SHVO, joins CNBC's 'The Exchange' to discuss the reopening of San Francisco's Transamerica Tower, outlooks on commercial real estate, and regional bank concerns. | 13 | 0 | Loading... |
24 CNBC Television (Youtube)
Elon Musk isn't wrong about Apple AI privacy concerns, says Binary Defense's David Kennedy
David Kennedy, co-founder and chief hacking officer at Binary Defense, joins CNBC's 'The Exchange' to discuss Apple's AI announcement, privacy concerns, and more. | 15 | 0 | Loading... |
25 CNBC Television (Youtube)
Data points toward an economic slowdown, says Roth Capital's Michael Darda.
Michael Darda, chief economist and macro strategist at Roth Capital Partners, and CNBC's Steve Liesman join 'The Exchange' to discuss possible outcomes for Fed rate policy, justification for cuts, and more. | 16 | 0 | Loading... |
26 CNBC Television (Youtube)
Apple will be the beneficiary of the upgrade cycle, says Matrix Assets Advisors' David Katz
David Katz, chief investment officer at Matrix Asset Advisors, joins CNBC's 'The Exchange' to discuss stocks to keep an eye on, outlooks on Apple following the WWDC event, and more. | 17 | 0 | Loading... |
27 Latest News
Four more states join US monopoly lawsuit against Apple | 23 | 0 | Loading... |
28 CNBC Television (Youtube)
Final Trades: Apple, Uber, Meta and the IDU
The Investment Committee shares their top stocks to watch for the second half. | 30 | 0 | Loading... |
29 Latest News
Four more US states join Justice Department's smartphone markets monopoly lawsuit against Apple | 27 | 0 | Loading... |
30 CNBC Television (Youtube)
Smart money is buying software, says Altimeter CEO Brad Gerstner
Brad Gerstner, founder of Altimeter Capital, joins CNBC's Halftime Report to discuss the software sector. | 26 | 0 | Loading... |
31 Latest News
Cigna's medical use trends in line with projections for 2023, 2024 -GS conference | 31 | 0 | Loading... |
32 CNBC Television (Youtube)
Squawk Pod: Apple’s ai entrance & what eu politics mean for the US - 06/11/24 | Audio Only
Apple has entered the AI arms race. WSJ personal tech columnist Joanna Stern discusses the OpenAI-Siri integration, Genmoji, privacy, and Elon Musk’s reaction to Apple’s announcements at the company’s Worldwide Developers Conference. In the wake of EU elections and a shift to the political right across the bloc, Council on Foreign Relations president emeritus Richard Haass considers implications for US politics. He says it’s a tough time for incumbents, and it’s an uncertain world for whoever wins in the upcoming election. Plus, former media executive Edgar Bronfman is reportedly considering a bid for Paramount’s parent company, CNBC’s Emily Wilkins reports on the bipartisan support to crack down on hotel junk fees, and an FDA advisory panel has endorsed Eli Lilly’s Alzheimer’s drug.
In this episode:
Joanna Stern, @JoannaStern
Emily Wilkins, @emrwilkins
Joe Kernen, @JoeSquawk
Becky Quick, @BeckyQuick
Andrew Ross Sorkin, @andrewrsorkin
Katie Kramer, @Kramer_Katie
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33 CNBC Television (Youtube)
Altimeter CEO Brad Gerstner shares his outlook on Alphabet and Amazon
Brad Gerstner, founder of Altimeter Capital, joins CNBC's Halftime Report to discuss Alphabet and Amazon. | 21 | 0 | Loading... |
34 SGX (Singapore Stock Exchange) News
Bharti Airtel converts $49.87 mn worth of foreign debt bonds into equity
… of FCCBs listed on the Singapore Exchange Limited stands reduced to $80 … | 28 | 0 | Loading... |
35 SGX (Singapore Stock Exchange) News
Latest News | Bharti Airtel Converts USD 49.87 Mn Foreign Debt Bond into Equity
… of FCCBs listed on the Singapore Exchange Limited stands reduced to USD … | 35 | 0 | Loading... |
36 SGX (Singapore Stock Exchange) News
Do You Have News to Share? Get It Published.
With EIN Presswire press release distribution services you will reach decision makers and journalists plus get valuable SEO benefits. | 34 | 0 | Loading... |
37 CNBC Television (Youtube)
Altimeter Capital CEO Brad Gerstner buys Apple
Brad Gerstner, Founder of Altimeter Capital, joins CNBC's Halftime Report to detail his latest Apple buy, as well as the future of AI, Nvidia and more. | 38 | 0 | Loading... |
38 Latest News
Apple rallies as new AI features promise sales boost | 36 | 0 | Loading... |
39 CNBC Television (Youtube)
LIVE: White House press secretary Karine Jean-Pierre holds a briefing with reporters — 6/11/2024
White House press secretary Karine Jean-Pierre holds a briefing with reporters on Tuesday.
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LIVE: White House press secretary Karine Jean-Pierre holds a briefing with reporters — 6/11/2024 | 41 | 0 | Loading... |
40 Just uploaded to YouTube: Does the Fed talk too much? by CNBC
https://www.youtube.com/watch?v=W7pJHSV5Bp4 | 38 | 0 | Loading... |
Debt-laden French tech group Atos said on Tuesday it has entered exclusive negotiations for selling its Worldgrid unit for an enterprise value of 270 million euros ($289.93 million) to engineering consulting group Alten.($1 = 0.9313 euros)
:Apple shares surged over 7 per cent to a record high on Tuesday, nearly regaining from Microsoft its crown as the world's most valuable company a day after it unveiled new AI features meant to rekindle demand for iPhones.Tuesday's rally came as Apple trails the S&P 500 in 2024 due to waning iPhone sales and
Billionaire entrepreneur Elon Musk on Tuesday moved to dismiss his lawsuit in California state court accusing ChatGPT maker OpenAI and its CEO Sam Altman of abandoning the startup's original mission of developing artificial intelligence for the benefit of humanity and not for profit. (Reporting bu
AMSTERDAM : The city council of Eindhoven, Netherlands, on Tuesday voted in favor of an initial agreement with computer chip equipment maker ASML to start planning a major expansion in the city's north.In a 34-6 vote, the council said they would support a plan unveiled by ASML and the city government in A
:Oracle posted a jump in cloud revenue for the fourth quarter on Tuesday, signaling upbeat demand for its cloud services as clients ramp up spending, sending its shares up 9 per cent in extended trading.The company's cloud revenue came in at $5.3 billion, up 20 per cent from a year ago.But its total re