This is mainly due to an improvement in productivity from the new yard and higher profit recognition from three high margin vessels delivered in 2Q09.
Eleven vessels were delivered in the quarter as compared to six in 2Q08.
Orderbook stands US$6.1b comprising of 139 vessels or 2.54m CGT (66 containerships, 73 dry bulk carriers)
Excluding restricted cash of Rmb3.2b, YZJ has a net cash of Rmb4.8b.
Till date, YZJ has not received any order cancellation of vessels.
Eighteen vessels will be rescheduled by five to 24 months after the Group has received 40% prepayment in cash.
A total rebate of US$38m was provided for eight high margin vessels (GP margin >30%) in which the amount accounts for 5% of vessel costs.
Out of the eight high margin vessels, three have been delivered in 2Q09. The rest will be delivered by 2010.
In view of the numerous enquiries on multi-purpose cargo vessels from customers, YZJ has begun construction on two 92,500 dwt vessels.
The new shipyard is currently operating at 50% capacity utilization rate while the old yard is at full capacity.
YZJ plans to deliver 40 vessels in 2009, 45 in 2010 and 45 in 2011.
Based on consensus forecasts, YZJ is trading at 10.2x 2010 PE (9.5x 2009 PE) and 2.3x 2010 PB (2.8x 2009 PB).
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