According to Llyod’s, YZJ has recently bagged a US$100m contract to build 4 34k dwt bulk carriers for a Greek owner. If confirmed, this unannounced contract will raise total new orders secured this year to US$296m. Most of the new orders have been won by the larger yards with the financial clout to secure financing and the execution ability to deliver on time. YZJ has been drawing some interest of late and remains one of the cheapest shipbuilding stocks in China.
DB has a price target of $1.75 with forward P/Es of 9.2x and 8.8x for FY10 and FY11 respectively.
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