Yangzijiang: order book update - unveils 28 orders worth US$915m from 1 Jul to date. Contracts comprise 8x 2500 TEU container vessels, 4x 34k dwt bulk, 6x 47.5k dwt bulk, 8x 70k dwt bulk, and 2x 92.5k dwt bulk carriers. Deliveries due 2011-13. Initial deposits received for 5 contracts worth US$127m, while 15 contract worth US$489 still pending receipt of deposits to be effective. Remaining 8 contracts worth US$298 are options...
Ytd new orders total US$1.35bn, exceeding initial Street forecasts of US$0.8-1bn for the entire FY10. This may lead to a wave of order book/ target price upgrades on YZJ. Deutsche leads Street, raises target to $1.90 from $1.80.
Last close at $1.55, just shy of 52-wk high of $1.57. Watch for possible breakout.
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