YangZiJiang: UOB KayHian starts at Buy with $2.37 TP, based on 15X 2012 P/E. Note that China-based shipbuilder 1 of few yards spared order cancellations during global financial crisis, thanks to its good order execution…..
Expect orders to soar as container shipping market recovers. Highlight if freight rates in the end-yr lull season are beyond market expectations, we could see a consistent flow of new containership orders in which grp will be a beneficiary. Expect new orders worth US$1.6b for FY11 & US$1.72b for FY12 vs US$979m so far this year.
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