YZJ: CIMB maintains Outperform with TP$2.69. Letter of intent signed with Seaspan in shipbuilding newswires were for 22 units of 10k TEU containerships vs expected 10 units. Each vessel is est to cost US$95-98m due in 2013-14, potentially over US$2b worth...
No formal announcements by YZJ made yet possibly due to deposits not paid yet. House believes fear of sharp rise in steel prices have been priced in and sees current opportunity to buy. YZJ has secured US$147m worth of new orders YTD with orderbook at US$5.3b.
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