JES

JES: +13.9% to S$0.205 after reporting that FY11 net profit surged 208.4% yoy to Rmb202.9m, partly retracing March 1's 13.6% drop after the co requested more time to release results; it remains below Feb. 29's $0.22 close. JES requested the extension to consider the adequacy of provisions for damages for certain vessels' potential delayed delivery amid the current shipbuilding environment; the 4Q11 provision came in at Rmb36.7m vs none yoy.

JES attributes FY11's improved performance to its new yard coming on-stream, allowing it to introduce more efficient production technology, increase capacity, improve ship designs and potentially win orders with higher contract prices and margins; its FY11 gross profit margin rose to 11.8% from FY10's 7.7%. With the provision concerns at least partially eased, JES may have more room to rise; it trades at 4.62X P/E and 0.55X P/B, vs SGX peers' average 9.68X and 1.66X respectively. The Feb. 29 close may offer a near-term cap.