JES

JES: Company issued a profit warning for 4Q12, and the full year of 2012. The Group has made prudent charges and provision for liquidated and ascertained damages over late delivery of some vessels and reduced contract prices for certain vessels due to the weak climate in the industry. Company's CEO has also been paring down his stakes with the Company recently of 39m shares translating to 3.3% of shares out. Add that with the 34.6m shares sold in early Jan, this translates to a combined 6.3% stake within a period of one month. Valuation wise, JES trades at 0.67x P/B, below its larger peers Yangzijiang and Cosco at 1.3x and 1.7x respectively.