Yangzijiang

Yangzijiang: Deutsche maintains its Buy rating, lifts TP to $1.48 from $1.30. The house visited YZJ’s main yards in China during the 10,000 TEU launch and is confident that YZJ should benefit from the impending industry consolidation. Deutsche highlights YZJ’s busy facilities contrasting with smaller Chinese shipyards which are running out of jobs. Regarding 10,000 TEU containership units, the house is confident Seaspan will exercise its options hence projecting an increase of net earnings of 5-7%.