Yangzijiang

Yangzijiang: UOB Kay Hian maintains Buy with $1.32 TP. HOuse visited YZJ’s New Yangzi and Xinfu yards and attended the launch ceremony of YZJ’s first 10,000TEU containership and believe it is a milestone for YZJ who has the potential to build larger containerships and compete with leading Korean yards. Its 2013 order target of US$2.5b is well achievable and the recent pick-up in newbuild prices is positive for YZJ.