YangZiJiang: CS maintains O/P with $2.40 TP. Note that strategic initiatives taken to develop its core shipbuilding business have been overlooked by investors due to concerns about its financial investments. Grp is confident of maintaining earnings growth in its shipbuilding business despite lower margins from new orders….
Add that Mgt has assured investors that risks to the held-to-maturity financial products are low and will be looking for JV partners with strong track record in real estate to develop its old yard when the lease ends. House believe the stock will be rerated as containership orders accelerate and concerns about its financial investments fade.
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