YangZiJiang

Yang ZiJiang: IIFL initiate coverage with Add Call, and $1.63 TP. Note that grp is one of the most efficient shipbuilders in China, among the pioneers to break the dominance of Korean yards in large containership building. With a huge cash position to cushion a possible down-cycle and a net outstanding order book of US$6b, expect 9% core earnings CAGR over FY11-13. House values Co on 9x FY12 P/E plus residual cash.