YangziJiang

YangziJiang: CIMB maintains O/p and $2.05 TP. Note that Yangzijiang has acquired a 54.5% equity interest in Runzhou Heavy and its subsidiary Jiangsu New Yangzi Gas, with a total investment at US$6.5m, equivalent to 54.5% of RHICO’s registered paid in capital of US$12m. Investment expected to reduce grp’s dependency on steel structure, paint surface preparation of steel and coating related business and reduce business costs and secure long term stable supply of gas.