Yangzijiang Shipbuilding

Yangzijiang Shipbuilding (BS6.SG) opens up 2.0% at S$1.26 after the company says it expects "not less than" 30% growth in 1H net profit; its comments are in response to recent fluctuations in its share price, and "many inquiries in relation to the group''s operational measures from the investment community." Yangzijiang adds that it''s on schedule to meet its target of delivering 65 vessels in 2011 vs 50 last year, and it has no immediate plans for a convertible bond issue. Yangzijiang shares have fallen 15% since July 8 and closed down 5.7% at S$1.235 on Monday, in part hurt by worries over its large exposure to European customers. However, the company seeks to address those concerns and says it "has witnessed a diversification of its customers'' portfolio away from European based customers. Meanwhile, the existing European based customers are long-term customers that had withstood the (Global Financial Crisis) with strong financial standing and payment track record." Yangzijiang announces its earnings Aug. 11.