Broker: DBS
Date of Report: 17 April 2026
Ticker: 8YZ_SP_Equity

Excerpt from DBS report.

Report Summary

• Action: Reiterate BUY
• Target Price: SGD 0.88
• Key Idea: Yangzijiang Maritime (YZJM) is accelerating capital deployment with the investment in 8 VLCC newbuild projects, and the sale of 4 MR tankers (delivery and recognition in 2027/28). This expands its newbuild pipeline to about 50 vessels, mostly tankers, improving earnings visibility and capital recycling.
• Highlights:
  • VLCC newbuilds (c.319,000 DWT each) to be delivered 2028–2030, funded by a mix of equity and debt (up to 60%).
  • Sale of 4 MR tankers under construction could generate over USD 30mn in gains (recognized 2027–28), representing more than 10% of annual bottomline.
  • Deals are expected to support double-digit growth, offer a ~3% dividend yield, and raise ROE as cash is deployed into higher-return maritime investments.
  • Target Price based on 1.4x P/B.

above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com/insightsdirect