Broker: DBS Group Research
Date of Report: 28 April 2026
Ticker: 8YZ SP

Excerpt from DBS Group Research report.

Report Summary

• Stock: Yangzijiang Maritime (8YZ SP)
• Action: BUY (Reiterate)
• Target Price (TP): SGD 0.88 (12-month)
• Current Price (as of 27/04/2026): SGD 0.66
• Key Idea: YZJ Maritime secured contracts for 10 new eco-compliant tankers and bulk carriers, expanding its fleet to 105 vessels (53 newbuilds under construction). This move strengthens earnings visibility and offers flexibility for value-unlocking via chartering, leasing, or pre-delivery resale.
• Financial Implications: Estimated newbuild value of ~USD550mn, with manageable net gearing (0.1–0.2x). Potential earnings accretion of USD20–30mn p.a. from charter income/divestment gains for the new vessels.
• Actionable Insight: Stock offers a ~3% dividend yield and remains a BUY, with pre-delivery asset sales highlighted as a key re-rating catalyst to watch.

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