Broker Name: CGS International Securities
Date of Report: May 20, 2026
Excerpt from CGS International Securities report
Report Summary
- Stock Focus: Yangzijiang Shipbuilding (YZJSGD SP)
- Action: Add (Buy)
- Target Price: S\$4.95
- Current Price: S\$3.94
- Up/downside: 25.6%
- Main Idea: Yangzijiang Shipbuilding maintains a strong order target of US\$4.5bn for FY26 despite cyclical headwinds, focusing on oil and chemical tankers. Oil tankers contributed 15% of year-to-date order wins. Margins may face pressure due to cycle and RMB appreciation, but cost base is insulated from geopolitical risks. FY26 gross margin forecast is 34%.
- Key Catalysts: Potential large orders from Seaspan, ramp-up of Hongyuan yard capacity, extension of tanker cycle.
- Risks: Weaker RMB, order cancellations (none so far).
- Dividend Yield: 5.8%
- Ticker: YZJSGD SP
above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website : https://www.cgs-cimb.com/
