Broker Name: CGS International
Date of Report: September 29, 2025
Excerpt from CGS International report.
Report Summary
- Yangzijiang Shipbuilding (YZJSB) secured US\$440m in new contracts for eight vessels, bringing its year-to-date (YTD) order wins to US\$1.9bn and its order book to approximately US\$25bn. However, it terminated contracts for four oil tankers worth US\$180m due to concerns over US sanctions circumvention by the buyer. No revenue or profit had been recognized for the cancelled contracts, and the company collected 20% in deposits.
- The company’s share price may see short-term weakness from cancellation news, yet fundamentals remain strong with a robust order book and potential for margin expansion. The stock trades at a significant discount to Chinese and Korean peers, and the broker maintains an “Add” rating with a target price of S\$3.90, citing order wins as a key catalyst and order cancellations or steel price fluctuations as key risks.
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com
