Broker Name: CGS International
Date of Report: March 11, 2026
Excerpt from CGS International report.
Report Summary:

• Yangzijiang Shipbuilding (YZJSB) announced it will acquire a 10% stake in Poseidon Acquisition Corp., the holding company of its key customer Seaspan, for US\$825.7m, fully funded by internal cash. The deal is expected to be mildly accretive to earnings (around 6% to FY25 EPS) and supports YZJSB’s vertical integration and production strategy.
• YZJSB maintains a strong net cash position post-acquisition, with no expected risk to its dividend policy. The company remains attractive for earnings growth, backed by a robust US\$22.4bn orderbook and reasonable valuation compared to global peers. The broker maintains an “Add” rating with a target price of S\$4.95, implying over 22% upside.

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