YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.

Financials Yangzijiang Shipbuilding (Holdings) Ltd.

Equities

BS6

SG1U76934819

Shipbuilding

Market Closed - Singapore S.E. Other stock markets 05:04:37 2024-07-12 am EDT			5-day change	1st Jan Change
2.26 ^SGD	-0.88%		-6.22%	+51.68%

Jul. 03	JP Morgan Adjusts Yangzijiang Shipbuilding's Price Target to SG$2.80 From SG$2.50, Keeps at Overweight	MT
May. 30	CGS International Adjusts Yangzijiang Shipbuilding Holdings’ Price Target to SG$2.35 From SG$1.96, Keeps at Add	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	22,704	18,177	24,756	27,659	31,671	48,284	-	-
Enterprise Value (EV) ¹	17,537	15,788	16,849	21,448	20,705	36,505	34,378	33,624
P/E ratio	7.34 x	7.33 x	6.59 x	9.83 x	7.72 x	9.9 x	8.83 x	8.31 x
Yield	3.85%	4.67%	3.7%	3.67%	4.34%	3.69%	4.22%	4.52%
Capitalization / Revenue	0.96 x	1.22 x	1.48 x	1.34 x	1.31 x	1.72 x	1.51 x	1.37 x
EV / Revenue	0.74 x	1.06 x	1 x	1.04 x	0.86 x	1.3 x	1.07 x	0.95 x
EV / EBITDA	4.03 x	3.95 x	3.96 x	6.32 x	3.73 x	6.03 x	5.05 x	4.67 x
EV / FCF	4.3 x	-17.5 x	3.08 x	5.75 x	2.88 x	15 x	8.41 x	6.71 x
FCF Yield	23.3%	-5.7%	32.5%	17.4%	34.7%	6.68%	11.9%	14.9%
Price to Book	0.73 x	0.56 x	0.69 x	1.57 x	1.51 x	1.96 x	1.71 x	1.48 x
Nbr of stocks (in thousands)	3,918,765	3,852,516	3,923,415	3,950,589	3,950,589	3,950,589	-	-
Reference price ²	5.794	4.718	6.310	7.001	8.017	12.22	12.22	12.22
Announcement Date	2/27/20	2/25/21	2/27/22	2/22/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,597	14,841	16,768	20,705	24,112	27,998	32,066	35,245
EBITDA ¹	4,349	3,998	4,250	3,395	5,558	6,056	6,802	7,202
EBIT ¹	3,872	3,482	3,775	2,942	5,062	5,597	6,331	6,738
Operating Margin	16.41%	23.46%	22.51%	14.21%	20.99%	19.99%	19.74%	19.12%
Earnings before Tax (EBT) ¹	4,186	3,290	4,882	3,302	5,131	6,168	6,912	7,319
Net income ¹	3,105	2,516	3,699	2,807	4,102	4,870	5,460	5,799
Net margin	13.16%	16.96%	22.06%	13.56%	17.01%	17.39%	17.03%	16.45%
EPS ²	0.7888	0.6439	0.9579	0.7125	1.038	1.234	1.384	1.470
Free Cash Flow ¹	4,080	-899.6	5,474	3,728	7,183	2,438	4,086	5,011
FCF margin	17.29%	-6.06%	32.64%	18%	29.79%	8.71%	12.74%	14.22%
FCF Conversion (EBITDA)	93.8%	-	128.79%	109.8%	129.25%	40.26%	60.07%	69.57%
FCF Conversion (Net income)	131.39%	-	147.99%	132.77%	175.13%	50.06%	74.83%	86.4%
Dividend per Share ²	0.2229	0.2203	0.2333	0.2573	0.3483	0.4507	0.5154	0.5524
Announcement Date	2/27/20	2/25/21	2/27/22	2/22/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2023 S1
Net sales	-	-	11,321
EBITDA	-	-	-
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income	-	-	1,726
Net margin	-	-	15.25%
EPS ¹	0.2700	0.2700	0.4369
Dividend per Share	-	-	-
Announcement Date	8/7/22	2/27/22	8/3/23

¹CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5,167	2,389	7,907	6,211	10,966	11,778	13,906	14,659
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,080	-900	5,474	3,728	7,183	2,438	4,086	5,011
ROE (net income / shareholders' equity)	9.99%	7.93%	10.8%	10.5%	21.3%	21.4%	20.7%	19%
ROA (Net income/ Total Assets)	6.85%	5.55%	7.66%	6.64%	11.1%	11%	11.2%	10.6%
Assets ¹	45,334	45,333	48,262	42,290	36,916	44,342	48,950	54,646
Book Value Per Share ²	7.940	8.400	9.160	4.450	5.300	6.240	7.160	8.230
Cash Flow per Share ²	1.170	-0.1600	1.590	1.180	2.020	1.170	1.390	1.460
Capex ¹	529	288	669	905	790	804	1,183	1,045
Capex / Sales	2.24%	1.94%	3.99%	4.37%	3.28%	2.87%	3.69%	2.96%
Announcement Date	2/27/20	2/25/21	2/27/22	2/22/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Yangzijiang Shipbuilding (Holdings) Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.22 CNY

Average target price

13.6 CNY

Spread / Average Target

+11.29%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Shipbuilding

	1st Jan change	Capi.
YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.	+51.68%	6.66B
CHINA CSSC HOLDINGS LIMITED	+41.81%	25.76B
CHINA SHIPBUILDING INDUSTRY COMPANY LIMITED	+25.67%	16.32B
COCHIN SHIPYARD LIMITED	+317.85%	8.91B
HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.	+37.06%	8.53B
HANWHA OCEAN CO., LTD.	+19.12%	6.67B
SAMSUNG HEAVY INDUSTRIES CO., LTD.	+27.74%	6.15B
CSSC OFFSHORE & MARINE ENGINEERING (GROUP) COMPANY LIMITED	+70.63%	4.62B
HD HYUNDAI MIPO CO.,LTD.	+17.79%	2.9B
NAMURA SHIPBUILDING CO., LTD.	+78.75%	994M

Other Shipbuilding