Tan and Lim see comfortable room for higher dividend, and estimate the dividend payout of Yangzijiang’s historical shipbuilding to be in the range of 23%-35% or 1.65 cents-2.63 cents.
CGS-CIMB Research analysts Lim Siew Khee and Izabella Tan have kept an “add” rating on Yangzijiang Shipbuilding with a lowered target price of $1.63 from $2.41.
To the analysts, Yangzijiang’s strength now lies on its strong shipbuilding execution, attractive valuations of 6x CY2023 P/E, and potential higher dividend payout.
