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Yangzijiang Shipbuilding downgraded to ‘hold’ by OCBC; fair value at $1.24

The Editor Published on Thu, Sep 25, 2014 / 12:01 PM GMT+8

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SINGAPORE (Sep 25): OCBC Investment Research has downgraded China shipbuilder Yangzijiang to a “hold” in an update report on Sept 24.

OCBC says Yangzijiang remains exposed to risks from its financing business while its share price has appreciated.

Having weathered the recent shipbuilding slowdown well, Yangzijiang has amassed a cash pile of RMB7.6 billion ($1.6 billion), in addition to its held-to-maturity (HTM) assets of RMB13 billion as at 2Q14. But the group also has borrowings of about RMB11.4 billion and a significant portion of Yangzijiang’s held-to-maturity assets are entrusted loans.

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Yangzijiang Shipbuilding downgraded to ‘hold’ by OCBC; fair value at $1.24