YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.

Financials Yangzijiang Shipbuilding (Holdings) Ltd.

Equities

BS6

SG1U76934819

Shipbuilding

Market Closed - Singapore S.E. Other stock markets 05:14:05 2024-04-26 am EDT			5-day change	1st Jan Change
1.74 ^SGD	-0.57%		0.00%	+16.78%

Apr. 25	Yangzijiang Shipbuilding Ltd. Announces New Composition of the Board and Board Committees	CI
Apr. 25	Yangzijiang Shipbuilding Ltd. Announces Re-Designation of Yee Kee Shian, Leon as Independent Non-Executive Director to Lead Independent Non-Executive Director	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	22,704	18,177	24,756	27,659	31,671	36,554	-	-
Enterprise Value (EV) ¹	17,537	15,788	16,849	21,448	31,671	25,262	24,041	28,242
P/E ratio	7.34 x	7.33 x	6.59 x	9.83 x	7.72 x	7.5 x	7.28 x	6.56 x
Yield	3.85%	4.67%	3.7%	3.67%	-	4.56%	4.58%	5.38%
Capitalization / Revenue	0.96 x	1.22 x	1.48 x	1.34 x	1.31 x	1.36 x	1.25 x	1.14 x
EV / Revenue	0.74 x	1.06 x	1 x	1.04 x	1.31 x	0.94 x	0.82 x	0.88 x
EV / EBITDA	4.03 x	3.95 x	3.96 x	6.32 x	5.7 x	4.2 x	3.83 x	4.07 x
EV / FCF	4.3 x	-17.5 x	3.08 x	5.75 x	-	17.1 x	6.9 x	1,345 x
FCF Yield	23.3%	-5.7%	32.5%	17.4%	-	5.83%	14.5%	0.07%
Price to Book	0.73 x	0.56 x	0.69 x	1.57 x	-	1.49 x	1.33 x	1.14 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	9.253	9.253	9.253
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	26,950	29,156	32,160
EBITDA ¹	4,349	3,998	4,250	3,395	5,558	6,009	6,276	6,944
EBIT ¹	3,872	3,482	3,775	2,942	5,062	5,530	5,757	6,416
Operating Margin	16.41%	23.46%	22.51%	14.21%	20.99%	20.52%	19.74%	19.95%
Earnings before Tax (EBT) ¹	4,186	3,290	4,882	3,302	5,131	6,155	6,349	7,020
Net income ¹	3,105	2,516	3,699	2,807	4,102	4,865	5,010	5,556
Net margin	13.16%	16.96%	22.06%	13.56%	17.01%	18.05%	17.18%	17.28%
EPS ²	0.7888	0.6439	0.9579	0.7125	1.038	1.234	1.270	1.410
Free Cash Flow ¹	4,080	-899.6	5,474	3,728	-	1,474	3,482	21
FCF margin	17.29%	-6.06%	32.64%	18%	-	5.47%	11.94%	0.07%
FCF Conversion (EBITDA)	93.8%	-	128.79%	109.8%	-	24.52%	55.48%	0.3%
FCF Conversion (Net income)	131.39%	-	147.99%	132.77%	-	30.29%	69.5%	0.38%
Dividend per Share ²	0.2229	0.2203	0.2333	0.2573	-	0.4218	0.4240	0.4975
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	-	11,292	12,514	8,312
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,080	-900	5,474	3,728	-	1,474	3,482	21
ROE (net income / shareholders' equity)	9.99%	7.93%	10.8%	10.5%	-	21.4%	19.4%	17.8%
ROA (Net income/ Total Assets)	6.85%	5.55%	7.66%	6.64%	-	11.3%	11.2%	11%
Assets ¹	45,334	45,333	48,262	42,290	-	42,899	44,867	50,357
Book Value Per Share ²	7.940	8.400	9.160	4.450	-	6.210	6.940	8.140
Cash Flow per Share ²	1.170	-0.1600	1.590	1.180	-	1.350	1.280	-
Capex ¹	529	288	669	905	-	802	819	728
Capex / Sales	2.24%	1.94%	3.99%	4.37%	-	2.97%	2.81%	2.26%
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

9.253 CNY

Average target price

10.97 CNY

Spread / Average Target

+18.56%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Shipbuilding

	1st Jan change	Capi.
YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.	+16.78%	5.04B
CHINA CSSC HOLDINGS LIMITED	+27.17%	23.11B
CHINA SHIPBUILDING INDUSTRY COMPANY LIMITED	+19.61%	15.54B
HANWHA OCEAN CO., LTD.	+29.48%	7.23B
HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.	+6.70%	6.63B
SAMSUNG HEAVY INDUSTRIES CO., LTD.	+27.10%	6.11B
SEATRIUM LIMITED	-24.58%	4.46B
COCHIN SHIPYARD LIMITED	+99.72%	4.27B
CSSC OFFSHORE & MARINE ENGINEERING (GROUP) COMPANY LIMITED	+4.41%	3.72B
HD HYUNDAI MIPO CO.,LTD.	-13.43%	2.13B

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