[Dow Jones] Yangzijiang Shipbuilding (BS6.SG) is up 3.4% at S$1.355 after the company said in a filing late Monday that year-to-date, it has secured US$206.2 million in contracts to build seven vessels. YZJ said the vessels are scheduled for delivery in 2013-2015 and won’t impact this year’s earnings. By way of comparison, YZJ landed US$512.3 million in contracts in 1Q11, OCBC says in a note. “Amidst the challenging external environment, YZJ’s shipyards will be busy for the whole of this year and the group is now securing orders for 2013 and beyond,” the house says. It adds, while the stock is up around 44% year-to-date, it still expects further upside. It keeps a Buy call with a S$1.60 fair value on the stock. The stock’s intraday high at S$1.375, its highest since early August, may offer initial cap and its S$1.48 August peak may be near-term resistance.
- Leslie Shaffer, Dow Jones & Company