Saturday, June 17, 2023

YZJ Ship Building (BS6)



We produce a broad range of commercial vessels such as containerships, bulk carriers and LNG vessels, our shipbuilding bases are strategically located along the Yangtze River: Jiangsu New Yangzi Shipbuilding Co., Ltd (“New Yangzi Yard”) Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd (“Xinfu Yard”) Jiangsu Yangzi Changbo Shipbuilding Co., Ltd (“Changbo Yard”) Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. (“YAMIC Yard”

The Financial Highlights:

On behalf of the Board of Directors, I am pleased to present to you the annual report of Yangzijiang Shipbuilding (Holdings) Ltd. ("Yangzijiang" or together with its subsidiaries, the "Group") for the financial year ended 31 December 2022 ("FY2022"). MILESTONE YEAR In FY2022, we managed to achieve year-on-year ("yoy") revenue growth of 37% to RMB20.71 billion on the back of a record-high number of vessel deliveries to our customers. In addition, we made progress regarding our venture into green vessels with our technology collaboration with liquified natural gas ("LNG") membrane containment specialist, Gaztranport & Technigaz ("GTT"). Shortly after, we clinched our maiden contract for the construction of large-scale LNG vessels. The breakthrough into clean energy vessels, as well as higher dual-fuel vessel demand, drove our order wins in 2022. 

As such, we ended the year with a historic-high orderbook of US$10.5 billion. INVESTMENT SEGMENT SPIN-OFF On the corporate side, Yangzijiang completed the spinoff of its investment segment, Yangzijiang Financial Holding ("YZJFH"), which was listed on the mainboard of the Singapore Exchange Securities Trading Limited ("SGX-ST") on 28 April 2022. Following that, we repositioned ourselves as a pure-play shipbuilding company with greater flexibility to grow and capitalise on the current state of play in the shipbuilding industry. Since the corporate exercise, we managed to unlock the values of both the existing entity and the new investment business entity as we saw an overall improvement in shareholders' value. 

REWARDING OUR SHAREHOLDERS On the back of our commendable financial performance, the Group continued our consistent trend of paying out dividends to our shareholders. For FY2022, we proposed a dividend per share of S$0.05, which will translate to a 36% payout ratio. This was significantly higher than the 25% payout ratio for FY2021. The strong dividend payout is a testament to our commitment to rewarding our shareholders for their loyalty and support all these years. On top of that, we also paid out dividend in specie in the form of YZJFH shares during the year, which approximately amounted to RMB20 billion in total.

Chart wise, Bullish mode!

Likely to continue to trend higher!

I think she is hovering at the resistance level of 1.30.

A nice crossing over smoothly plus good volume we may likely see her reversing up to test 1.37 then 1.45.

Not a call to buy or sell!

Please dyodd.

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