Yangzijiang Shipbuilding's Earnings Likely to Benefit From Yuan Depreciation

Dow Jones

2025/01/08

Yangzijiang Shipbuilding's earnings are likely to benefit from the yuan's depreciation trend, CGS International analysts say, noting the Chinese currency weakened against U.S. dollar by 4% since October 2024.

The shipbuilder hedges about 20% of its contracts, with roughly 80% unhedged, the brokerage notes, raising its USD/CNY assumptions to 7.1000 for 2024, 7.3000 for 2025 and 7.2000 for 2026, compared to its previous estimates for 7.0000 for each year.

CGS International also lifts its shipbuilding gross margin assumptions for the Singapore-listed company to 27.0% from 26.0% for 2025 and to 27.5% from 27.0% for 2026.

The brokerage maintains an add rating and raises its target price to S$3.62 from S$3.20 for the stock, which is 3.05% higher at S$3.04.

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