$YZJ Shipbldg SGD (BS6.SG)$ YZJ adopted its first 3Q21 busin...
$YZJ Shipbldg SGD (BS6.SG)$ YZJ adopted its first 3Q21 business update with no briefing. 3Q21 revenue was Rmb4.4bn while GP was Rmb1bn at 20%/22% of our FY21F.9M21 revenue of Rmb11bn and GP of Rmb11bn made up 50%/58% of our FY21F. Expect stronger pick-up in 4Q21F from easing power and Changbo.Shipbuilding related GM of 14.8% was higher than our 13.8% thanks to qoq improvement in core shipbuilding as well as higher shipping charter rates.Debt securities balance fell sharply by 35% qoq to Rmb10.91bn. Default risk was contained with provision write-back of Rmb191m in P&L.Exposure to real estate in debt securities reduced to 26% in 9M21 (1H21: 41%).
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An investor since 1997, financial blogger, IBF certified trainer and public speaker. Spoken at SGX events.
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