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Yangzijiang Shipbuilding (Holdings)

SGX:BS6
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BS6
SGX
SGD4B
Market Cap
  1. Home
  2. SG
  3. Capital Goods
Company description

Yangzijiang Shipbuilding (Holdings) Ltd., an investment holding company, operates in the shipbuilding activities in the People’s Republic of China, Taiwan, Germany, Greece, Norway, Canada, Bahamas, and other Asian and European countries. The last earnings update was 12 days ago. More info.


Add to Portfolio Compare Print
  • Yangzijiang Shipbuilding (Holdings) has significant price volatility in the past 3 months.
BS6 Share Price and Events
7 Day Returns
-4.8%
SGX:BS6
-3.1%
SG Machinery
-1.3%
SG Market
1 Year Returns
-6.6%
SGX:BS6
-14.5%
SG Machinery
-3.3%
SG Market
BS6 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Yangzijiang Shipbuilding (Holdings) (BS6) -4.8% -34.4% -32.7% -6.6% 24.5% -15.7%
SG Machinery -3.1% -22.4% -22% -14.5% -3.1% -51.3%
SG Market -1.3% -6.7% -2.5% -3.3% 2.9% -10.4%
1 Year Return vs Industry and Market
  • BS6 outperformed the Machinery industry which returned -14.5% over the past year.
  • BS6 underperformed the Market in Singapore which returned -3.3% over the past year.
Price Volatility
BS6
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Yangzijiang Shipbuilding (Holdings)'s competitors could be found in our database.

Value

 Is Yangzijiang Shipbuilding (Holdings) undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Yangzijiang Shipbuilding (Holdings) to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Yangzijiang Shipbuilding (Holdings).

SGX:BS6 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.3%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:BS6
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.04
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.044 (1 + (1- 25%) (26.41%))
1.168
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.168 * 5.96%)
9.26%

Discounted Cash Flow Calculation for SGX:BS6 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Yangzijiang Shipbuilding (Holdings) is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SGX:BS6 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 9.26%)
2020 2,823.75 Analyst x4 2,584.33
2021 3,717.04 Analyst x2 3,113.45
2022 4,453.90 Est @ 19.82% 3,414.34
2023 5,102.72 Est @ 14.57% 3,580.06
2024 5,658.31 Est @ 10.89% 3,633.27
2025 6,128.66 Est @ 8.31% 3,601.63
2026 6,527.62 Est @ 6.51% 3,510.84
2027 6,870.17 Est @ 5.25% 3,381.78
2028 7,170.01 Est @ 4.36% 3,230.13
2029 7,438.59 Est @ 3.75% 3,067.00
Present value of next 10 years cash flows CN¥33,116.85
SGX:BS6 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥7,438.59 × (1 + 2.3%) ÷ (9.26% – 2.3%)
CN¥109,319.40
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥109,319.40 ÷ (1 + 9.26%)10
CN¥45,073.35
SGX:BS6 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥33,116.85 + CN¥45,073.35
CN¥78,190.19
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥78,190.19 / 3,939.77
CN¥19.85
SGX:BS6 Discount to Share Price
Calculation Result
Exchange Rate CNY/SGD
(Reporting currency to currency of SGX:BS6)
0.197
Value per Share
(SGD)
= Value per Share in CNY x Exchange Rate (CNY/SGD)
= CN¥19.85 x 0.197
SGD3.9
Value per share (SGD) From above. SGD3.90
Current discount Discount to share price of SGD0.99
= -1 x (SGD0.99 - SGD3.90) / SGD3.90
74.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Yangzijiang Shipbuilding (Holdings) is available for.
Intrinsic value
>50%
Share price is SGD0.99 vs Future cash flow value of SGD3.9
Current Discount Checks
For Yangzijiang Shipbuilding (Holdings) to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Yangzijiang Shipbuilding (Holdings)'s share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Yangzijiang Shipbuilding (Holdings)'s share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Yangzijiang Shipbuilding (Holdings)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Yangzijiang Shipbuilding (Holdings)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:BS6 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CNY CN¥0.96
SGX:BS6 Share Price ** SGX (2019-08-16) in SGD SGD0.99
SGX:BS6 Share Price converted to CNY reporting currency Exchange rate (SGD/ CNY) 5.082 CN¥5.03
Singapore Machinery Industry PE Ratio Median Figure of 11 Publicly-Listed Machinery Companies 6.22x
Singapore Market PE Ratio Median Figure of 317 Publicly-Listed Companies 12.56x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Yangzijiang Shipbuilding (Holdings).

SGX:BS6 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:BS6 Share Price ÷ EPS (both in CNY)

= 5.03 ÷ 0.96

5.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Yangzijiang Shipbuilding (Holdings) is good value based on earnings compared to the SG Machinery industry average.
  • Yangzijiang Shipbuilding (Holdings) is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Yangzijiang Shipbuilding (Holdings)'s expected growth come at a high price?
Raw Data
SGX:BS6 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
-6.5%per year
Singapore Machinery Industry PEG Ratio Median Figure of 5 Publicly-Listed Machinery Companies 0.83x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

SGX:BS6 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.25x ÷ -6.5%

-0.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Yangzijiang Shipbuilding (Holdings) earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Yangzijiang Shipbuilding (Holdings)'s assets?
Raw Data
SGX:BS6 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CNY CN¥7.52
SGX:BS6 Share Price * SGX (2019-08-16) in SGD SGD0.99
SGX:BS6 Share Price converted to CNY reporting currency Exchange rate (SGD/ CNY) 5.082 CN¥5.03
Singapore Machinery Industry PB Ratio Median Figure of 20 Publicly-Listed Machinery Companies 0.67x
Singapore Market PB Ratio Median Figure of 429 Publicly-Listed Companies 0.7x
SGX:BS6 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:BS6 Share Price ÷ Book Value per Share (both in CNY)

= 5.03 ÷ 7.52

0.67x

* Primary Listing of Yangzijiang Shipbuilding (Holdings).

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Yangzijiang Shipbuilding (Holdings) is overvalued based on assets compared to the SG Machinery industry average.
X
Value checks
We assess Yangzijiang Shipbuilding (Holdings)'s value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Machinery industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Machinery industry average (and greater than 0)? (1 check)
  5. Yangzijiang Shipbuilding (Holdings) has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Yangzijiang Shipbuilding (Holdings) expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-6.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Yangzijiang Shipbuilding (Holdings) expected to grow at an attractive rate?
  • Yangzijiang Shipbuilding (Holdings)'s earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Yangzijiang Shipbuilding (Holdings)'s earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Yangzijiang Shipbuilding (Holdings)'s revenues are expected to decrease over the next 1-3 years, this is below the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:BS6 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:BS6 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts -6.5%
SGX:BS6 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts -3%
Singapore Machinery Industry Earnings Growth Rate Market Cap Weighted Average 38.7%
Singapore Machinery Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:BS6 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:BS6 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 21,760 3,815 2,905 7
2020-12-31 23,877 3,634 3,058 11
2019-12-31 23,254 2,865 3,246 7
SGX:BS6 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-06-30 23,636 -4,978 3,785
2019-03-31 24,566 859 3,843
2018-12-31 23,238 1,307 3,614
2018-09-30 24,648 3,019 3,047
2018-06-30 23,660 3,475 3,134
2018-03-31 19,487 -22 2,859
2017-12-31 19,206 1,582 2,931
2017-09-30 18,359 2,903 2,861
2017-06-30 17,861 3,083 2,277
2017-03-31 17,064 4,563 1,972
2016-12-31 15,089 4,288 1,752
2016-09-30 12,706 1,815 1,186

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Yangzijiang Shipbuilding (Holdings)'s earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Yangzijiang Shipbuilding (Holdings)'s revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:BS6 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Yangzijiang Shipbuilding (Holdings) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BS6 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.74 0.84 0.61 8.00
2020-12-31 0.78 0.87 0.64 10.00
2019-12-31 0.82 0.85 0.78 9.00
SGX:BS6 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-06-30 0.96
2019-03-31 0.97
2018-12-31 0.91
2018-09-30 0.78
2018-06-30 0.79
2018-03-31 0.73
2017-12-31 0.76
2017-09-30 0.74
2017-06-30 0.59
2017-03-31 0.51
2016-12-31 0.46
2016-09-30 0.31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Yangzijiang Shipbuilding (Holdings) is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Yangzijiang Shipbuilding (Holdings)'s future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Yangzijiang Shipbuilding (Holdings) has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Yangzijiang Shipbuilding (Holdings) performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Yangzijiang Shipbuilding (Holdings)'s growth in the last year to its industry (Machinery).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Yangzijiang Shipbuilding (Holdings)'s year on year earnings growth rate has been positive over the past 5 years.
  • Yangzijiang Shipbuilding (Holdings)'s 1-year earnings growth exceeds its 5-year average (20.8% vs 1.4%)
  • Yangzijiang Shipbuilding (Holdings)'s earnings growth has not exceeded the SG Machinery industry average in the past year (20.8% vs 42.6%).
Earnings and Revenue History
Yangzijiang Shipbuilding (Holdings)'s revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Yangzijiang Shipbuilding (Holdings) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BS6 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 23,635.58 3,784.52 490.02
2019-03-31 24,566.15 3,843.00 487.85
2018-12-31 23,238.29 3,614.04 457.14
2018-09-30 24,648.06 3,046.56 312.40
2018-06-30 23,659.54 3,133.93 312.01
2018-03-31 19,487.29 2,858.93 304.25
2017-12-31 19,205.60 2,931.50 314.08
2017-09-30 18,359.22 2,861.42 375.79
2017-06-30 17,861.42 2,276.64 404.14
2017-03-31 17,063.71 1,972.13 424.16
2016-12-31 15,089.44 1,752.43 409.18
2016-09-30 12,706.45 1,186.05 788.42
2016-06-30 12,961.65 1,585.50 744.79
2016-03-31 15,678.08 2,200.70 722.20
2015-12-31 16,014.35 2,459.60 721.93
2015-09-30 16,671.06 3,054.71 384.84
2015-06-30 16,278.23 3,185.24 401.80
2015-03-31 14,842.11 3,390.62 413.92
2014-12-31 15,353.55 3,482.92 434.77
2014-09-30 14,953.16 3,592.66 392.67
2014-06-30 14,878.77 3,602.21 380.67
2014-03-31 15,027.01 3,177.89 359.06
2013-12-31 14,338.64 3,095.88 352.44
2013-09-30 14,520.37 3,157.23 356.47
2013-06-30 14,463.90 3,213.74 349.71
2013-03-31 13,979.45 3,280.25 365.82
2012-12-31 14,799.09 3,580.77 386.82
2012-09-30 16,494.61 3,810.08 412.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Yangzijiang Shipbuilding (Holdings) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Yangzijiang Shipbuilding (Holdings) used its assets more efficiently than the SG Machinery industry average last year based on Return on Assets.
  • Yangzijiang Shipbuilding (Holdings) has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Yangzijiang Shipbuilding (Holdings)'s performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Machinery industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Yangzijiang Shipbuilding (Holdings) has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Yangzijiang Shipbuilding (Holdings)'s financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Yangzijiang Shipbuilding (Holdings)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Yangzijiang Shipbuilding (Holdings) is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Yangzijiang Shipbuilding (Holdings)'s cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Yangzijiang Shipbuilding (Holdings)'s finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 5.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Yangzijiang Shipbuilding (Holdings) Company Filings, last reported 1 month ago.

SGX:BS6 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 30,423.65 5,234.73 19,405.80
2019-03-31 30,412.32 4,749.80 21,435.66
2018-12-31 29,580.26 4,043.98 18,615.57
2018-09-30 28,231.10 3,823.77 17,625.06
2018-06-30 27,521.94 3,770.93 17,680.74
2018-03-31 27,148.06 3,881.43 15,335.55
2017-12-31 26,516.70 5,055.80 15,544.87
2017-09-30 25,776.79 4,925.39 16,009.48
2017-06-30 23,880.34 5,996.80 14,065.84
2017-03-31 23,891.69 5,457.80 12,841.95
2016-12-31 23,199.11 7,721.24 13,636.91
2016-09-30 22,610.86 7,327.06 10,706.13
2016-06-30 22,297.86 7,806.52 12,821.69
2016-03-31 22,818.59 8,210.15 13,300.84
2015-12-31 22,358.98 8,282.42 11,218.04
2015-09-30 22,351.78 8,117.03 11,607.64
2015-06-30 21,769.49 8,223.14 10,549.01
2015-03-31 21,747.53 8,109.47 9,763.88
2014-12-31 21,076.01 8,050.36 8,720.07
2014-09-30 20,292.03 10,776.85 12,190.41
2014-06-30 19,394.93 11,397.21 11,566.37
2014-03-31 19,103.17 14,539.27 9,141.59
2013-12-31 18,272.88 13,375.54 9,461.08
2013-09-30 17,544.50 11,296.21 9,920.06
2013-06-30 16,828.10 10,938.81 13,003.63
2013-03-31 16,955.56 8,931.04 10,151.77
2012-12-31 16,267.69 7,860.60 9,692.04
2012-09-30 15,393.41 8,568.16 11,372.83
  • Yangzijiang Shipbuilding (Holdings)'s level of debt (17.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (58.7% vs 17.2% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Yangzijiang Shipbuilding (Holdings) earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Yangzijiang Shipbuilding (Holdings)'s financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Yangzijiang Shipbuilding (Holdings) has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Yangzijiang Shipbuilding (Holdings)'s current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.91%
Current annual income from Yangzijiang Shipbuilding (Holdings) dividends. Estimated to be 4.77% next year.
If you bought SGD2,000 of Yangzijiang Shipbuilding (Holdings) shares you are expected to receive SGD98 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Yangzijiang Shipbuilding (Holdings)'s pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.66%).
  • Yangzijiang Shipbuilding (Holdings)'s dividend is below the markets top 25% of dividend payers in Singapore (5.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:BS6 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Singapore Machinery Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 4.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 273 Stocks 4.1%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.8%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.7%
Singapore Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:BS6 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.23 7.00
2020-12-31 0.24 10.00
2019-12-31 0.25 7.00
SGX:BS6 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-04-26 0.247 3.484
2018-04-26 0.213 3.812
2017-04-27 0.189 2.871
2016-02-29 0.210 5.103
2015-04-27 0.244 4.686
2014-04-21 0.223 4.258
2013-04-23 0.236 4.857
2012-04-04 0.271 5.543
2012-03-01 0.274 4.166
2011-05-06 0.218 4.020
2010-04-28 0.169 2.117
2010-04-06 0.170 2.532
2010-02-23 0.170 3.014
2009-04-20 0.171 3.955
2009-02-24 0.171 9.182
2008-12-03 0.089 4.337
2008-11-11 0.096 4.951

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Yangzijiang Shipbuilding (Holdings)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess Yangzijiang Shipbuilding (Holdings)'s dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Yangzijiang Shipbuilding (Holdings) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Yangzijiang Shipbuilding (Holdings) has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Yangzijiang Shipbuilding (Holdings)'s salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Letian Ren
AGE 37
TENURE AS CEO 4.3 years
CEO Bio

Mr. Letian Ren has been Chief Executive Officer at Yangzijiang Shipbuilding (Holdings) Ltd. since May 1, 2015. Mr. Ren has been General Manager of Jiangsu New Yangzi Shipbuilding Co., Ltd. since January 2015. He served as Clerk of chartering Department at ERNST RUSS (ASIA) GMBH from July 2005 to April 2006. He served as Site project Manager at Jiangsu New Yangzi Shipbuilding Co. Ltd from May 2006 to February 2008 and served as its Manager of fabrication division from March 2008 to April 2009; Assistant to Director of Purchase Department from May 2009 to February 2010; Assistant to General Manager from March 2010 to January 2011. He served as Chairman of the Board at Jingjiang Runyuan Rural Microfinance Co. Ltd from June 2010 to January 2011. He served as General Manager of Jiangsu Yangzi Changbo Shipbuilding Co. Ltd from March 2011 to February 2012 and its Group Assistant to General Manager from February 2012 to January 2015.

CEO Compensation
  • Insufficient data for Letian to compare compensation growth.
  • Insufficient data for Letian to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team

Yuanlin Ren

TITLE
Founder & Executive Chairman
COMPENSATION
CN¥52K
AGE
65

Letian Ren

TITLE
Chief Executive Officer
AGE
37
TENURE
4.3 yrs

Yu Weiping

TITLE
Co-Founder

Jianjun Xiang

TITLE
Co-Founder & Deputy GM
AGE
59

Ren Jinhua

TITLE
Co-Founder

Jialu Huang

TITLE
Co-Founder

Qiang Gao

TITLE
Co-Founder

Zhengshun Cai

TITLE
Co-Founder

Yi Fang Liu

TITLE
Co-Founder
AGE
72

Lijun Xie

TITLE
Co-Founder
Board of Directors Tenure

Average tenure and age of the Yangzijiang Shipbuilding (Holdings) board of directors in years:

6.3
Average Tenure
65
Average Age
  • The tenure for the Yangzijiang Shipbuilding (Holdings) board of directors is about average.
Board of Directors

Yuanlin Ren

TITLE
Founder & Executive Chairman
COMPENSATION
CN¥52K
AGE
65
TENURE
12.4 yrs

Yi-Dar Teo

TITLE
Lead Independent Director
COMPENSATION
CN¥46K
AGE
48

Timothy Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥46K
AGE
65
TENURE
6.3 yrs

Wen Jiong Xu

TITLE
Non-Independent Non-Executive Director
COMPENSATION
CN¥46K
AGE
71
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • Yangzijiang Shipbuilding (Holdings) individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
02. Aug 19 Sell Liang Chang Individual 01. Aug 19 01. Aug 19 -107,440 SGD1.59 SGD-171,334
24. Jun 19 Sell Liang Chang Individual 24. Jun 19 24. Jun 19 -420,000 SGD1.65 SGD-691,802
09. Apr 19 Sell Liang Chang Individual 08. Apr 19 08. Apr 19 -500,000 SGD1.62 SGD-810,000
14. Dec 18 Sell BlackRock, Inc. Company 12. Dec 18 12. Dec 18 -5,385,000 SGD1.23 SGD-6,623,544
21. Nov 18 Sell BlackRock, Inc. Company 15. Nov 18 15. Nov 18 -2,890,700 SGD1.25 SGD-3,627,539
21. Sep 18 Buy BlackRock, Inc. Company 19. Sep 18 19. Sep 18 117,200 SGD1.14 SGD133,256
18. Sep 18 Buy BlackRock, Inc. Company 14. Sep 18 14. Sep 18 287,000 SGD1.12 SGD322,875
X
Management checks
We assess Yangzijiang Shipbuilding (Holdings)'s management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Yangzijiang Shipbuilding (Holdings) has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Is Yangzijiang Shipbuilding (Holdings) Ltd.'s (SGX:BS6) Share Price Doing?

Let’s take a look at Yangzijiang Shipbuilding (Holdings)’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … The stock’s ratio of 5.52x is currently trading slightly below its industry peers’ ratio of 7.74x, which means if you buy Yangzijiang Shipbuilding (Holdings) today, you’d be paying a fair price for it. … And if you believe Yangzijiang Shipbuilding (Holdings) should be trading in this range, then there isn’t much room for the share price grow beyond where it’s currently trading.

Simply Wall St -

Should You Be Concerned About Yangzijiang Shipbuilding (Holdings) Ltd.'s (SGX:BS6) Historical Volatility?

A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … If this beta value holds true in the future, Yangzijiang Shipbuilding (Holdings) shares are likely to rise more than the market when the market is going up, but fall faster when the market is going down. … What this means for you: Beta only tells us that the Yangzijiang Shipbuilding (Holdings) share price is sensitive to broader market movements.

Simply Wall St -

Three Things You Should Check Before Buying Yangzijiang Shipbuilding (Holdings) Ltd. (SGX:BS6) For Its Dividend

Dividend paying stocks like Yangzijiang Shipbuilding (Holdings) Ltd. … Yangzijiang Shipbuilding (Holdings) paid out 210% of its free cash flow last year, suggesting the dividend is poorly covered by cash flow. … Yangzijiang Shipbuilding (Holdings) has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments.

Simply Wall St -

Yangzijiang Shipbuilding (Holdings) (SGX:BS6) Shareholders Booked A 65% Gain In The Last Three Years

(SGX:BS6) share price is up 65% in the last three years, clearly besting than the market return of around 9.5% (not including dividends). … During three years of share price growth, Yangzijiang Shipbuilding (Holdings) achieved compound earnings per share growth of 19% per year. … A Different Perspective It's good to see that Yangzijiang Shipbuilding (Holdings) has rewarded shareholders with a total shareholder return of 70% in the last twelve months.

Simply Wall St -

Is Yangzijiang Shipbuilding (Holdings) (SGX:BS6) A Risky Investment?

SGX:BS6 Historical Debt, July 2nd 2019 How Strong Is Yangzijiang Shipbuilding (Holdings)'s Balance Sheet? … Yangzijiang Shipbuilding (Holdings) may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. … Looking at the most recent three years, Yangzijiang Shipbuilding (Holdings) recorded free cash flow of 43% of its EBIT, which is weaker than we'd expect.

Simply Wall St -

Should You Like Yangzijiang Shipbuilding (Holdings) Ltd.’s (SGX:BS6) High Return On Capital Employed?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Yangzijiang Shipbuilding (Holdings): 0.11 = CN¥3.9b ÷ (CN¥45b - CN¥10b) (Based on the trailing twelve months to March 2019.) Therefore, Yangzijiang Shipbuilding (Holdings) has an ROCE of 11%. … What Are Current Liabilities, And How Do They Affect Yangzijiang Shipbuilding (Holdings)'s ROCE? … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

Yangzijiang Shipbuilding (Holdings) Ltd. (SGX:BS6): The Best Of Both Worlds

I've been keeping an eye on Yangzijiang Shipbuilding (Holdings) Ltd. … For those interested in understanding where the figures come from and want to see the analysis, take a look at the report on Yangzijiang Shipbuilding (Holdings) here. … SGX:BS6 Intrinsic value, June 5th 2019 Next Steps: For Yangzijiang Shipbuilding (Holdings), I've compiled three key factors you should further examine: Future Outlook: What are well-informed industry analysts predicting for BS6’s future growth?

Simply Wall St -

Do Yangzijiang Shipbuilding (Holdings)'s (SGX:BS6) Earnings Warrant Your Attention?

But as Peter Lynch said in One Up On Wall Street, 'Long shots almost never pay off.' If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Yangzijiang Shipbuilding (Holdings) (SGX:BS6). … As a result, I'm encouraged by the fact that insiders own Yangzijiang Shipbuilding (Holdings) shares worth a considerable sum. … Although Yangzijiang Shipbuilding (Holdings) certainly looks good to me, I would like it more if insiders were buying up shares.

Simply Wall St -

Is Yangzijiang Shipbuilding (Holdings) Ltd. (SGX:BS6) Trading At A 36% Discount?

(SGX:BS6) as an investment opportunity by projecting its future cash flows and then discounting them to today's value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (CN¥, Millions) CN¥2.02k CN¥2.77k CN¥2.99k CN¥3.18k CN¥3.34k CN¥3.48k CN¥3.60k CN¥3.72k CN¥3.83k CN¥3.94k Growth Rate Estimate Source Analyst x2 Analyst x4 Analyst x3 Est @ 6.2% Est @ 5.03% Est @ 4.21% Est @ 3.64% Est @ 3.24% Est @ 2.96% Est @ 2.76% Present Value (CN¥, Millions) Discounted @ 8.98% CN¥1.85k CN¥2.33k CN¥2.31k CN¥2.25k CN¥2.17k CN¥2.08k CN¥1.97k CN¥1.87k CN¥1.77k CN¥1.67k Present Value of 10-year Cash Flow (PVCF)= CN¥20.27b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = CN¥3.9b × (1 + 2.3%) ÷ (9% – 2.3%) = CN¥60b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = CN¥CN¥60b ÷ ( 1 + 9%)10 = CN¥25.52b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is CN¥45.79b.

Simply Wall St -

With A Return On Equity Of 13%, Has Yangzijiang Shipbuilding (Holdings) Ltd.'s (SGX:BS6) Management Done Well?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Yangzijiang Shipbuilding (Holdings): 13% = CN¥3.8b ÷ CN¥30b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Yangzijiang Shipbuilding (Holdings) Have A Good Return On Equity? … Combining Yangzijiang Shipbuilding (Holdings)'s Debt And Its 13% Return On Equity While Yangzijiang Shipbuilding (Holdings) does have some debt, with debt to equity of just 0.16, we wouldn't say debt is excessive.

Simply Wall St -

Company Info

Description

Yangzijiang Shipbuilding (Holdings) Ltd., an investment holding company, operates in the shipbuilding activities in the People’s Republic of China, Taiwan, Germany, Greece, Norway, Canada, Bahamas, and other Asian and European countries. The company operates through Shipbuilding, Investments, Trading, and Others segments. It produces a range of commercial vessels, such as containerships, dry bulk carriers, oil tankers, and liquefied natural gas (LNG) carriers. The company also engages in the production and processing of steel structures. In addition, it facilitates the sale and export of ships for the ship builder; trades in ship related equipment and shipbuilding related materials/supplies; provides microcredit to enterprises and individuals; and supplies marine equipment and materials, as well as engages in debt and other investment activities. Further, the company is involved in the ship demolition and vessel owning activities. The company was founded in 1956 and is headquartered in Jingjiang, China.

Details
Name: Yangzijiang Shipbuilding (Holdings) Ltd.
BS6
Exchange: SGX
Founded: 1956
SGD3,900,367,548
3,939,765,200
Website: http://www.yzjship.com
Address: Yangzijiang Shipbuilding (Holdings) Ltd.
Jiangyin-Jingjiang Industry Zone,
1# Lianyi Road,
Jingjiang,
Jiangsu Province, 214532,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX BS6 Ordinary Shares Singapore Exchange SG SGD 18. Apr 2007
OTCPK YSHL.F Ordinary Shares Pink Sheets LLC US USD 18. Apr 2007
DB B8O Ordinary Shares Deutsche Boerse AG DE EUR 18. Apr 2007
SGX SO7 Ordinary Shares Singapore Exchange SG CNY 18. Apr 2007
Number of employees
Current staff
Staff numbers
0
Yangzijiang Shipbuilding (Holdings) employees.
Industry
Construction Machinery and Heavy Trucks
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/17 12:50
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/17
Last earnings filing: 2019/08/05
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.