Struck gold but unappreciated
■ YZJ announced US$871m order win, hot on heels of last week’s US$715m.
YTD win of US$5.59bn exceeded management’s guidance (US$5bn).
■ Deliveries are scheduled in 2023/2024, suggesting that shipowners could
take a view that the super cycle in freight rates could last in the medium term.
■ We expect share price to move positively on the back of record order book of
US$7.72bn. Maintain Add and TP of S$1.63 based on 1x FY21F P/BV.