Raining New Orders
Merely six days after announcing a US$715m order win, YZJ has topped that with yesterday’s announcement of US$871m worth of orders, which brings its ytd order wins to a record US$5.59b in 2021. Containerships continue to comprise the bulk of these orders, and we note that delivery dates for the larger vessels are being pushed to 2024. We maintain our BUY rating, as we believe the containership construction upcycle remains intact, and have upgraded our target price to S$1.90 (previously S$1.76).