•    Winning more orders with recovering shipbuilding industry

•    Spin-off of debt-investments arm

•    ESG rating has remained constant for past few years

Yangzijiang Shipbuilding (YZJ) is one of China’s largest private shipbuilding companies and is renowned for its steady execution and good cost control. It has performed better than many other Chinese shipbuilders during the downturn and now stands to benefit in a recovering shipbuilding industry. The investment side of the business is a significant part of the company, and we value this segment at a discount to listed Chinese banks. ESG rating for the company has remained constant for the past five years.