ShareJunction - Member Posts

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Calm before the storm !!

https://brokingrfs.cimb.com/CMU-bJ6toGDYqSPTklmhbL4M1ulXgGeX519sadUCddN2s8w0CNiJPNUFPMhs4I67U94ACq8qLks1.pdf

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If YZJ has the same profit margin as SM or Keppel, market price now would be more than $ 4 or $10 !!

pcscorpio ( Date: 26-Apr-2013 12:37) Posted:

from wad i heard yangzi's contracts the profit margin very low. much lower then sembmar or keppel's

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Those attending can you ask how is the progress of :

The placement of 330m warrants with exercise price of around $1.50.

sk6666 ( Date: 26-Apr-2013 11:19) Posted:

Are you attending? Can update us the outcome of the meeting? Thanks.

oldflyingfox ( Date: 26-Apr-2013 11:14) Posted:

I think won't be so fast, but I'm surprised that it came out just before the AGM this afternoon. Let see how the chairman comment during the AGM Q& A..

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12 months Prospects: (Extracted from The SGX announceement) :

The Group delivered 9 vessels in 1Q2013, and announced the cessation of 1 shipbuilding contract recently. The cessation is for one 2,500TEU container ship of which 40% deposits was collected. The Group ceased the above contract in accordance to contractual terms and confiscated the corresponding deposits so as to minimize operational risks. With the cessation of two 2,500TEU container ships announced on 22nd February 2013, the Group is now actively sourcing for potential buyers for the three 2500TEU containerships. These three 2500TEU containerships were ordered by the same owner in year 2007, and scheduled for completion in 2013.

2013年第一季度，集團共計交付 9艘船舶，並在近期宣佈終止 1艘船舶合約，此船舶為一艘 2,500TEU貨櫃輪并已收取 40%的定金。公司根據合同規定終止此訂單，並沒收相應的定金以控制經營風險。加上在 2013年 2月 22日已宣佈終止的兩艘 2,500TEU貨櫃輪訂單，集團正積極的為三艘 2500TEU貨櫃輪尋找意向買家，此三艘 2,500TEU貨櫃輪訂單均為同一客戶於 2007年定下的訂單 , 計劃將在 2013年完工。

Despite the intense competition and headwinds faced by the commercial shipbuilding industry, following the Seaspan order secured in January 2013, the Group entered into eight new shipbuilding contracts amounting to USD237 million recently, comprising five 82,000DWT dry bulk carriers, two 36,000DWT multi-purpose vessels and one 94,000DWT trans-load vessel. The orders also come with 5 optional units worth USD155 million, comprising two 82,000DWT dry bulk carriers, two 36,000DWT multi-purpose vessels and one 94000DWT trans-load vessel. With the additions to the order books as mentioned above, the Group’s outstanding shipbuilding order book stood at 65 vessels with a total value of USD3.31 billion as at the announcement date.

儘管市場疲軟競爭激烈，繼集團在 2013年 1月接獲西斯班公司的訂單後，集團又新簽八艘總額為 2.37億美元的新造船合同，新簽訂單為五艘 82,000DWT散貨船，兩艘 36,000DWT多用途船以及一艘 94,000DWT自卸船。這些訂單配有價值 1.55億美元共計五艘船東可選擇生效之合約，分別為两艘 82,000DWT散貨船，兩艘 36,000DWT多用途船和一艘 94,000DWT自卸船。在新增上述訂單後，集團在截至公告日的手持訂單價值為美金 33.1億元，共計 65艘船舶。

With the increase in recent enquires of new orders, the Group believes the down trend has stabilised. We are working closely with potential buyers to secure more orders in year 2013. The Chinese government has also announced a number of strategic measures, including their plan to consolidate 70% of the nation’s shipbuilding capacity into the top 10 local shipbuilding groups in view of the dire state of the shipping industry last year, with proposed supportive regulations recently to incentivise ship owners to demolish and rebuild vessels of more than 15 years of age, provided these vessels are reconstructed in China. In adapting to a depressed shipping industry and increasing pressure on environmental conservation, the Group has witnessed an emerging trend for smaller sized eco-ships with a focus on fuel efficiency. A number of big shipping lines have announced plans for an eco-friendly shipping fleet. The Group is well placed to leverage on this trend, and have existing capabilities to construct eco-friendly vessels of various sizes.

最近查詢新訂單增加，下降趨勢已趨於穩定，我們正與潛在買家緊密合作以在 2013年爭取到更多的訂單。基於船舶市場處於低迷期，去年中國政府宣布幾項關鍵措施中包括把全國 70%的造船量集中在國內十大造船集團。并在近期推出提供補貼給在國內重造超過 15年船齡船隻的船東的舉措。在船舶市場低迷和環保人士的壓力下，小型環保節能船也漸漸成為新趨勢，幾家大型造船公司已宣布投入資金建造環保節能船。集團在這方面有能力建造不同型號的環保節能船，迎合這股趨勢。

The Group remains focused on maximizing shareholders’ value through value creation. Progress in shipbuilding and related segments may remain slow, but investment in held-to-maturity financial assets will allow the Group to weather through the challenging times. Investment in held-to-maturity financial assets was made possible due to the Group’s accumulation of reserves throughout the years. Such investments optimize the return of these resources, thereby lifting the Group’s profitability. The Group will maintain the investment strategy and continue to adopt a rigorous risk management approach in assessing and evaluating all investments. In addition, the Group remains committed in executing its plans in its transformation into an integrated marine group with diversified revenue streams, which includes related businesses such as ship repair and ship breaking. The Group will also use this opportunity to strengthen its capabilities and increase its product range by building its offshore segment, which has already secured an order for a jack up rig in 2012.

集團將持續致力於通過價值創造最大化股東價值。造船及相關產業的增長將放緩腳步，但集團在過去數年累積的財富，使得集團有條件投資持有至到期金融資產以幫助集團渡過當前充滿挑戰的時期。此類投資也將有助優化資源的回報，從而提升集團的盈利能力。集團將保持投資策略，并採用嚴格的風險管理評估及評價所有投資。另外，集團繼續致力於打造綜合海事集團的目標，其中包括其他相關業務如修船和拆船業務。集團也將借此機會加強自身實力，加大力度擴展海工業務。集團在 2012年已贏得第一艘自升式鑽井平臺的訂單。

The Board believes that challenges give rise to opportunities. The Board remains confident of the Group’s financial performance for year 2013.

董事局相信挑戰與機遇並存，並對集團 2013年的財務表現充滿信心。

pcscorpio ( Date: 26-Apr-2013 10:49) Posted:

Shipbuilder Yangzijiang on Friday posted a 30 per cent slide in net profit to RMB717.2 million for its first quarter ended March 31, 2013, down from RMB1 billion a year ago. Revenue for the quarter fell 22 per cent to RMB2.9 billion, from RMB3.7 billion a year earlier, hit by lower contributions from its core revenue driver, the shipbuilding related segment. " The group was affected by the challenging environment faced by the overall commercial shipbuilding industry, which resulted in the cessation of one additional shipbuilding contract in 1Q2013, as well as the cessation of four shipbuilding contracts in 4Q2012 which impacted the original delivery schedule. " As a result, the group delivered nine vessels in 1Q2013, compared to 15 vessels in 1Q2012," it said. (Source: Business Times)

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vested. Flyordie also vested @ 0.925 right ??

pcscorpio ( Date: 25-Apr-2013 11:07) Posted:

Who is vested?

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Dividend 5 cents Ex date : 8 May

Flyordie ( Date: 24-Apr-2013 20:11) Posted:

Don't know is it real, my "boss" asked me to watch it closely...don't miss the boat

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15 cents dividend Ex date : 29 Apr

WanSiTong ( Date: 19-Apr-2013 17:26) Posted:

you are right! down almost 2 months. Over sold, time to rebound!!?

marubozu1688 ( Date: 03-Mar-2013 00:54) Posted:

SembCorp is technically bearish now.

http://mystocksinvesting.com/singapore-stocks/sembcorp-industries/sembcorp-below-200d-sma/

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you are right! down almost 2 months. Over sold, time to rebound!!?

marubozu1688 ( Date: 03-Mar-2013 00:54) Posted:

SembCorp is technically bearish now.

http://mystocksinvesting.com/singapore-stocks/sembcorp-industries/sembcorp-below-200d-sma/

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SEMBCORP TO DEVELOP ITS FIRST OVERSEAS ENERGY-FROM-WASTE FACILITY IN THE UK

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_92F2F09FAB74C7AF48257B520027A7B5/$file/Sembcorp-DevelopFirstOverseasEnergy-From-WasteFacilityinUK-19Apr2013.pdf?openelement

WanSiTong ( Date: 19-Apr-2013 17:09) Posted:

Extraded from 2012 Full yr results announcement:
2013 Prospects look good !!! 15 cents dividend ex 29/4
13. PROSPECTS
Utilities
In 2013, the completion of Singapore’s liquefied natural gas (LNG) terminal is expected to increase natural
gas supply to the country. In addition, over 2,400 megawatts of new generation capacity is expected to
come onstream over the next few years, starting from 2013. The increase in gas supply and generation
capacity is expected to intensify competition and may impact the performance of our Singapore
operations.
2013 will see a full year’s contribution from our newly-acquired power assets in China and the completion
of our second woodchip boiler in Singapore in June.
The Utilities business, underpinned by long-term contracts and strong operational performance, will remain
focused on the execution of its pipeline of projects and pursuit of new growth opportunities to deliver longterm
growth.
Marine
Our Marine business has a net orderbook of S$13.6 billion with completion and deliveries stretching into
2019. This includes S$11 billion in contract orders secured in 2012 and a S$900 million contract secured
since the start of 2013.
The new yard at Tuas will commence operations in the second half of 2013 and the construction of the
Brazilian yard is on track.
The business continues to receive healthy enquiries for the various segments although competition
remains keen with effects on margin.
Urban Development
The Urban Development business is expected to deliver a better performance in 2013.
Group
The Group, underpinned by sound business fundamentals and a healthy pipeline of projects and
orderbook, continues to be well-positioned to deliver long-term growth.

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Extraded from 2012 Full yr results announcement:
2013 Prospects look good !!! 15 cents dividend ex 29/4
13. PROSPECTS
Utilities
In 2013, the completion of Singapore’s liquefied natural gas (LNG) terminal is expected to increase natural
gas supply to the country. In addition, over 2,400 megawatts of new generation capacity is expected to
come onstream over the next few years, starting from 2013. The increase in gas supply and generation
capacity is expected to intensify competition and may impact the performance of our Singapore
operations.
2013 will see a full year’s contribution from our newly-acquired power assets in China and the completion
of our second woodchip boiler in Singapore in June.
The Utilities business, underpinned by long-term contracts and strong operational performance, will remain
focused on the execution of its pipeline of projects and pursuit of new growth opportunities to deliver longterm
growth.
Marine
Our Marine business has a net orderbook of S$13.6 billion with completion and deliveries stretching into
2019. This includes S$11 billion in contract orders secured in 2012 and a S$900 million contract secured
since the start of 2013.
The new yard at Tuas will commence operations in the second half of 2013 and the construction of the
Brazilian yard is on track.
The business continues to receive healthy enquiries for the various segments although competition
remains keen with effects on margin.
Urban Development
The Urban Development business is expected to deliver a better performance in 2013.
Group
The Group, underpinned by sound business fundamentals and a healthy pipeline of projects and
orderbook, continues to be well-positioned to deliver long-term growth.

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Quoted by oldflyingfox :

I just read the full year result that was out yesterday, in page 17, it said the below:

" Taken together, these activities are aimed at improving our production efficiencies and costs. While we are confident the results will show by the year end, the Group will need another round of funding to complete the restructuring exercise that begun end December 2011."

Seem like there will be either a private placement or rights issue this year, likely there will be a push of the price just before that.

vw2796 ( Date: 02-Apr-2013 13:06) Posted:

fund raising exercise? when?

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price will go up before the fund raising exercise !!

veliscorin ( Date: 02-Apr-2013 12:30) Posted:

What's the reason for the recent push? I'm not complaining, small vestment here, but not sure how high it will go in the near 2-3 weeks. Any seniors have any insights? :D

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Ya.. Ya.. top 5 volume

vw2796 ( Date: 02-Apr-2013 12:15) Posted:

finally moving....

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moving,,,,,,,,,,,,,,,,

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sorri ! Typo error.. should be consistently !!

WanSiTong ( Date: 22-Mar-2013 11:51) Posted:

no problem if the accounts are prepared consistenly according to their accounting policies.

Bopanha ( Date: 22-Mar-2013 11:37) Posted:

Sometimes I feel that making an impairment loss for public companies is just balancing the books in order that taxes are not too high, right? If seen from this angle, impairment entries are good or bad? I no accountant, so need some ideas, hehehe.

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no problem if the accounts are prepared consistenly according to their accounting policies.

Bopanha ( Date: 22-Mar-2013 11:37) Posted:

Sometimes I feel that making an impairment loss for public companies is just balancing the books in order that taxes are not too high, right? If seen from this angle, impairment entries are good or bad? I no accountant, so need some ideas, hehehe.

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Impairment Provisions:

As at 31/12/2011 : RMB 554.2 M

Additional provisions made in 2012 : RMB 99.2 M

As at 31/12/2012 : RMB 653.3 M

darkknight ( Date: 22-Mar-2013 08:01) Posted:

That is for Q4 and not whole FY and does not indicate actual write down of asset or actual negative impact to cash flow right? Conservative provision is healthy as it can somewhat cushion near term bottom line impact, provided it is written back and not written down at the end.

WanSiTong ( Date: 21-Mar-2013 16:08) Posted:

Extraded from para 8 of YZJ 2012 Full yr announcement :

Other gains/(losses) - net 其他利益 /(損失 ) - 淨值

Net other gains, which comprises mainly foreign exchange related gains/ (loss) and impairment provision for

HTM investments, recorded a loss of RMB21.3 million in 4Q 2012 from loss of RMB107.4 million in 4Q 2011.

The recorded net loss of RMB21.3 million mainly due to additional of RMB99.2 million impairment provisions

made for HTM Investment at end of 2012. As at 31 December 2012, the provision is RMB 653.3 million.

其他利益主要包括外匯相關損益以及對持有至到期金融資產所作的減值準備計提，與 2011年第四季度的

1.074

期金融資產減值準備

元人民幣。

As at 31/12/2011, impairmrnt provisions was RMB 554.2 million. (pls refer to Notes 16 of the 2011 Annual Report)

億元虧損相比， 2012年第四季度，其他利益凈虧損人民幣 2130萬元。虧損主要源於增加對持有至到 9920萬元人民幣，截止 2012年 12月 31日，持有至到期金融資產減值準備共計 6.533億

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More information on the htm Financial Assets :

These held-to-maturity financial products are investments in banking products offered by Chinese banks and trust companies and are used to finance Chinese corporations and entities in diverse sectors, such as real estate projects, manufacturing companies and local government projects.

Such products yielded an average return of about 10% to 15% a year. Relative to this, cost of borrowing is at 5% for Rmb and 2% to 3% for USD.

.

Depending on how the prospective yields of held-to-maturity investments change relative to the cost

of borrowing, YZJ management do not rule out the possibility of deploying funds from their held-to-maturity investment portfolio to fund their working requirements as they expand their shipbuilding ctivities.

All of these investments are secured against various collaterals such as listed shares, land titles and guarantees. The Group’s policy is to insist that the collateral to debt coverage ratio to be no less than 2 times and the collaterals have to be unencumbered. The Group has not experienced any default of such investments since it started investing in these products in 2008.

The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as the difference between the carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are recognised against the same line item in profit or loss.

The allowance for impairment loss account is reduced through profit or loss in a subsequent period when the amount of impairment loss decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increased to the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.

The Group follows the guidance of FRS 39 in determining when the financial assets, held-to-maturity are considered impaired. Significant financial difficulties of the counterparty, probability that the counterparty will enter bankruptcy, and default or significant delay in payment are objective evidence that these financial assets, held-to-maturity is impaired. Allowance for impairment was provided based on management’s assessment of the credit history of its counter-parties, and that of the market conditions. Refer to Note 35(b) of 2011 Annual Report on the credit risk information in relation to these financial assets.

WanSiTong ( Date: 20-Mar-2013 13:56) Posted:

Extraded from YZJ annual Report 2011 (2012 is not availiable), Pg 56- Significant Accounting policies :
(iii) Financial assets, held-to-maturity
Financial assets, held-to-maturity are non-derivative financial assets with fixed or determinable
payments and fixed maturities that the Group’s management has the positive intention and
ability to hold to maturity. If the Group were to sell other than an insignificant amount of financial
assets, held-to-maturity, the whole category would be tainted and reclassified as available-forsale.
They are presented as non-current assets, except for those maturing within 12 months after
the balance sheet date which are presented as current assets.
(iv) Financial assets, available-for-sale
Financial assets, available-for-sale are non-derivatives that are either designated in this category
or not classified in any of the other categories. They are presented as non-current assets unless
management intends to dispose of the assets within 12 months after the balance sheet date.
(b) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on the trade-date – the date on
which the Group commits to purchase or sell the asset.
Financial assets are derecognised when the rights to receive cash flows from the financial assets have
expired or have been transferred and the Group has transferred substantially all risks and rewards of
ownership. On disposal of a financial asset, the difference between the carrying amount and the sale
proceeds is recognised in profit or loss.Any amount in the fair value reserve relating to that asset is
transferred to profit or loss.
(c) Initial measurement
Financial assets are initially recognised at fair value plus transaction costs except for financial assets
at fair value through profit or loss, which are recognised at fair value. Transaction costs for financial
assets at fair value through profit or loss are recognised immediately as expenses.
(d) Subsequent measurement
Financial assets, available-for-sale and financial assets at fair value through profit or loss, are
subsequently carried at fair value. Loans and receivables and financial assets, held-to-maturity are

subsequently carried at amortised cost using the effective interest method.

cheongsl ( Date: 19-Mar-2013 07:30) Posted:

Hi dippyboy,

I don't quite get you what do you mean by 11 rmb htm asset is like CAO, what do you mean by 6% interest as this seems to be different from their financial report? Maybe you can provide your proof for your wording why with htm asset is big time speculating?

Most company have held to maturity investment, especially in building industries. They will need vest amount of raw material, and the project is not complete within a short period. Eg. when the contract is sign, the fabrication and manufacturer might take 1 years later to start. Thus to avoid the contract from getting into loss, the company will need to hedge the material price for 1 year, so that the price of material go up the company will still get the material at the same price as 1 year ago, if it go down the company might consider loss the hedging and purchase directly outside or just complete the hedging sales. Similar go to foreign currency, hedgeing might also required.

Every normal individual also have held to maturity investment, insurance, fixed deposit, saving insurance, etc

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Extraded from para 8 of YZJ 2012 Full yr announcement :

Other gains/(losses) - net 其他利益 /(損失 ) - 淨值

Net other gains, which comprises mainly foreign exchange related gains/ (loss) and impairment provision for

HTM investments, recorded a loss of RMB21.3 million in 4Q 2012 from loss of RMB107.4 million in 4Q 2011.

The recorded net loss of RMB21.3 million mainly due to additional of RMB99.2 million impairment provisions

made for HTM Investment at end of 2012. As at 31 December 2012, the provision is RMB 653.3 million.

其他利益主要包括外匯相關損益以及對持有至到期金融資產所作的減值準備計提，與 2011年第四季度的

1.074

期金融資產減值準備

元人民幣。

As at 31/12/2011, impairmrnt provisions was RMB 554.2 million. (pls refer to Notes 16 of the 2011 Annual Report)

億元虧損相比， 2012年第四季度，其他利益凈虧損人民幣 2130萬元。虧損主要源於增加對持有至到 9920萬元人民幣，截止 2012年 12月 31日，持有至到期金融資產減值準備共計 6.533億

darkknight ( Date: 21-Mar-2013 14:58) Posted:

Is there a write back on the provision for impairment as the security matured? The 2012 provision is half that of 2011 despite increases in the HTM assets. Not an expert in reading the cash flow statement, is the cash flow positive from the HTM deployment? If not, I will be worried as it contradicts the intention of using HTM to fund dividend payouts.

cheongsl ( Date: 20-Mar-2013 21:21) Posted:

Note your sources.

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Total consideration : $ 18M gain on disposal : $ 2M

TWOG (including its subsidiary PT Bintan) has been loss making for the past 6 years Ie Bottom line & cash flow of TW will be much better after the disposal !

WanSiTong ( Date: 20-Mar-2013 22:58) Posted:

2nd Qtr (ended 31/12/12) results improved significantly from a Loss of $0.4M to profit of more than $4M as compared to last yr same period! Share price of this counter has slowly improved ! Today closing $0.385

derekchong ( Date: 25-Jan-2013 10:32) Posted:

what happen to this counter.

no buy call, px not mioving.

Tat Hong already cross $1.50.