Shares of Singapore-listed Yangzijiang Shipbuilding (Holdings) Ltd rose as much as 5 percent on Tuesday after the company said it had won contracts worth $206.2 million so far this year, Reuters reports. By 11:43 a.m. local time (0343 GMT), Yangzijiang shares were up 3.8 percent at S$1.36, outperforming the broader Straits Times Index which was down 0.1 percent.
Yangzijiang shares were among the top three traded stocks by both value and volume in the Singapore market. The stock has surged around 44 percent year-to-date.
Yangzijiang said late on Monday it had secured contracts to build seven vessels with a total value of $206.2 million since the start of 2012. The vessels are scheduled for deliveries from 2013 to 2015.
"Amidst the challenging external environment, Yangzijiang's shipyards will be busy for the whole of this year and the group is now securing orders for 2013 and beyond," OCBC Investment Research said in a report on Tuesday.
DBS Vickers Securities said Yangzijiang may report better-than-expected earnings later this month. DBS had forecast 3.9 billion yuan ($619 million) in full-year net profit for Yangzijiang but it now says earnings could be higher on the back of deliveries of high-margin contracts.
Yangzijiang shares were among the top three traded stocks by both value and volume in the Singapore market. The stock has surged around 44 percent year-to-date.
Yangzijiang said late on Monday it had secured contracts to build seven vessels with a total value of $206.2 million since the start of 2012. The vessels are scheduled for deliveries from 2013 to 2015.
"Amidst the challenging external environment, Yangzijiang's shipyards will be busy for the whole of this year and the group is now securing orders for 2013 and beyond," OCBC Investment Research said in a report on Tuesday.
DBS Vickers Securities said Yangzijiang may report better-than-expected earnings later this month. DBS had forecast 3.9 billion yuan ($619 million) in full-year net profit for Yangzijiang but it now says earnings could be higher on the back of deliveries of high-margin contracts.