Yangzijiang Shipbuilding: 1Q26 business update: Awaiting better visibility for orders and margin in 2H26

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Yangzijiang Shipbuilding: 1Q26 business update: Awaiting better visibility for orders and margin in 2H26

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Yangzijiang Shipbuilding

1Q26 business update: Awaiting better

visibility for orders and margin in 2H26

Maintain Rating: BUY | PO: 4.30 SGD | Price: 3.79 SGD

More orders in 2H26 to meet unchanged US$4.5bn target 20 May 2026

Yangzijiang released its 1Q26 business update and held a briefing on 20 May. The mgmt. Equity

reiterated confidence in achieving its US$4.5bn new order target for 2026. As of 19

May, new order intake reached US$1.03bn, including two 1,100 TEU feeder vessels Amy Han >> Research Analyst

priced at US$25mn each secured post-March. The mgmt. noted a slowdown in large Merrill Lynch (Hong Kong)

containership orders, while tankers and gas carriers have seen improving inquiry +852amy.han@bofa.com3508 5344

momentum, alongside better visibility for orders for 2030 delivery slots approaching Nathan Gee, CFA >>

3Q26. Near-term margins may face challenges from delivery mix and RMB appreciation. Research Analyst

Merrill Lynch (Singapore)

Therefore, 1H26 orderbook growth and margin may be pressured, given new order intake +65 6678 0418

year-to-date and tougher comps versus 1H25 for margin in our view. We maintain our nathan.gee@bofa.com

Buy rating on Yangzijiang, supported by a persistently strong shipbuilding upcycle and

recent firming in newbuild prices. However, we await clearer catalysts on order intake

and margin trajectory, likely emerging into 2H26. Stock Data

Price 3.79 SGD15% 2029 slots left and 2030 slots available

Yangzijiang has around 15% of 2029 delivery slots still available (including the Hongyuan Price Objective 4.30 SGD

yard), mainly for small- to-mid size vessels (20-30% in annual results update).