Tuesday, August 5, 2014

Quick look at YZJ Q2 results

A quick one.

YZJ announce latest results:


My thoughts:

The positives:
1) "the darkest hour" before dawn, did not seem to arrived? Take away one off tax rebate, and assign an 15% tax rate, plus the one off maturity of fixed deposit of 130 mio, NP still improve from 808 mio rmb to 856 mio.

2) The fall in revenue from HTM is offset by increase in shipbuilding activities

3) Shipbuilding margin improved QoQ

The negatives:
Total HTM assets did not fall from Q1, in fact it increase marginally from 12.7 billion to 12.9 billion. Yet revenue from HTM has dropped from 597 mio to 339 mio.

It could mean 2 things: Most maturity date did not fall in Q2. BUt if you look at past year trends, the weakest quarter is usually Q3 or Q4, and it is the first time, a significant fall of revenue is recorded.

So it could also mean there is some rolling over (speculation)of HTM assets. e.g. extension of maturity date.

But all in all, positives offset negatives.

(divested, but still interested)

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