Yangzijiang Shipbuilding (Holdings) Ltd (SGX: BS6) started the week on the front foot, rebounding after a late-week pullback and putting the spotlight back on the group’s massive order book, “green vessel” mix, and a debate that refuses to die: is the stock still cheap for what it’s building—and when it’s delivering?
As of Dec 22, 2025 (14:39 SGT), BS6 traded at S$3.45, up S$0.08 (+2.37%), with ~6.49 million shares traded and an intraday range of S$3.39 to S$3.45. [1]
That puts the stock within about 3.6% of its 52-week high (S$3.58)—and up roughly 92% from the 52-week low (S$1.80). [2]
BS6 share price today: rebound after a volatile week
The move on Dec 22 comes days after the stock fell 2.9% to S$3.37 on Dec 19, when it was flagged as the biggest decliner on the Straits Times Index (STI) in that session. [3]
That quick swing is a neat summary of how the market is treating shipbuilders right now:
long-term optimism (order visibility, margins, “green” demand) colliding with short-term nerves (policy shocks, contract headlines, and the always-lurking shipping cycle).
What the company does—and why the market cares
Yangzijiang Shipbuilding is Singapore-listed, China-based, and operates across shipbuilding, a shipping segment generating charter income, and other businesses (including terminal and ship design services, property investment, and retained investments post spin-off). [4]
It builds a broad commercial vessel mix—containerships, tankers, bulk carriers, LNG/gas vessels, and more. [5]
One practical note for investors: Yangzijiang is dual-currency listed on SGX—BS6 (SGD) as the primary counter and SO7 (RMB) as the secondary. [6]
Latest company news that still matters on Dec 22: order wins, order book, and “green” mix
There may not be a fresh company-specific bombshell dated Dec 22—but investors are still digesting the most recent operational update, and it’s the one that keeps showing up in broker notes.
9M FY2025: order wins accelerate, backlog stays huge
In its 9M FY2025 update (ended Sep 30), Yangzijiang reported order wins of about US$2.17 billion (roughly four times the 1H pace), bringing the total order book to ~US$22.83 billion. [7]
Key datapoints that brokers keep circling in red ink:
- “Green vessels” made up about 71% of the total order book value. [8]
- Vessel deliveries:46 delivered year-to-date, which the company framed as 82% of its FY2025 delivery target of 56 vessels. [9]
- Order mix: the update cited wins including containerships, bulk carriers, and gas carriers (commonly reported as 38 containerships, 10 bulk carriers, and 2 gas carriers). [10]
Seatrade also summarized the backlog as extending as far as 2030, underscoring the core bull argument: revenue visibility is not a problem; execution and pricing are the game. [11]
Business Times: orders slower than last year, but quality and timing matter more than pure volume
The Business Times reported that as of Nov 17, Yangzijiang had secured about US$2.2 billion of orders year-to-date—about one-fifth of the US$11.6 billion achieved in the same period the year before. [12]
That “down versus 2024” headline is real, but the detail matters:
- The reported outstanding order book was about US$22.8 billion from 245 vessels, with green vessels ~71% of value. [13]
- Containerships remained dominant, cited at US$16.2 billion across 126 vessels. [14]
- Management pointed to improved customer sentiment with “greater clarity” in the macro outlook, while also warning that industry backlog and limited Tier-1 slots keep shipowners cautious about 2030 and beyond deliveries. [15]
That last point is crucial: when lead times stretch toward five years, the “order win” narrative becomes as much about what you’re building (fuel tech, specs, margins) and when you can deliver (slots) as it is about the raw dollar figure.
Expansion projects: a longer-term capacity and infrastructure bet
From the same operational update coverage, Yangzijiang outlined major build-outs scheduled for completion by 1H 2027:
- Expanding Project Hongyuan to 866,671 square metres (about 17% larger than the existing site). [16]
- Constructing an LNG terminal business (terminal and LNG storage tank facilities), also targeted for 1H 2027 completion. [17]
Investors tend to read these as: “We think the energy-transition vessel pipeline is durable—and we’re positioning the yard/infrastructure to capture it.”
Forecasts and analyst outlook as of Dec 22: targets cluster in the high-S$3s to mid-S$4s
Here’s the state of play on sell-side sentiment heading into year-end.
DBS: “yards are full,” earnings growth thesis intact
DBS has described Yangzijiang as China’s leading private shipbuilder and highlighted a backlog that keeps its yards busy through 2028, with an order book cited around US$23.2 billion and an expected earnings CAGR of about 17% over the next two years (per that research snapshot). [18]
In the same DBS snapshot, the bank referenced a 12-month target price of S$3.80. [19]
DBS also quantifies sensitivity risks that matter in shipbuilding: moves in USD/RMB and steel prices can meaningfully impact earnings. [20]
UOB Kay Hian: more bullish after the 3Q/9M business update
A UOB Kay Hian analyst raised a target price to S$4.10 (from S$3.90) after the 3Q/9M update, citing “active negotiations” that could close by end-2025 and help fill 2028–2030 delivery slots. [21]
UOB’s report also pointed to management confidence in securing around US$4.5 billion in new orders for 2026, with margins expected to stay comparable to 2025 under assumptions including a stable USD/RMB environment and manageable steel prices. [22]
CGS International: higher target, “Add” stance
MarketScreener’s compiled broker updates show CGS International adjusting a target price to S$4.51 (from S$3.90) and maintaining an “Add” rating (dated Nov 19). [23]
The same feed also lists UOB’s target adjustments across multiple dates. [24]
Consensus targets: depends on the dataset, but the “center of gravity” is clear
Different aggregators pull from different analyst universes, so you’ll see slightly different consensus numbers:
- Simply Wall St: average S$3.80, with a high around S$4.51 and low around S$1.60 (11 analysts shown). [25]
- Stockopedia: consensus target price S$3.78 (about 12.3% above the referenced last close of S$3.37). [26]
- Fintel: average target S$3.86, with a very wide range (~S$1.62 to ~S$4.74) depending on analyst and timing. [27]
- Yahoo Finance: “1y Target Est” shown around S$3.79 and an ex-dividend date of May 5, 2025. [28]
- Beansprout: displayed a higher “consensus share price target” figure of S$4.503 (as shown on its target price page). [29]
Taken together, the market’s “mainstream” analyst expectation cluster is roughly S$3.8–S$4.5 over 12 months, with the upper end implying meaningful upside from the Dec 22 trading level.
Valuation snapshot: the “cheap vs cyclical” argument
On valuation, Yangzijiang continues to screen as inexpensive versus many industrials—partly because shipbuilding is cyclical and investors demand a discount for that rollercoaster.
Stockopedia, for example, referenced a P/E ratio around 7.72 based on the last close and described strong momentum relative to broader regional indices. [30]
This is the tug-of-war in one line:
- Bulls say the discount is too large given backlog visibility, margin profile, and the “green” order book shift.
- Bears say shipbuilding always looks cheap near good times—and policy shocks can hit demand without warning.
Risks investors are actively pricing (and why headlines can bite)
Contract and counterparty risk can still pop up
In early November, the Business Times highlighted that Yangzijiang shares fell after BlackRock sold ~37.8 million shares, ceasing to be a substantial shareholder. [31]
The same report referenced earlier news that subsidiaries had cancelled shipbuilding contracts worth around US$180 million with an unnamed buyer. [32]
Even when the financial impact is manageable, these events remind investors that shipbuilding contracts are long-dated agreements—and counterparty headlines can move the stock fast.
Policy risk: port-fee drama and trade friction is a real variable for global shipping economics
Late 2025 saw escalation in U.S.–China shipping measures—specifically proposed and implemented port fees targeting China-linked vessels—before subsequent pauses/adjustments. [33]
Why does a shipbuilder care? Because anything that meaningfully changes operating economics for shipowners can influence ordering behavior, timing, and preferred shipyard jurisdictions. The impact isn’t always direct, but it’s part of the background noise investors now treat as “structural.”
Cost and currency swings (the unsexy stuff that decides margins)
Shipbuilding margins are exposed to:
- steel and key equipment costs
- FX moves (especially USD revenue vs RMB cost base dynamics)
DBS explicitly models these sensitivities in its coverage. [34]
Upcoming dates: earnings and dividends
Earnings: early March is the key window
Multiple market calendars currently point to an early-March FY/Q4 reporting window:
- TipRanks lists the next earnings report date as Mar 4, 2026 (“confirmed,” time TBA). [35]
- Investing.com also points to Mar 4, 2026 as the next earnings date. [36]
- MarketScreener’s calendar shows a projected Q4 earnings release around Mar 3, 2026. [37]
Investors should treat these as calendar estimates unless and until the company/SGX confirms the precise schedule—but practically, early March is the period the market is watching.
Dividends: last paid May 2025; 2026 is still “forecast territory”
SGinvestors’ corporate action history shows the last dividend as S$0.12 per share, ex-date May 5, 2025, paid May 13, 2025, and shows no upcoming dividends/distributions listed as of Dec 22. [38]
DividendMax lists a forecast next dividend timetable (with dates shown, but the per-share amount gated), including a forecast ex-div date of May 4, 2026 and pay date May 12, 2026. [39]
Bottom line on Dec 22: what matters most for BS6 into 2026
At S$3.45, Yangzijiang Shipbuilding stock is trading near its annual highs while analysts remain broadly constructive—largely because:
- Backlog visibility is exceptional (order book around US$22.8bn range; deliveries reaching toward 2030 in some summaries). [40]
- The order book is increasingly “green” (around 71% by value), which can support pricing and relevance as shipping decarbonizes. [41]
- Brokers are focused on whether Yangzijiang can keep filling forward slots and defend margins—UOB’s note explicitly frames end-2025 order negotiations and a 2026 order target as key. [42]
The next true “market-reset” moment is likely the FY/Q4 results window in early March 2026, when investors will look for confirmation on margins, cash conversion, and forward order momentum.
References
1. sginvestors.io, 2. sginvestors.io, 3. www.businesstimes.com.sg, 4. www.reuters.com, 5. www.reuters.com, 6. sginvestors.io, 7. www.theedgesingapore.com, 8. www.theedgesingapore.com, 9. www.theedgesingapore.com, 10. www.theedgesingapore.com, 11. www.seatrade-maritime.com, 12. www.businesstimes.com.sg, 13. www.businesstimes.com.sg, 14. www.businesstimes.com.sg, 15. www.businesstimes.com.sg, 16. www.theedgesingapore.com, 17. www.theedgesingapore.com, 18. www.dbs.com.sg, 19. www.dbs.com.sg, 20. www.dbs.com.sg, 21. www.theedgesingapore.com, 22. www.theedgesingapore.com, 23. www.marketscreener.com, 24. www.marketscreener.com, 25. simplywall.st, 26. www.stockopedia.com, 27. fintel.io, 28. finance.yahoo.com, 29. growbeansprout.com, 30. www.stockopedia.com, 31. www.businesstimes.com.sg, 32. www.businesstimes.com.sg, 33. www.reuters.com, 34. www.dbs.com.sg, 35. www.tipranks.com, 36. www.investing.com, 37. www.marketscreener.com, 38. sginvestors.io, 39. www.dividendmax.com, 40. www.seatrade-maritime.com, 41. www.businesstimes.com.sg, 42. www.theedgesingapore.com
