Yangzijiang Shipbuilding (SGX:BS6) Margin Expansion Challenges Earnings Quality Concerns

Simply Wall St.07:26

AdvertisementYangzijiang Shipbuilding (Holdings) (SGX:BS6) posts FY 2025 results Yangzijiang Shipbuilding (Holdings) (SGX:BS6) has reported its FY 2025 first half with revenue of C¥12.9b and basic EPS...

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The company has seen revenue move from C¥13.0b in 1H 2024 to C¥12.9b in 1H 2025, with basic EPS rising over those halves from C¥0.77 to C¥1.06 and trailing 12 month EPS lifting from C¥1.68 a year earlier to C¥2.19, putting margins and profitability front and center for the market. See our full analysis for Yangzijiang Shipbuilding (Holdings). With the headline numbers on the table, the next step is to see how these results line up with the widely shared narratives about Yangzijiang’s growth, risks, and long term profitability profile. Curious how numbers become stories that shape markets? Explore Community Narratives SGX:BS6 Revenue & Expenses Breakdown as at Feb 2026 30.3% net margin puts profitability in focus  On a trailing 12 month basis, Yangzijiang generated net income of C¥8.6b on C¥28.5b of revenue, which works out to a 30.3% net profit margin compared with 25% a year earlier. What stands out for a more bullish take is that this higher 30.3% margin sits alongside trailing EPS of C¥2.19. Critics, however, point to the high level of non cash earnings as a key risk, so:\n     Supporters may highlight that net income moved from C¥6.6b to C¥8.6b over the trailing 12 months, but the warning about non cash items reminds you that not all of this flows through as cash that can support future reinvestment or dividends. At the same time, 1H 2025 net income of C¥4.2b on C¥12.9b revenue shows the recent half year also running at a high margin, which helps the optimistic view on profitability while still leaving the earnings quality question open.    Earnings growth outpaces revenue trends  Over the last year, earnings grew 30.2% while revenue is forecast to grow about 11.8% per year compared with a 4.6% revenue growth forecast for the Singapore market, and trailing EPS rose from C¥1.68 to C¥2.19 over that period. Bullish investors often argue that this kind of earnings growth points to a stronger business, and the reported numbers give them some backing. They also add a few wrinkles to think about:\n     The trailing 12 month net income moved from C¥6.6b to C¥8.6b while revenue stayed in the mid C¥20b range, which suggests earnings are growing faster than sales and puts extra attention on how sustainable that margin profile is. Analysts in the dataset expect future earnings growth of around 8.9% per year and revenue growth of 11.8% per year, which is slower than the recent 30.2% earnings growth, so anyone leaning on the bullish story needs to recognise that the recent pace is not what forecasts are assuming will continue.    If you want to see how other investors are joining the dots between these growth figures and valuation, have a look at 📊 Read the what the Community is saying about Yangzijiang Shipbuilding (Holdings). for a broader range of views.\n\nP/E of 10.7x and DCF fair value gap  The shares trade on a trailing P/E of 10.7x, below the Asian Machinery industry average of 26.6x and a peer average of 16.1x, and the dataset’s DCF fair value of S$12.70 sits well above the current share price of S$4.34. For a more cautious or bearish angle, investors point out that this apparent valuation gap comes with important qualifiers tied directly to the cash profile:\n     The 2.76% dividend is flagged as not being well covered by free cash flow, which means that despite a low P/E and the DCF fair value being almost 3x the current price, the cash generated after investment needs is not comfortably backing current payouts. Combined with the high level of non cash earnings in the period that produced the C¥8.6b trailing net income, skeptics argue that simple price multiples and DCF fair value estimates may look appealing on paper but need to be weighed against how much of those earnings are truly cash backed.    Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Yangzijiang Shipbuilding (Holdings)'s growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. If this mix of strong margins and cash flow questions feels like a lot to weigh up, take a moment to review the full data for yourself, including 4 key rewards and 2 important warning signs, so you can decide where you stand. See What Else Is Out There The company’s high share of non cash earnings and weak free cash flow coverage for its 2.76% dividend raise questions about earnings quality and payout strength. If you want income that leans more on cash than accounting, check out 445 dividend fortresses today to quickly spot yield ideas with sturdier support.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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