Yangzijiang Shipbuilding's recent update that it has secured US$0.92 billion worth of new orders appears bullish to UOB Kay Hian's Adrian Loh, given that its 70% higher than the group's 1H order wins.

The new orders should boost earnings visibility for the Singapore-listed shipbuilder into 2027 and 2028, Loh says in a note.

The company's shares have rallied around 64% since a decline in April.

However, the stock trades at a "very inexpensive" 2026 price-to-earnings ratio of 7.6X.

UOB Kay Hian rolls its valuation year forward to 2026 and raises the target price to S$3.60 from S$3.45.

Shares are up 1.9% at S$3.16.