0348 GMT - Yangzijiang Shipbuilding's improved shipbuilding margin outlook is likely backed by its higher-value orders won in 2023-2024, say CGS International analysts in a note. The analysts remain bullish on the Singapore-listed shipbuilder given its high earnings visibility and US$22.4 billion order book. CGSI raises its 2026, 2027 and 2028 shipbuilding segment gross margin estimates to 37%, 35% and 33%, respectively, from previous forecasts of 35% in 2026, 32% in 2027 and 31% in 2028. The brokerage lifts its target price to S$5.75 from S$5.10 and reiterates its add rating. Shares rise 8.6% to S$4.56, leading gains on the benchmark FTSE Straits Times Index.