In this briefing:
- Yincheng Intl (银城国际) IPO Quick Note: A Highly Levered Nanjing Developer Bet
- Another US LNG Project Goes Ahead: Positive for the Contractors; Negative for Others Looking to FID
1. Yincheng Intl (银城国际) IPO Quick Note: A Highly Levered Nanjing Developer Bet
Yincheng International, a China Yangtze delta focused property developer, is raising up to USD 110 million to list on the Hong Kong Stock Exchange. In this note, we will cover the following topics:
- The company’s property portfolio
- Financial performance that concerns us
- Shareholders and use of proceeds
- Our view on the deal
2. Another US LNG Project Goes Ahead: Positive for the Contractors; Negative for Others Looking to FID
US private LNG company Venture Global is starting construction on its 10 million ton per annum (mtpa) US LNG export facility in Louisiana after gaining approval from the US Federal Energy Regulatory Commission (FERC). This is positive for the LNG contractor market and we discuss the companies involved in the project.
This follows final investment decision taken on Golden Pass (Exxon and Qatar Proceed with US$10bn Golden Pass LNG Terminal: Positive for Chiyoda and MDR US) and supports our thesis of a large wave of new projects that will be sanctioned in the coming months (A Huge Wave of New LNG Projects Coming in the Next 18 Months: Positive for The E&C Companies). This was viewed as a relatively speculative project and with aggressively low cost and timing estimates.
Get Straight to the Source on Smartkarma
Smartkarma supports the world’s leading investors with high-quality, timely, and actionable Insights. Subscribe now for unlimited access, or request a demo below.
