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11-09-2014, 09:00 PM
Comparing to this company with TTJ, I am a bit confused.
The business model seems to be different.
Before 2013, YongNam has a higher gross margin at 30% plus, much better than what TTJ has.
Even if TTJ has a dormitory business which greatly improves the gross margin.
Debt of YN does not seems to be a big problem then.
Year 2013 and 2014 were hit by two project delay cost overrun, plus one main-con bankruptcy.
But can we treat this as one time issue, and take this down turn as an opportunity for a turn-around?
The market is still there, the order book is healthy, and YN is still the biggest with a long track record.
The business model seems to be different.
Before 2013, YongNam has a higher gross margin at 30% plus, much better than what TTJ has.
Even if TTJ has a dormitory business which greatly improves the gross margin.
Debt of YN does not seems to be a big problem then.
Year 2013 and 2014 were hit by two project delay cost overrun, plus one main-con bankruptcy.
But can we treat this as one time issue, and take this down turn as an opportunity for a turn-around?
The market is still there, the order book is healthy, and YN is still the biggest with a long track record.