Currency FluctuationsEvery 1% depreciation in the USD could lead to a 1.5% decline in earnings.
Industry RisksKey downside risks: surge in steel costs affecting margins, order cancellations, unfavourable outcome of US investigation into China’s shipbuilding industry impacting its new order wins.
Steel CostsEvery 1% rise in steel cost, which accounts for about 20% of cost of goods sold (COGS), could result in a 0.8% drop in earnings.