ShareJunction - Member Posts

x 0

Satisfaction. When average holding cost go up the share price also go up and theorectically, the price buffer is maintained at the gap I want. This is without consider dividends of $0.018 + $0.022 + $0.0345 too. Now it seems can average up a bit more especially it seems that sell q are no longer in the range of over 10,000m at various " ask" . But resistance at $0.625 now, let' s see buyers want to take it down fast by today.

HVRRVH ( Date: 28-Feb-2025 22:16) Posted:

I have exceeded slightly my pre-capped average holding cost, now stand at $0.3819. I have kind of ' utilised' part of the anticipated dividend to purchase the shares now, in case the price keep trending up. I will stop adding for the time being unless the price trend down slightly or stay put after XD. New targeted ' pre-capped' average holding cost post XD is $0.45. Incidentally, today' s volume is 9th highest historically. In fact, volume at such high level was last seen on 16.8.22, and the 1st to 8th highest volumes all preceded 16.8.22. In other words, we have not seen such high volume after the 1st 4 months of YZJF listing. The big difference here is that previously, the high volumes drove the price down and now it is the opposite. We can read all we like into this using technical analysis but suffice to say, long holders have no reason to sell unless need to realise profit or recycle capital to other stocks. Sure got profits and if not, sometning is seriously wrong if we still suffer unrealised loss if we have been around since day 1, unless of course we bought above $0.595 and did nothing to average down with prices hitting lowest of $0.285 before reversing up till now.

HVRRVH ( Date: 14-Feb-2025 16:38) Posted:

We have to decide for ourselves. Personally, I just put it out there for reference purpose to look back myself sometime later, study and examine my own thoughts processes and actions taken. Thus far, my bottomline is that I won' t add till my outright average price is above $0.375.

x 0

I have exceeded slightly my pre-capped average holding cost, now stand at $0.3819. I have kind of ' utilised' part of the anticipated dividend to purchase the shares now, in case the price keep trending up. I will stop adding for the time being unless the price trend down slightly or stay put after XD. New targeted ' pre-capped' average holding cost post XD is $0.45. Incidentally, today' s volume is 9th highest historically. In fact, volume at such high level was last seen on 16.8.22, and the 1st to 8th highest volumes all preceded 16.8.22. In other words, we have not seen such high volume after the 1st 4 months of YZJF listing. The big difference here is that previously, the high volumes drove the price down and now it is the opposite. We can read all we like into this using technical analysis but suffice to say, long holders have no reason to sell unless need to realise profit or recycle capital to other stocks. Sure got profits and if not, sometning is seriously wrong if we still suffer unrealised loss if we have been around since day 1, unless of course we bought above $0.595 and did nothing to average down with prices hitting lowest of $0.285 before reversing up till now.

HVRRVH ( Date: 14-Feb-2025 16:38) Posted:

We have to decide for ourselves. Personally, I just put it out there for reference purpose to look back myself sometime later, study and examine my own thoughts processes and actions taken. Thus far, my bottomline is that I won' t add till my outright average price is above $0.375.

hokpin ( Date: 14-Feb-2025 16:23) Posted:

So now every retreat presents a buying opportunity

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oh ya. thanks. I overlook , mind preoccupied with other stocks.

Secret_Squirrel ( Date: 28-Feb-2025 15:26) Posted:

links.sgx.com/1.0.0/corporate-announcements/4XEY3CY9YQA75YJ9/9463dde6a53243d60d9a3a468f2908dacedec923daf201d7b95e02b8bd9f5f92

The company did a company sharebuy back yesterday, of 210,400 shares at 91.5 cents per share.

Sharebuyback is back again

HVRRVH ( Date: 28-Feb-2025 14:26) Posted:

Yesterday added at 92. Felt lousy when it traded at 91. This morning traded at 91 again felt double lousy until now. Volume increased and so far, no announcement on SBB so cautiously optimistic as it meant there are other big buyers.

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Yes I do hope if the spin off materialised, it would not be at listing price of below $0.50. Hope to see YZM get scale up before spinning off if spin off is on the card. When Ren see trading price 0.5x of NAV, he see the need to create value for shareholders and he seems know how to do it. Cheers.

volvo125 ( Date: 28-Feb-2025 13:59) Posted:

The mother YFH can definitely retain it' s listing status after spinning off the Maritime unit (say we give it a name YM). Chinese DI is ~$1.2b (gross return 11%~12% pa), DI in SG in the form of private credits has an AUM target of $500M (with Tahan, Heliconia, return ~9% pa, liu hua mentioned that in the webiner) plus the p& pe in china ($292m, powerpoint), plus cash in china ($420m, powerpoint). YFH AUM works out to be $2.4b, definitely big enough and has a baseload profit base to retain it' s listing.

So at the current of AUM $4.2b, The new YFH will be ~$2.4b, the new YM will probably start with $1.8b or more if Ren decides to allocate more cash into YM.

HVRRVH ( Date: 28-Feb-2025 11:33) Posted:

I think old Ren has some bright ideas with regard to the spin off. Something must be afoot if not he wouldn&rsquo t talk about it to The Edge. Also, the trading volume of YZJF has been higher than average for some time now. However, using simple calculation, it seems that at present, the Maritime segment [YZJM] under YZJF is not big enough to stand alone. The net asset is S$4.07b, AUM is $S4.22b, NAV is S$1.17 and the Maritime segment accounted for about 12% of these values so if based on NAV, the Maritime segment is only valued at NAV S$0.14. To spin off, the theoretical open market price is expected to be $0.14 but we all know what happened to the main YZJF spin off from YZJS. If Ren did not communicate beforehand with institutional shareholders, if these institutions decide to dump again owing to no mandate or whatsoever, then the YZJM will get hammered down like YZJF.

If spin off indeed happen, the other segment, i.e, the cash and yield and equity, we may call it Yangzijiang Investment [YZJI], is more interesting as its share of NAV is about 54% therefore = S$0.63. These are mostly cash which old Ren said he welcome interested partners to &lsquo pool assets together&rsquo . Given that these are mostly liquid hard cash amounting to about S$1.8b, could this go the iFast route? How much will the market value it if it does get listed via spin off? It&rsquo s anyone&rsquo s guesses.

Lastly, if the above 2 get spin off, YZJF will be left with the Debt Investment asset [YZJDI]. This is worth about 34% [SG & China combined, China only 29%] of total assets. This would give YZJDI the value of S$0.39. I don&rsquo t think this can get listed as it is the reason why YZJF was hammered down since spin off. Therefore, would old Ren form a private company to buy over this? He can do so by scheme of arrangement and distribute shares to YZJF shareholders. If no premium, each existing YZJF share will get S$0.39 and we would have a situation of YZJF reorganise into 3 separate entities, ie, spin off of Maritime to become YZJM with theoretical listing price of $0.14, listing of YZJI at $0.63 and privatisation of YZJDI at $0.39.

So existing shareholders will &lsquo realised&rsquo 100% of the NAV in the best case scenario but of course, the reality is far more complex than my simple paper exercise but nonetheless, I think old Ren know much better than me how to handle this to unlock shareholders&rsquo value. It is likely that he would beef up YZJM to some scale before spinning it off. The best is he indeed retire the Debt investment from YZJF.

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Yesterday added at 92. Felt lousy when it traded at 91. This morning traded at 91 again felt double lousy until now. Volume increased and so far, no announcement on SBB so cautiously optimistic as it meant there are other big buyers.

x 0

Something real is happening. For a moment I thought my latest purchase of 58 and 555 was too expensive

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I think old Ren has some bright ideas with regard to the spin off. Something must be afoot if not he wouldn&rsquo t talk about it to The Edge. Also, the trading volume of YZJF has been higher than average for some time now. However, using simple calculation, it seems that at present, the Maritime segment [YZJM] under YZJF is not big enough to stand alone. The net asset is S$4.07b, AUM is $S4.22b, NAV is S$1.17 and the Maritime segment accounted for about 12% of these values so if based on NAV, the Maritime segment is only valued at NAV S$0.14. To spin off, the theoretical open market price is expected to be $0.14 but we all know what happened to the main YZJF spin off from YZJS. If Ren did not communicate beforehand with institutional shareholders, if these institutions decide to dump again owing to no mandate or whatsoever, then the YZJM will get hammered down like YZJF.

If spin off indeed happen, the other segment, i.e, the cash and yield and equity, we may call it Yangzijiang Investment [YZJI], is more interesting as its share of NAV is about 54% therefore = S$0.63. These are mostly cash which old Ren said he welcome interested partners to &lsquo pool assets together&rsquo . Given that these are mostly liquid hard cash amounting to about S$1.8b, could this go the iFast route? How much will the market value it if it does get listed via spin off? It&rsquo s anyone&rsquo s guesses.

Lastly, if the above 2 get spin off, YZJF will be left with the Debt Investment asset [YZJDI]. This is worth about 34% [SG & China combined, China only 29%] of total assets. This would give YZJDI the value of S$0.39. I don&rsquo t think this can get listed as it is the reason why YZJF was hammered down since spin off. Therefore, would old Ren form a private company to buy over this? He can do so by scheme of arrangement and distribute shares to YZJF shareholders. If no premium, each existing YZJF share will get S$0.39 and we would have a situation of YZJF reorganise into 3 separate entities, ie, spin off of Maritime to become YZJM with theoretical listing price of $0.14, listing of YZJI at $0.63 and privatisation of YZJDI at $0.39.

So existing shareholders will &lsquo realised&rsquo 100% of the NAV in the best case scenario but of course, the reality is far more complex than my simple paper exercise but nonetheless, I think old Ren know much better than me how to handle this to unlock shareholders&rsquo value. It is likely that he would beef up YZJM to some scale before spinning it off. The best is he indeed retire the Debt investment from YZJF.

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The interview with the Edge as follows:

Spinning off the financial investment arm of Yangzijiang Shipbuilding (YZJS) is one of the best things Ren Yuanlin believes he has done for shareholders. The shipbuilder&rsquo s share price has gone up more than threefold, giving it a market value in excess of $10 billion, since Yangzijiang Financial Holding (YFH) made its own trading debut in April 2022.

Before that, many investors had reservations about YZJS being involved in both shipbuilding and financial services. Among their concerns was its exposure to the financial sector in China, where it faced the risk of being saddled with bad loans as its business included lending to Chinese companies and sole proprietors.

That&rsquo s water under the bridge now. Even shares of YFH have gained a new following. The stock has been clocking a series of new 52-week highs this year. The Edge Singapore flagged in early February that YFH was undervalued as it was trading at even less than its net cash per share despite being profitable and paying out 40% of its earnings as dividends (Issue 1174: Is it YZJ Financial&rsquo s turn to shine after YZJ Shipbuilding&rsquo s bull run?)

Having tasted success from the spin-off, Ren, who founded YZJS and is executive chairman and CEO of YFH, is hopeful he can do it again. This time around, he sees potential for YFH to carve out a part of its business to float it on an exchange, possibly in Singapore.

&ldquo Yangzijiang Financial&rsquo s maritime investment business has high growth potential. The profitability of this segment may be even greater if it&rsquo s a standalone,&rdquo Ren tells The Edge Singapore.
The global maritime industry is on a huge decarbonisation drive, with the UN-backed International Maritime Organisation and the European Union pushing ship owners to remodel their fleets and rely more on technology to reduce emissions. This, in turn, is fuelling demand for alternative sources of funding for ship upgrades and newbuilds.

YFH&rsquo s maritime-related investments, including vessels, finance leases, loan services and ship chartering, amounted to $497 million as at end-2024, accounting for 12% of its total assets under management (AUM) of $4.2 billion. That proportion was only 4% a year earlier.

As for its cash management business, which makes up the lion&rsquo s share of its AUM at 43%, Ren says he&rsquo s open to working with suitable partners to pool their assets together with an eye on a spin-off.

Nothing has been firmed up yet as plans are still at an early stage, according to Ren. The idea is timely, nonetheless, in light of the Monetary Authority of Singapore&rsquo s (MAS) push to revive the local equities market.

The task force set up by the central bank to jumpstart the stock market unveiled its first set of measures on Feb 21. These include a $5 billion fund for money managers to actively invest in Singapore stocks and various tax incentives to attract companies to list here. &ldquo Of course, I am keen (on what MAS is doing),&rdquo says Ren. &ldquo We just have to see the level of support from the Singapore government.&rdquo

Scaling down in China
YFH&rsquo s interest in further deepening its roots in Singapore is in line with its ongoing efforts to derisk from China, where it first started its investment business. Back then, when the business was still part of YZJS, it offered loans to small businesses and individual proprietors. Collateral, mainly in the form of real estate, was usually required before any loan was disbursed.

The downturn in China&rsquo s property market left the company with a bunch of non-performing loans, prompting it to set its sights on Singapore, where it eventually listed in 2022.
YFH&rsquo s current business model is about pursuing capital appreciation and dividend income, as well as fees from managing third-party investment funds and providing wealth management services.

Singapore now accounts for 54%, or $2.3 billion, of YFH&rsquo s AUM in terms of geographical allocation, with China responsible for the remaining 46%. Less than a third of its AUM was in Singapore in 2023.

YFH&rsquo s debt investments in China are still substantial, though, making up 62% of its $1.9 billion AUM there. Interest income from debt investments in China more than halved to $124 million last year from $259 million in 2023.

On the flip side, both interest income from cash management operations and non-interest income increased last year. This enabled YFH to boost its 2024 earnings to nearly $304 million from $201 million for the previous year.

&ldquo China&rsquo s economy is not doing well, but we have derisked over the years and are now an international company. Our fortunes are far less dependent on the Chinese economy,&rdquo says Ren.

That, he says, is why he is not particularly concerned about the uptick in YFH&rsquo s non-performing loan ratio to 46.9% at end-2024 from 42.8% in the previous year. &ldquo We own the plots of land that were pledged to us as collateral for our loans. We can sell the land.&rdquo

He says YFH&rsquo s interest and dividend income from China will continue to fall as the company seeks to build up investment income from Singapore and the maritime sector.

&ldquo I believe Yangzijiang Financial will continue to be a fast-growing business. We are no longer a traditional finance company giving loans to businesses. We are now an asset management company focused on the maritime industry, a space we know very well.&rdquo

Going green
Even the prospect of a huge supply of newbuild ships entering the global maritime market over the next few years is no cause for concern for Ren. Most of these vessels are currently under construction in China, the world&rsquo s largest shipbuilder.

&ldquo Many shipowners made a lot of money over the years and placed orders for more vessels. Shipyards aggressively expanded their production capacity to take on these orders, many of which are due for delivery by 2028,&rdquo he says. &ldquo We foresaw this problem.&rdquo

The problem with many of these upcoming newbuilds is that they do not fully meet strict environmental regulations on carbon emissions, he lets on. The way he sees it, demand for so-called green ships will remain resilient because of these regulations.

YFH is raising a US$600 million ($802 million) fund to invest in so-called green vessels. Some US$450 million has already been used to buy dozens of such vessels for deployment worldwide. It now has 66 vessels, ranging from tankers and gas carriers to container ships and dry-bulk carriers, in its investment portfolio.

Private credit is another area YFH is looking to be more actively involved in. It has partnered with Heliconia Capital, a unit of Temasek Holdings, to set up a fund of up to $150 million to invest in promising small and medium enterprises in Singapore and Vietnam. The fund co-invests with other funds managed by Heliconia. YFH also has a collaboration with Tahan Capital Management, a Singapore-based boutique fund manager, to invest in private credit assets in Asia.

If YFH plays its cards right, &ldquo shareholders will not be denied the same kind of returns that shareholders of Yangzijiang Shipbuilding have enjoyed over the years,&rdquo Ren says. Shares of YZJS doubled in value, while YFH&rsquo s shares rose 28% last year.

&ldquo We expect improving macroeconomic conditions, both in China and abroad, to support a stronger investment landscape for Yangzijiang Financial, and therefore its AUM growth outside China, as well as its non-performing loan recoveries,&rdquo says Andrea Chong, an analyst with CGS International Securities. She has an &ldquo add&rdquo rating and raised her target price on the stock from 42 cents to 66 cents.

HVRRVH ( Date: 27-Feb-2025 19:12) Posted:

Wah now thinking of spinning off Maritime businesses! He didn' t let the cat out at all on 25.2.25 webinar briefing with investors. Of course, everything is at its infancy stage and perhpas this is just one of old Ren' s idea, whether it will come to fruition or not still premature to say.

x 0

Wah now thinking of spinning off Maritime businesses! He didn' t let the cat out at all on 25.2.25 webinar briefing with investors. Of course, everything is at its infancy stage and perhpas this is just one of old Ren' s idea, whether it will come to fruition or not still premature to say.

x 0

I don' t know what to say. Usually once I have no stake in the stock anymore, I will not post anything in the thread concerned. But I kena x 1 sia for just expressing and sharing my thought processes. It' s ok, shall be gracious and thankful for the profit albeit it became smaller for selling late. Really don' t know what' s going on with the sell down despite done deal with Saudi.

HVRRVH ( Date: 26-Feb-2025 15:52) Posted:

Heavy sell down, if no news I still can hold but with the sale of Olam Agri and with the price move up on first trading day after the news and now the price movement is very unusual. I am out while still have profits. Vested for about 2 years, what a shame, had intended to hold and build up my holding. Perhaps the news of Olam Agri borrow 2,000m even with the sale sealed and done do not sit well with the market.

FOREVERFREEDOM ( Date: 26-Feb-2025 15:45) Posted:

Yes, nothing left after Olam Agri sold. Earning will be lesser in future. Nothing to support it to stay at high price

x 1

x 0

Owing to YZJS situation, somehow YZJF is also facing selling pressure. Market could be thinking that YZJF is also in the Maritime businesses. However, YZJF is financing ship owners who wants to buy ships so in that sense, once the deal is committed, YZJF stand to gain the returns so there is some difference here. Anyway, as mentioned in previous post, at some points defence line at $0.56 to $0.575 will be tested. Cunning BBs yesterday maintian price at $0.58 with long queues both at bid and ask and today decided to move goal post down a bit. Let' s see what happen next.

HVRRVH ( Date: 25-Feb-2025 11:26) Posted:

If I nitpick, I would say the forex gains and govt grants as well as NPL wrote back are blemishes of the results. Simply because these outputs are not the result of the normal course of businesses. Market would happily discount them and refuse to push up the share price. In addition, US is turning inward and making things hard for other countries to do business. It is no longer a matter of demand and supply as tariffs skew the economic landscape. With YZJF venturing into Maritime and related businesses with success so far, this would normally warrant a re-rating but in view of US policies of crippling its rival by making business activities hard for the rest of the world, the market is cautious. We are back to last few years where investors adopting wait and see attitude rather than re-rate the share price based on forward looking scenarios. The difference is that previously, the share price was hovering around $0.3 to $0.35 but at least, now the base of $0.56 to $0.575 should be easily defence if there are any attempts to sell down, reasons being YZJF has proved that they walk the talk. Scaling down DI, shifting capital out of China, venturing into new [Maritime related] businesses and more importantly, the company is deft free with huge cash in hands. Cash is king if somehow, the world sink into a recession as that will be the time everything is on sale on bargain and it will be a buyer market. In a nutshell, ignore short term price volatility as after all, for long term investors, what' s key is every year there is good dividend to collect while waiting for the market to finally re-rate the company.

HVRRVH ( Date: 25-Feb-2025 00:10) Posted:

On hindsight now I thank T Rowe and other institutions that sold down YZJF, I am not mocking them and seriously I am thanking them. If they didn' t sell, they may start selling NOW with larger capital gains or they may sell after XD. With their big holding, if they sell now it would supress upward price movement. This is not to say the price will sure trend up from tomorrow, we really don' t know what game BBs are up to. Good results good prospects good growth etc all amounting to nothing if they have weird plan or interpretation of the results. They can hold the view that the ' other' gain is too large and would not be repeated [Forex gain & govt grant = 72m] they can say prospect no good as the write back of credit allowance [15m] has also skew the results and may not be repeated they can say YZJF don' t know how to deploy the huge cash, instead of deploying it, now it has gone up to 1.8b instead and cash in hands/equivalent is now 52 cents per share! For me, I like the Maritime and related businesses, it has started showing the growth and managment has indicated that they will reallocate some fund from Cash Managment to Maritime. Maritime is now the YZJF' s main growth engine. So let' s see how the market react tomorrow. I would venture to say that it should go up, and may not go up as much as the corresponding dividends 3.45 cents but it will be unthinkable if it get sell down. If it happens, let' s all quit SGX market and venture overseas markets instead.

x 0

Point 9 in question. As far as YZJF is concerned, it was only mentioned that ' No direct impact' . We arent' even talking about assurance or anything like that.

behonest ( Date: 26-Feb-2025 18:33) Posted:

i disagree,

they didnt give assurance how trump policy affect the marinetime industry

HVRRVH ( Date: 26-Feb-2025 11:37) Posted:

Some key points from yesterday L& T' s investors briefing. All from the top of my head so informatin may lack details but they were what transpired in the webinar:

1) Worst is over for NPL
2) Maritime businesses can only get better
3) Will continue to scale up Maritime businesses till all the fund allocated is exhausted
4) Will continue SBB at appropriate time
5) 40% dividend payout ratio will continue beyond the 1st 3 years
6) No aim for now to increase the payout ration beyond 40%
7) Continue efforts to resolve NPL
8) Will continue depatch excess cash [Esp from DI when mature when collected NPL / writebacks etc] to SG for investments
9) US threat of shipping tarrifs may affect shipbuilders but businesses concerned well in place to absorb extra cost and it is likely that the cost will be pass on to consumers. No direct impact on YZJF' s Maritime businesses
10) This is good time to invest in both YZJF and YZJS
11) Many YZJF' s employees buying YZJF shares
12) Investors will reap the reward in time to come [Chairman' s words]

In view of the above, I bought a bit more at $0.58 this morning. Quite relunctance actually since this is quite high above my average cost of $0.36. However, high can go higher and low can go lower. Price consideration is valid but overall, have to look at the prospects of the business and I think for YZJF, it has just started [Chairman' s words too] and since time is on the side of long instead of short, plus dividend yield on cost is still attractive and it is likely that going forward, YZJF can match/increase preceding dividends, just act and buy lah don' t over analysis.

Also, to catch the inevitable market volatility and correction, has standby fund to buy more so that average holding cost is maintained at ideal price range.

x 0

x 1

Heavy sell down, if no news I still can hold but with the sale of Olam Agri and with the price move up on first trading day after the news and now the price movement is very unusual. I am out while still have profits. Vested for about 2 years, what a shame, had intended to hold and build up my holding. Perhaps the news of Olam Agri borrow 2,000m even with the sale sealed and done do not sit well with the market.

FOREVERFREEDOM ( Date: 26-Feb-2025 15:45) Posted:

Yes, nothing left after Olam Agri sold. Earning will be lesser in future. Nothing to support it to stay at high price?

HVRRVH ( Date: 25-Feb-2025 11:34) Posted:

Price momentum quite lousy even with the news. OLAM could be looking to sell off all their assets, become a cash company and delist. Practicaly only left with Ofi after Olam Agri. If this pan out, market do not see the sales price exceeding its NAV and relunctant to push the share price.

x 0

Unfortunately this price movement very weird. Sold all with lesser profit. Partly also I happen to have other stocks that I intended to add in the near future, so kind of recycle capital.

HVRRVH ( Date: 25-Feb-2025 13:16) Posted:

For Olam I will do nothing to my holding. In time to come ofi may get listed and I will get ofi shares via distribution in specie from Olam shares. If the valuation is good, can sell or keep. Olam could sell ofi too then Olam really empty liao, and have to return all cash to shareholders and delist.

x 2

x 0

I forgot one very important point:

NO PLAN AT ALL TO PRIVATISE / DELIST

Hope the certain individual in this forum can stop talking about privatisation / delisting once and for all. Maybe he/she already knew. Maybe he/she was the one who asked the question.

HVRRVH ( Date: 26-Feb-2025 11:37) Posted:

Some key points from yesterday L& T' s investors briefing. All from the top of my head so informatin may lack details but they were what transpired in the webinar:

1) Worst is over for NPL
2) Maritime businesses can only get better
3) Will continue to scale up Maritime businesses till all the fund allocated is exhausted
4) Will continue SBB at appropriate time
5) 40% dividend payout ratio will continue beyond the 1st 3 years
6) No aim for now to increase the payout ration beyond 40%
7) Continue efforts to resolve NPL
8) Will continue depatch excess cash [Esp from DI when mature when collected NPL / writebacks etc] to SG for investments
9) US threat of shipping tarrifs may affect shipbuilders but businesses concerned well in place to absorb extra cost and it is likely that the cost will be pass on to consumers. No direct impact on YZJF' s Maritime businesses
10) This is good time to invest in both YZJF and YZJS
11) Many YZJF' s employees buying YZJF shares
12) Investors will reap the reward in time to come [Chairman' s words]

In view of the above, I bought a bit more at $0.58 this morning. Quite relunctance actually since this is quite high above my average cost of $0.36. However, high can go higher and low can go lower. Price consideration is valid but overall, have to look at the prospects of the business and I think for YZJF, it has just started [Chairman' s words too] and since time is on the side of long instead of short, plus dividend yield on cost is still attractive and it is likely that going forward, YZJF can match/increase preceding dividends, just act and buy lah don' t over analysis.

Also, to catch the inevitable market volatility and correction, has standby fund to buy more so that average holding cost is maintained at ideal price range.

x 1

x 0

Some key points from yesterday L& T' s investors briefing. All from the top of my head so informatin may lack details but they were what transpired in the webinar:

1) Worst is over for NPL
2) Maritime businesses can only get better
3) Will continue to scale up Maritime businesses till all the fund allocated is exhausted
4) Will continue SBB at appropriate time
5) 40% dividend payout ratio will continue beyond the 1st 3 years
6) No aim for now to increase the payout ration beyond 40%
7) Continue efforts to resolve NPL
8) Will continue depatch excess cash [Esp from DI when mature when collected NPL / writebacks etc] to SG for investments
9) US threat of shipping tarrifs may affect shipbuilders but businesses concerned well in place to absorb extra cost and it is likely that the cost will be pass on to consumers. No direct impact on YZJF' s Maritime businesses
10) This is good time to invest in both YZJF and YZJS
11) Many YZJF' s employees buying YZJF shares
12) Investors will reap the reward in time to come [Chairman' s words]

In view of the above, I bought a bit more at $0.58 this morning. Quite relunctance actually since this is quite high above my average cost of $0.36. However, high can go higher and low can go lower. Price consideration is valid but overall, have to look at the prospects of the business and I think for YZJF, it has just started [Chairman' s words too] and since time is on the side of long instead of short, plus dividend yield on cost is still attractive and it is likely that going forward, YZJF can match/increase preceding dividends, just act and buy lah don' t over analysis.

Also, to catch the inevitable market volatility and correction, has standby fund to buy more so that average holding cost is maintained at ideal price range.

x 0

Thank you Hyphens. Sold all, not a very big position in my portfolio plus growth seems stagnant plus lumpy dividends. Sometimes good sometimes bad, yes, last year $0.0086 was bad this year $0.015 is quite good but don' t want such unpreditability stock in my portfolio. Am very thankful for the special dividends $0.036 2 years ago. Will keep the stock in watchlist for the time being.

HVRRVH ( Date: 29-Dec-2024 13:18) Posted:

Cut half. Despite Fed rate cuts, US bond yield has gone up instead and this make Hyphens' dividend yield very unattractive. It is quite likely that rate will stay high and overall investment environment should be quite volatile in 2025 and it would be ideal to have hold some cash. SG Tbill is still hovering around 3% which is higher than Hyphen' s dividend yield. The company' s growth path is not fast and wide as I would have expected but I would still like to keep some investment in them. Thankful for the 5-year special dividends that paid out on 31/8/23 that made my yield on the counter to hit almost 15% in that year!

HVRRVH ( Date: 21-May-2024 12:24) Posted:

KIV till next results and see how, since 28.5 - 29.5 is supported.

Coverage by CGS International.

https://www.hyphensgroup.com/wp-content/uploads/2024/05/HYP-1Q24-trading-update-note.pdf

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A few Ks unrealised profit in about 1 and 1/2 month. Tempted to take profit but decided to go for the long haul. Afterall, buying with collecting dividend in mind and also to add if price turn down. Now may not be able to add at my ideal price range but existing holding should achieve higher yield on cost if the company pay out higher dividend, which is likely as they have committed to the new 50% payout ratio. Plus, there is a small chance for growth with businesses in China stabilising.

HVRRVH ( Date: 13-Jan-2025 18:24) Posted:

Initiated a position today @ $0.83, post here for self reference. Next level to buy for me is below 80 cents, if it come to that.

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Good question. I was the one complimented him for his reassuring reply. Yes, he practically said these few days market is feeling negative and it is good opportunity to invest in both YZJF and YZJS and their share prices are surpressed. Thanks to other participants too who asked mostly and if not all relevant questions. Old Ren is striaghtalking and show that he is extremely confidence in what he is doing. I shall respect the session and share what I think can be shared as he did address the partiipants at one point and seemed suggesting some information was only meant for those presence.

volvo125 ( Date: 25-Feb-2025 18:52) Posted:

I asked the last question, highlighting that I still think the non recurring $72m forex and chinese govt grant is material to YFH FY24 strong performance, and asked whether YFH could at least maintain or even exceed the NPAT $300m in FY25 ( I was indirectly asking whether the DPS 0.0345 could sustain in FY25). Uncle Ren reiterated that the MF and new maritime businesses and Pte Credits via SG are all progressing well, NPL provision is already behind the coy, and surplus cash from China will continue to be repatriated to SG. He confidently said that FY25 will do better than FY24.

Uncle Ren is still the straight talk, no nonsense and speak with a high sense of assuring confidence RenYL that I met during the AGM in Apr 2024. And indeed he delivered a spectacular FY24.

Hopefully, I could expect my annual dividend from YFH to exceed $250k in FY25.

HVRRVH ( Date: 25-Feb-2025 15:38) Posted:

Lim & Tan 5 pm briefing YZJF. Interested may join as follows:

Join Zoom Meeting:
https://us06web.zoom.us/j/85732297075?pwd=LLCSkqCzU9rr3a0Z EmRZ1OWRWUjVMF.1
Meeting ID: 857 3229 7075
Passcode: 008815

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Lim & Tan 5 pm briefing YZJF. Interested may join as follows:

Join Zoom Meeting:
https://us06web.zoom.us/j/85732297075?pwd=LLCSkqCzU9rr3a0Z EmRZ1OWRWUjVMF.1
Meeting ID: 857 3229 7075
Passcode: 008815