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Loss $1 is also loss, a loss is a loss. With profit guidance saying company will register a loss, market react first and think later. How much would be the ' loss' ? Maybe market start thinking now.
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3.5 cents is the EPS I forecasted before the announcement of needing to provide more allowance for credit losses. I don' t think dividend, if pay, will be anywhere near 3 cents. Probably 1 cent and best case 1.5 cents.
HB8289 ( Date: 26-Feb-2026 15:48) Posted:
| I think now price is fairly low as their Key Dividend Forecasts
Despite the expected loss, market trackers and historical data provide the following estimates for the 2026 payout:
- Estimated Dividend: S$0.03 to S$0.035 per share.
- Projected Ex-Dividend Date: 24 April 2026 or 27 April 2026.
- Projected Payment Date: 15 May 2026.
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It would be hugely positive if npl is no longer an item on the balance sheet going forward. Let' s hope it is the case so that in future even if the npl/debt is written off, it will not affect the future balance sheets.
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Hopefully. YZJF has been drag down by DI since day 1.
volvo125 ( Date: 26-Feb-2026 11:36) Posted:
| Pre spin off as at 1H25, yfh had cash $1027m, or $1521m including yield products (near cash). Post spin off ymd took u$359m cash or ~$468m, so yfh should be left with ~$560m.
As at 1H25, yfh total assets (after adjusted for spin off) should likely be left with ~$1984m with negligible liabilities, ~$560m, ~$1120m in DI(net after $204m provisions), and ~$304m (fvtpl assets, trade receivables, others).
Yfh accounted for ~46% of the 1H25 npat or ~$63m, so fy25 npat should likely be ~$120m assuming neutral adjustment from exchange gain or loss. In order to register losses, yfh likely recorded a new substantial npl provision of >$120m against its net NPL ~498m in the book.
RenYL had in 2024 told shareholders during agm that yfh was on track in clearing the npl in 40%(2024), 30%(2025), 30%(2026). Again during 2025 agm, Ren told shareholders yfh was in line to clear the second 30% in 2025. During the sep25 egm, the ymd circular mentioned yfh has plan to sell off npl via judicial auctions. I believe yfh might have tried to clear the npl but realized the net book value was still well below what the potential buyers wanted to pay.
This substantial npl provisions >$120m likely is a final stroke for yfh to cut off the toxic npl from its book. |
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Investors should take note of the following:
1) Recognition of credit loss allowance - It is not write off or impairment. It is just recognising that the debt cannot be collected at the moment and as per accounting practice, the corresponding sum has to be provided in the event that the debt is write off. Of course, it is still negative but the debt is still there, if in future it is collected, there will be an item in the balance sheet termed ' write back of credit loss allowance' or something to that effect. In fact, it has already happened before in YZJF' s book. There is no actual cash loss in ' recognition of credit loss allowance' .
2) The company can declare dividend even its FY results show a ' loss' , as long as they have retained earnings. In this case, YZJF has been profitable since listed in 2022 and it has no debt and huge cash in hands. They can difinitely afford paying dividend if they want. The question is not whether they can but whether they will.
YZJF is at the cross road after spin off. The lucrative maritime segment was spin off and it is now a pure play investment company. It started with huge debt investment businesses in China real estate sector and incredibly, the sector is still in doldrums after so many years. It seems that the China govt is teaching real estate tycoons a lesson as they have been having it good for so long. Now, the message seems to be ' you clear up your own mess' as long as it doesn' t affect other aspects of China economy. Before the spin off, YZJF reported 1H25 profit of $137m. So, I am curious how much of this profit has been shifted to YZJM as it defy logic to turn $137m profit into a loss in 6 months. Let' s be clear, the management did not manage the upcoming results announcement well. What' s the point of issuing profit guidance 2 days of actual results announcement? This should be done at least 2 weeks ago. I think the administrative and accounting works with regard to spin off may have overwhelmed them. In summary, YZJF back to pre spin off day and its valuation shuold stay at current level for some time, unless its DI business sees positive development. They still seems unable to find opportunities to deploy their huge cash, there was no news after the proposed RMB$1b investment into Shanshan did not materialise. The management should face some questioning in the upcoming AGM.
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At some points buyers need to sell. It' s normal commercial activities. Not all sellings are sign for negativity. For example, Fidelity Investment has been sellding down Boustead from 9% to 8% even with positive news and developments taking place with regard to UI Boustead reit.
Mark001 ( Date: 24-Feb-2026 12:32) Posted:
Indeed ,Global Alpha sold 331,100 of its 110,549,122,which only accounted for 0.3%. in total.
I don' t think it is Big issue.
I have no idea for the reason behind.
alexvar ( Date: 23-Feb-2026 18:49) Posted:
Noteworthy, one of the largest shareholders -
Global Alpha Capital Management Ltd is dumping the RMG stock since 2025! |
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I have 100,000 shares with average cost around $0.4. Just lock it away and accumulate again if it hit $0.35 but I suspect it may not get there as it has real estate assets to serve as back up, last resort to liquidate them and call it a day if SingPost really cannot turn its businesses around. They taken small step to turn the assets to cash while not affecting their operations as in the case of selling the HDB shops to Union Gas boss? Let' s wait and see what they do next.
HVRRVH ( Date: 25-Nov-2025 10:49) Posted:
| As accumulator of this stock, I think market tried to tempt people like me to add at $0.41 to $0.415 but I shall wait below $0.4 if it comes to that. Already have enough at $0.41 to $0.42 levels. Afterall, this company has no operational prospects except with some liquid cash and valuable properties acting as backdrop. Waiting for it to call it a day and return cash to shareholders. |
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The 3 YZJs should be reporting results close to each others soon. Looking at how YZJS rocketing up, it is a foregone conclusion their results must be good, perhaps very good. As for the F & M, expectation should be muted for YZJF and it may be too early for YZJM to report spectacular results too, as it has just been calve out from YZJF. However, first set of results can still provide insights on how the company will fare in the future and regardless, it should be profitable and SBB should start right after results release for YZJM if results is announced after EGM.
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China businesses stablising but it wasn' t a big improvement at all. Nontheless, company remains net high cash and from past trend, if share price dip below $1, the SBB will start. Effective cost control and partnership with Chinese medical entities bear friuts and see improvements on top and bottom lines with eps increased by 14.1%. 3 cents dividend which is 20% higher than preceding year' s dividend! Not bad.
HVRRVH ( Date: 19-May-2025 22:31) Posted:
| Last Friday down a fair bit and today shot back up. So far no news on SBB. This upward movement could be due to some rumours on resurgent of covid. Would not add and just monitor. Hope to see China businesses stabilised and start contributing to profits first. |
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Company just released EGM Q& A, among other things, there could still be a special dividend which honestly I didn' t expect. Further, it is confirmed that existing shareholders will not receive UIB reit units in specie. Having said so, in future, if Boustead accumulate more UIB reit units through further divestment of assets into UIB reit, the company may then consider distribute UIB reti units in specie to Boustead shareholers. The company also stated that it expect the initial DPU to be good that' s why they want to keep the UIB reit units. This reit move has totally transform Boustead into potentially an entity that can periodically unlock the value of the real estate assets on its book!
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The maiden results may be after 6.3.26, so that SBB can be conducted immediately after results release, especially if a defensive posture is required. However, it seems that the confirmation of EGM is enough to fend off selling pressure for the time being. Nevertheless, it has to reclaim $0.72 and beyond to confirm meanginful progress. Up coming results should provide useful insights.
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You are more like a trader nowadays than investor. Luckily I keep my Boustead.
governor ( Date: 16-Feb-2026 12:42) Posted:
Wolf Money(Tai Sin Electric）
Before I go for my CNY break. I have taken a small position in Tai Sin Electric. I find the business attractive due to its strong competitive advantages. It is a unique data centres, electrification and construction play combined. This old school company also pulls the levers on the digital economy. Below are my thoughts.
https://lonewolfinvestor.blogspot.com/2026/02/wolf-moneytai-sin-electric.html |
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YZJF reported profit of $137.7m for 1H25 compared to $107m for 1H24. For FY24, the profit was $304.6m which meant 2H24' s profit was almost $197m. With the company now spin off into YZJF and YZJM, the simple measurement is whether the 2 combined entities can secure higher FY25 profit than pre spin off FY24 profit. With 1H25 already locked in $137.7m, YZJF and YZJM need to secure another $167m profit to match FY24' s performance. It is hard to project the profit level of these 2 companies following the spin off as there are no relevant separate historical data points for assessment and draw inferences on. Nevertheless, YZJF reported in its 1H25 results that Maritime income was $40.1m, an increase of 82% from $22.1m for 1H24. $40.1m is about 30% of $137.7m but the company has stated before that maritime segment contributed to about 60% of all profit before spin off. Therefore, the rest of the maritime related income could be from other maritime related gain such as joint venture maritime investment gain as stated by the company [ref: https://www.theedgesingapore.com/capital/results/yangzijiang-financials-1hfy2025-earnings-28-y-o-y-1377-mil ]. With the rapid growth in YZJM, I think the combined results of YZJF and YZJM should be at least matching FY24 pre spin off results. I have a hunch that market is believing that with SGD strengtenning against both RMB and USD, which the latter 2 being the trading currencies of YZJF and YZJM, their earnings will face forex losses and consequently the share price is facing selling pressure. Forex is important but it can be hedged and managed and I would be waiting for the results to see how their core businesses are doing. I may add a little bit just before results release if the share price of both YZJF and YZJM go lower for definitely there would be SBB once block out period is over and mandate is obtained, for YZJF and YZJM respectively.
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To be sure. Boustead is net cash per share and may not see its share price drop or drop too much post UIB IPO. This is a bit different from Centurion which is net debts. Of course, Centurion is NAVs positive too with its assets but as far as cash in hands is concern, they have more debts than cash. Boustead on the other hand, has net cash of about $0.70 per share. Its valuation should goes up post UIB IPO as it has proven that it can divest its assets and unlock value. In future, it can simply divest its properties to UIB, which has first right of refusal to purchase. For example, its relevant properties that moving to UIB was valued at over 200m but the same properties carried on its book at only 52m.
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Looking good. The UIB reit should be of substantial size comparable to CAREIT. For context, CAREIT raised $771m and its listing assets are valued at $1.84B. We already know UIB intends to raise $900m and its listing assets valuation is $1.9B. CAREIT' s IPO at $0.88 and has been trading consistently above $1 since IPO, as for UIB reit, so far we do not have information on its intended listing price but using CAREIT as gauge, everything such as listing price, unit size, projected yield etc should be similar.
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https://www.theedgesingapore.com/capital/brokers-calls/ocbcs-lim-raises-her-fair-value-boustead-singapore-245
This is behind paywall and can' t read the whole article but in summary, fair value raised to $2.45. Very close to my estimate. The said analyst has previously mentioned $2 as fair value in July 2025.
https://boustead.sg/sites/boustead.sg/files/2026-01/2025-07-18_OCBC%27s-Lim-raises-fair-value-for-Boustead-Singapore-again-to-%242_The-Edge-Singapore-Digital.pdf
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https://www.theedgesingapore.com/news/energy/trump-set-direct-pentagon-buy-coal-power-revive-industry
The anti green president is making his move.
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Yes in fact ATH before spin off was $1.24. It is disappointing even though it is expected that post spin, the combined price may drop a bit due to profit taking but to shed off 27.5% (using $1.24) is a bit too much. I would have expected it to stay around $1 combined post spin off and have accordingly accumulated more but for the time being, I will just monitor and do nothing. Objectively speaking, with free YZJM shares as pure profit, it is still not bad but both YZJM and YZJF better start showing they can climb higher, starting with the upcoming FY results.
Winnertakeall ( Date: 10-Feb-2026 18:02) Posted:
YZJFH @ 1.20 (Before spinoff)
YZJFH + YZJMD = 0.335 + 0.565 = 0.90 (currently -25% lower)
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From the latest announcement this morning, it is clear that Boustead would not distribute any UIB reit shares to existing Boustead holders. Instead, Boustead will become a controller shareholder that hold about 16.9% stake in UIB reit. In addition, Boustead' s director Mr Chong Lit Cheng will also chair the reit management. Boustead also has a share in the reit manager so in a nutshell, Boustead' s role in the UIB is significant. In connection to the proposed UIB reit IPO, Boustead will receive about $218.7m and that resulted in a net gain of about $154.4m after IPO related cost as the relevant properties only carried in its book at 52m [pg 4 and 5 of announcement refers]. However, there will be no special dividend as Boustead will use the proceed to subscribe its 16.9% stake in the UIB and remaining for working capital. In a way, Boustead has unlocked $166m from this reit IPO but bulk of it was used to fund its 16.9% stake in the UIB reit. I view this as positive, as the valuation of the properties under UIB is expected to be higher when compare to be under Boustead. With controlling stake in both the reit itself as well as its manager and sponsor, Boustead has elevated itself to become a real estate player akin to Capitaland and or Mapletree etc. It still has many properties and has given UIB reit the first rights of refusal to purchase in future. Any further divestment of properties into UIB is going to add value to Boustead. As it is, its NAV per share alreay shot up to about $1.5 from $1.17. I would discount the increase in EPS to $0.482 from $0.196 as the increase was from the divestment and would not be repeated. Nevertheless, it is expected that future income from UIB reit [DPU, management fee, etc] should add at least $0.02 to $0.03 to Boustead' s EPS. In summary, going forward Boustead should be a company with EPS of about $0.25 that pay dividend of about $.10 per year. A 10x PE would price Boustead at fair value of $2.5.
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DBS is yielding about 5.5% based on 81 cents dividend per quarter. Based on yield alone it is hard for YZJM' s share price to move significantly above current level becasue to yield 5.5%, YZJM must declare dividend of about $0.0315 at least based on current share price. If based on 40% payout ratio, to declare $0.0315 dividend, YZJM must hit EPS of at least $0.07875 which I think while it is still possible but would not be easy. For $0.07875 EPS is about 51% higher than YZJM' s FY24 profits of $0.052 [based on pre spin off EPS of $0.0866 with YZJM contributing about 60%]. However, YZJM is a fast growth company and market may be willing to accord lower yield between 4% to 4.5% and I think if dividend is at least $0.025, it should move the share price up above $0.60 level. Results out in about 2 to 3 weeks.
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