ShareJunction - Member Posts

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Yes after posting I realised I have mixed up the 8% ROE. That was YZJM' s ROE in fact but at least it is very likely that this ROE will shoot up for YZJM in the very near future. I didn' t correct it as I was lazy lol and thank for pointing it out. We can take heart that from the questions submitted and the participation in the AGM, we can tell that we have many competence and high quality retail investors in YZJF. if the company remains inaction for too long, I think next AGM we will see riot or a very quiet AGM following exit of savvy retail investors. We really cannot understand why no SBB despite the reasons given by the company. it seems that they are keeping the huge cash for some kind of eventuality. I just hope that they will surprise us with some announcement(s) in the next few months, such as they have deployed the cash and seized control of certain public listed company(ies) in China.

volvo125 ( Date: 01-Jun-2026 14:28) Posted:

Yes, similar assessment on YFH current posture post YMD spin off, except with some further points to add :-

1. For reasons way beyond my comprehension (and i believe it' s a mystery to many investors too), in spite of the many shareholders suggestions in the form of writing to IR as well as outright repeated vocal demands during the AGM, YFH seems to display a very high reluctance to conduct SBB, even though it has a very healthily high $638m cash balance in its book and seems not able to productively deploy them to projects with higher attractive returns comparable to the progressively exiting PRC DI at 11~12%pa. So far based on mgt indication, only a mere RMB1b or ~Sgd190m was cited for plan to deploy to so called higher yield financial instruments = or > 4.5%. Yes, so called higher yield BUT at just ~4.5%, and only S190m. What happen to the remaining cash (638 minus 190) = $448m ... sitting in the bank money mkt fund or short term FD at just ~1% ? Why not just allocate, say very comfortably at $100m, to conduct SBB at the current deeply discounted share price at ~0.5x NAV to instantly double the return capability of these SBB retired shares, as well as to scoop up the excess liquidity that shorts are tapping on to hammer the price down in the past months ?

2. Based on FY25 result, YFH PBT was $92m, so NPAT was ~$74m assuming ave PRC/SG tax rate 20%. At NAV $1710m, ROE was very sub optimal at just (74/1710) = ~4.3%, not 8%, due to zero income from the $254m NPL, and also likely the very low return from the $638m cash portion (which is why mgt trying to allocate RMB1b to even just 4.5% return instruments).

3. At NAV $1710m, and a mgt target of 50:50 SG:PRC, the target capital structure SG:PRC likely $850m:$850m. Based on mgt stated 40/40/20 investment target, PRC DI must reduce progressively from the current net $844m to $342m, or an unlock of $502m cash in the next 1~2 or may be 3 years (2026~2027, and may be until 2028). This $502m is supposedly to be redeployed to PRC P& PE (40%) and Cash mgt (20%).

4. So besides the $448m (638m minus 190m), a further $502m will progressively be unlocked from PRC DI in the months or 1~2 years ahead.

5. YFH is not short of cash. In fact, YFH is currently flushed with a very high level of cash, with an even higher level of cash coming in from the progressive unlocked PRC DI. Post YMD spin off, the earning streams of YFH is very sub optimal at just ~4.3%, and the mgt seems retuctant to conduct accretive SBB yet lack the capability or channels to productively deploy the huge cash pile to reap higher returns.

6. Based on my interaction and observation of CEO Peng during the AGM, Peng seems highly competent to lead the PRC biz. He displayed strong analytical ability, quick reflexes and well informed in biz domain he operates. I have a high regard for the younger CFO too based on the attitude and aptitude he displayed during the AGM. I believe YFH is in good hands in the PRC biz.

7. The SG biz drive leadership is a big question mark to me as I do not feel the presence of the supposedly new SG Head Malcolm even though he was present in the AGM. He was quiet throughout the whole AGM. Although no annoucement has been made, Malcom Ong was to replace the former SG Head Elvin Chew. LiuHua is a caretaker of YFH so she is definitely not the front man that drives the SG biz. Peng is a PRC and is a figure head CEO so again he is also not the front man to drive the SG biz too. As at 31Dec2025, only a mere $38m out the $1.7b of YFH NAV was parked in SG, so at the 50:50 capital structure target, some ~$817m will be transferred progressively to SG in the months/years ahead. I have no idea how to appraise the future SG income based on the little credential and feel of this new SG Head. This is a very big question mark to me.

HVRRVH ( Date: 31-May-2026 13:12) Posted:

In my view, YZJF has started off again from scratch. Iniitally, it was spun off from YZJS with high NAVs but it wasn' t doing well until it embarked on maritime businesses. However, the successful maritime businesses have since been carved out into YZJM and again, YZJF is left with mainly debt investments albeit this time, with much smaller NAVs. Investors who stick to the spin off and now vested in both YZJF and YZJM have higher confidence in the business and profit trajectories of YZJM, however, same cannot be said of YZJF. Increasingly YZJF is heading to a binary investment outcome, either it remain a value trap and continue trading less than half of its NAV, or it come to life with right investments. That' s where the current management seems lacking. They seems don' t know where to put their money for higher return. As per AGM minutes, only 25% of the RMB $1 has been invested into low yield equities that would return 4.5% or above. In responding to the queries, management came across as risk averse and giving the impressions that they wanted to preserve cash for strategic deals - such as controlling stakes in listed companies (Q& A 11). Most fraustrating to the shareholders is the management' s resistance to SBB. I do not find their reasoning convincing, particularly referring to SBB would result in concentration of portofio (Q& A 5). This is despite the shareholder that asked the question clearly illustrated that a buyback at 30cents would result in 70% gain and earning yield of 9% in consideration of NAV per share. With 618m cash in hand, a modest 50-100m (8 to 16% of cash) spend on SBB would not change the portfolio mix materially and would not hamper potential cash deployment capacity. Management said ' We need optionality' but at what cost? The stock is at historical lows yet management don' t see it fit to conduct SBB. A meaningful SBB can demonstrate to the market that managment is confidence in the company and SBB itself can close the valuation gap. The management believe they can generate higher returns deploying cash than buying back shares BUT large portion of cash remains undeployed since the spin off. Turning to the NPL. EC Liu mentioned that so far, 15-20% of the net NPL has been recovered. That would be $38-51m recovered in 4 months (Q& A 10) if we based on net NPL of $253.7m (original $544.5m less the $290.9m provision). This does shows the recovery pace is strong and any amount recovered will flow to income statement and directly boost reported profits. A 40m recovered NPL would translagte to about $0.012 eps. It is also rather clear that the $290.9m may not be recovered at all and that' s my personal reading. Going forward, for YZJF to turn around, it must demonstrate its ability to deploy cash to boost ROE/ROIC. It is too low now at about 8%. In a simple summary, going forward if YZJF manages to seize control of public listed companies (which they seems stressing that is what they are trying to do) and with future DI' s collateral being listed companies' shares and not real estate properties, and with meaningful recoveries of the remaining NPL ($203m after successfully recovered (15-20% so far), then may be there is hope for its share price to move up. If nothing happens in 12-18 months then we can conclude that the management is clueless.

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In my view, YZJF has started off again from scratch. Iniitally, it was spun off from YZJS with high NAVs but it wasn' t doing well until it embarked on maritime businesses. However, the successful maritime businesses have since been carved out into YZJM and again, YZJF is left with mainly debt investments albeit this time, with much smaller NAVs. Investors who stick to the spin off and now vested in both YZJF and YZJM have higher confidence in the business and profit trajectories of YZJM, however, same cannot be said of YZJF. Increasingly YZJF is heading to a binary investment outcome, either it remain a value trap and continue trading less than half of its NAV, or it come to life with right investments. That' s where the current management seems lacking. They seems don' t know where to put their money for higher return. As per AGM minutes, only 25% of the RMB $1 has been invested into low yield equities that would return 4.5% or above. In responding to the queries, management came across as risk averse and giving the impressions that they wanted to preserve cash for strategic deals - such as controlling stakes in listed companies (Q& A 11). Most fraustrating to the shareholders is the management' s resistance to SBB. I do not find their reasoning convincing, particularly referring to SBB would result in concentration of portofio (Q& A 5). This is despite the shareholder that asked the question clearly illustrated that a buyback at 30cents would result in 70% gain and earning yield of 9% in consideration of NAV per share. With 618m cash in hand, a modest 50-100m (8 to 16% of cash) spend on SBB would not change the portfolio mix materially and would not hamper potential cash deployment capacity. Management said ' We need optionality' but at what cost? The stock is at historical lows yet management don' t see it fit to conduct SBB. A meaningful SBB can demonstrate to the market that managment is confidence in the company and SBB itself can close the valuation gap. The management believe they can generate higher returns deploying cash than buying back shares BUT large portion of cash remains undeployed since the spin off. Turning to the NPL. EC Liu mentioned that so far, 15-20% of the net NPL has been recovered. That would be $38-51m recovered in 4 months (Q& A 10) if we based on net NPL of $253.7m (original $544.5m less the $290.9m provision). This does shows the recovery pace is strong and any amount recovered will flow to income statement and directly boost reported profits. A 40m recovered NPL would translagte to about $0.012 eps. It is also rather clear that the $290.9m may not be recovered at all and that' s my personal reading. Going forward, for YZJF to turn around, it must demonstrate its ability to deploy cash to boost ROE/ROIC. It is too low now at about 8%. In a simple summary, going forward if YZJF manages to seize control of public listed companies (which they seems stressing that is what they are trying to do) and with future DI' s collateral being listed companies' shares and not real estate properties, and with meaningful recoveries of the remaining NPL ($203m after successfully recovered (15-20% so far), then may be there is hope for its share price to move up. If nothing happens in 12-18 months then we can conclude that the management is clueless.

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Han spoken a lot but there is no material substance. What matters to reit is its DPU, while it is good to reduce borrowing costs, realised NAV by selling assets etc but if it doesn?t translate to higher DPU then it?s just paper talk. While the reit and Han touted 3 years transformation, its DPU did not move a needle in the corresponding period. Talk and talk and unit holders who supported it all this while still sit on net loss as the unit price has dropped from high 40s even 50 to current levels. On the other hand, indeed with current price this reit may worth a shot but it has recovered from 21 cents so market in fact is still not too convinced unless going forward we see increase in DPU.

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Try not to provide unsolicited advise as regardless of outcome you are not responsible for it. Also, investors' timeline vary, some intend to hold short term and some may have very long timeline in mind.

spore1 ( Date: 26-May-2026 12:35) Posted:

Game over. Look for another counter

HVRRVH ( Date: 26-May-2026 12:05) Posted:

EPS $0.466, Dividend $0.1 ($0.015 already paid) and market sold it down $0.32! lol. I think market is focusing on adjusted yoy comparison of -35%. Market using binoculous and magnifying glassess and concluded that if without the UIB manevoure, the underlying eps would be 12.8 cents which is 35% lower than 19.6 cents yoy. Thank you market lah, I should be able to subscribe for cheaper scrip if the price is pressed down. Market ignore the increase in NAV which stand at $1.56 now. This show that any furhter monetarising of existing assets, which book values are largely below market values, would further increase the NAV. Also, the drop in the underlying profits could simply due to the timing of recognising the profits due to projects timeline. All in all, it is a good set of results with full year dividend of 10 cents, which meet my target although shareholders can argue that the management is too conversative as the exceptional gain is $0.338 ($0.466-$0.128) but out of the $0.338, only $0.045 is paid out as special dividend.

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EPS $0.466, Dividend $0.1 ($0.015 already paid) and market sold it down $0.32! lol. I think market is focusing on adjusted yoy comparison of -35%. Market using binoculous and magnifying glassess and concluded that if without the UIB manevoure, the underlying eps would be 12.8 cents which is 35% lower than 19.6 cents yoy. Thank you market lah, I should be able to subscribe for cheaper scrip if the price is pressed down. Market ignore the increase in NAV which stand at $1.56 now. This show that any furhter monetarising of existing assets, which book values are largely below market values, would further increase the NAV. Also, the drop in the underlying profits could simply due to the timing of recognising the profits due to projects timeline. All in all, it is a good set of results with full year dividend of 10 cents, which meet my target although shareholders can argue that the management is too conversative as the exceptional gain is $0.338 ($0.466-$0.128) but out of the $0.338, only $0.045 is paid out as special dividend.

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Surging! Let?s get serious and attack $3 post results with fat special dividend and good business update and guidance as catalysts. Hopefully.

HVRRVH ( Date: 07-May-2026 22:23) Posted:

Touched $2.5 today and the other day. Seems building momentum toward results announce day. Let' s set the floor at $2.5 and aim $3 after results. Let' s see.

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The real estate division aka Boustead Project seems very busy and engaged, with many projects in hands including the latest venture with UIB at Seletar Aerospace. The timing of the announcement seems odd if this is considered as material information that would affect share price because such information usually would not be released within a month of financial reports, which should due in a few days' time. Let' s see.

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Restarted buying today with aim of bringing average cost closer to $0.30 (not factoring in $0.018, $0.022, $0.0345 dividends plus $0.64 current YZJM market price). Suffice to say, those who hold YZJF since listing till YZJM spin off would still make a lot of money even if let go all of YZJF now. However, personally I like cash rich company with no debts and even the managment now seems clueless what to do next, I shall give them benefit of doubts and see what they can do in the next 1 to 2 years. Meanwhile, it seems disadvantageous to just hold onto to the current shares and do nothing for next 1-2 years, with its price at historical low. Therefore, I started to add significantly more today at $0.245. The price may yet come down further but shouldn' t be too much more, if so, then will decide what to do at the material time but mentally already prepare to continue adding but if price hit below $0.2 then I would cold storage this stock. Chances are YZJF should rebound in tamdem with time. We shall wait and find out.

HVRRVH ( Date: 07-May-2026 22:28) Posted:

After spin off after cleaning the balance sheet with $290.9m, I actually don' t know what' s the company actively doing now. So far no update on whether getting MAS license to conduct fund management business also. The ONLY positive is that the company is still debt free with huge cash with undelyig FY2025 profit of $92m if $290.9m provision not counted and the company NAV is $0.50 and if really want to remove all the China property related loan/businesses then NAV still at least $0.40. So the price ding dong and will not go up until the market ' see the money' . Give managment 1 year. Let' s see.

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Don' t think market is too impressed with the latest PR announcement. Singpost is not known to be a strong overseas ventualist. It has failed in its US investment and for relatively successful Australia ones, it has to liquidate to steady the sinking ship. It placated the shareholders with special dividends and what' s left now is Singpost centre to do the same trick. Its 50 HDB shops sales did not make any material impact on its share price or add meaningful value. It' s a double edge sword by selling away its assets as the share price will correct accordingly after special dividend. I hold a small position for assets play and hope to see Singpost liquidate everyting and delist and return the money to shareholders. Postal services regardless of tying up with the whole world also won' t make money.

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Touched $2.6 today which I frankly didn' t expect. Just have to wait for results day now to see what' s the quantum for the dividend, special dividend and any business guidance.

HVRRVH ( Date: 07-May-2026 22:23) Posted:

Touched $2.5 today and the other day. Seems building momentum toward results announce day. Let' s set the floor at $2.5 and aim $3 after results. Let' s see.

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In the old time SBB would have already taken place even when the prices were around $0.30 but post spin off, the management surrendered the price level even to $0.235 and today, $0.245. Is there SBB today? Unlikely judging from historical responses. So while long term supporters remain supportive, we should not pin too much hope on YZJF in the short term. I really can' t see it go anywhere. Good thing is that we have either realised the profits when the share price ran up above $1.2 prior to the spin off, or we are now holding to YZJM from the spin off and waiting for its true potentials to hit the market. In gist, it is(was) a good investment in YZJF and in time to come, we should see YZJM mature and start to trade at least at the $0.8 - $0.9 levels envisaged by analysts and old Ren himself.

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After spin off after cleaning the balance sheet with $290.9m, I actually don' t know what' s the company actively doing now. So far no update on whether getting MAS license to conduct fund management business also. The ONLY positive is that the company is still debt free with huge cash with undelyig FY2025 profit of $92m if $290.9m provision not counted and the company NAV is $0.50 and if really want to remove all the China property related loan/businesses then NAV still at least $0.40. So the price ding dong and will not go up until the market ' see the money' . Give managment 1 year. Let' s see.

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Touched $2.5 today and the other day. Seems building momentum toward results announce day. Let' s set the floor at $2.5 and aim $3 after results. Let' s see.

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https://www.singpost.com/about-us/news-releases/asendia-and-singapore-post-form-strategic-partnership-strengthen-apac-cross

Yawn 🥱

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Anyone attended the AGM? I do not expect much fireworks anyway. With the spin off and provision for credit losses, the stock has been aggressively tested on the downside and now we knew $0.235 or thereabout was the base if no more shocks from NPL. The company is very quiet since the lead up and post spin off. Other than attempt to invest in Shanshan, all else is quiet. Have they obtained MAS license yet to conduct fund management business? Still sitting on a lot of cash don' t know what to do it seems. There is no update on execution plan so far and I would not tolerate another year with no dividend come May 2027. Having said so, with huge cash in hands and with the spin off done and dusted and clean balance sheet after $290.9m provision, let' s hope YZJF can do something for the shareholders going forward starting now. Let' s see whether it can hit $0.33 within the next 6 months and $0.40 in 12 months. Still vested but trying to shift from core to less core.

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Never say never but for YZJM to match YZJS, it is an uphill task. YZJM is only 2.2b cap while YZJS is about 14b. YZJM' s eps is $0.047 whereas YZJS is $0.41 [TTM], its earning is more than half of YZJM' s market cap. However, DBS analyst highlighted that YZJM should have earning growth of 15-20% for the next few years. If CAGR 17.5% for 5 years, EPS will hit $0.105 in 5 years and assuming a PE of 12x, the share price will be $1.26. Hard lah to catch up with YZJS unless YZJM' s growth is phenomenon, for example EPS hit at least $0.10 by 2nd or 3rd year. No harm take a mental note and monitor.

pasttime ( Date: 28-Apr-2026 17:39) Posted:

a reply from gemini
" To meet the 2050 net-zero targets set by the International Maritime Organization (IMO), it is estimated that the global shipping industry needs to replace or retrofit approximately 4,000 ships per year with green vessels running on alternative, fossil-free fuels. This represents an annual fleet replacement of roughly 4% between 2022 and 2050"
non compliance means pay penalty.
so this yzjm new build ships is just small number compared to 4k ships replacement per year.
yzjm share price is at L1 of a multistory building.
the limit is only the amount of cash and gearing that it can get. will it grow bigger then yzjs in time as their no need yards.
just find the unused capacities available.

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Go astern a bit near the market closing. Still look very much in sight for $2.5 soon but key catalyst should be the upcoming results. All eyes on regular EPS and not to factor in the anticipated special dividend. The regular EPS now include the income from UIBoustead reit and also potential Boustead property divestments to UIBoustead reit. Judging from the price action and momentum, we may start entertain $3 if future property divestments is a regular and periodic occurrences because market is one kind, if the properties sit on the book, they refuse to recognise the RNAV but the moment it is hive off, for example, sold or in Boustead' s case, divest to UIBoustead reit, then the market immediately recognise the value i.e., the selling price because they don' t have a choice lol.

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Good update by DBS. Among others, the key takeaway is that they ' see' the money liao! I quote: Potential earnings accretions of up to USD20-30mn pa, from charter income / divestment gains for 10 vessels. End quote. This is about 1 cents added to the EPS and we are talking just 10 vessels! Also worth noting is that the new vessels, LR2, is Long Range product tankers with flexibility of carrying refined products as well as crude oils. This is extremely difficult to achieve as a lot of prep work is needed to cleaen the vessel for carrying one type of product to another to avoid contamination. However, YZJM' s newbuild will be ready at the get go to carrying either type of products thus the flexibility thus the premium and demand it should command. Now let' s see whether the market see the value or not. DBS' s TP $0.88 should be withing range.

Sunraku ( Date: 29-Apr-2026 07:58) Posted:

DBS Maritime Alpha Generator (YZJ Maritime) Reiterate BUY TP SGD0.88 stock offers decent 3% dividend yield

Secures 10 eco-compliant newbuilds across tankers and bulk carriers, deliveries through 2027&ndash 2029
Expands fleet to 105 vessels, with 53 newbuildings under construction
Funded via equity co-investment and debt, accelerating capital deployment and return enhancement

https://www.dbs.com/insightsdirect/api/s3/dbs-buffer/article_attachment/20260428/09-48-06_Yangzijiang%20Maritime%20280426%20upload.pdf

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Another ATH! Always confidence of it moving up but seems a bit faster than expected. Upcoming dividend/Sp dividend plus business results/update/guidance must be good. Let' s see whether it will crack $2.5 by next week.

HVRRVH ( Date: 28-Apr-2026 11:18) Posted:

All time high! Let' s attack $2.4 or even $2.5 before results due in a month! Next move maybe can consider spin off the Geopatial Group, which based on my calculation, was earning $0.105 per share in 2025. A 12x PE will set the share price at $1.2 with dividend yield of 4.2% for a 5 cents dividend payout. Perhaps market will value it even higher due to its stable and recurring profits.

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All time high! Let' s attack $2.4 or even $2.5 before results due in a month! Next move maybe can consider spin off the Geopatial Group, which based on my calculation, was earning $0.105 per share in 2025. A 12x PE will set the share price at $1.2 with dividend yield of 4.2% for a 5 cents dividend payout. Perhaps market will value it even higher due to its stable and recurring profits.