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YZJFH - potentially rewarding
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HVRRVH
Elite |
28-Feb-2025 13:12
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Something real is happening. For a moment I thought my latest purchase of 58 and 555 was too expensive | ||||
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sgng123
Supreme |
28-Feb-2025 12:42
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In summary divest the entire china DI and force auction of land collateral would be best outcome for investors to realize full NTA value. Everything in china transfer to sg loh..
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CasualInvestor
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28-Feb-2025 12:04
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If the maritime portion can be listed as a REIT, i think the value realised could be more than NAV. | ||||
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HVRRVH
Elite |
28-Feb-2025 11:33
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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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sgng123
Supreme |
28-Feb-2025 10:41
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Borrow money and delay returning loan is built into chinese DNA. That why never lend money to anyone. |
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sgng123
Supreme |
28-Feb-2025 10:27
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I see it as cheap skate meta of china businessmen don wanna return loan and keep asking to extend debt while paying interest, they don wanna yzjfh to auction off collateral but also don wanna return money as china economy no good. If u check out income from DI, it still sizeable despite 50% size reduction and 47% NPL |
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pasttime
Supreme |
28-Feb-2025 08:57
Yells: "gold silver are real money. not others iou." |
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auction off land to recover loan may not be suitable for every borrower. those that can save. better to save. this is the way to build good things that comes around. buy already sit steady stready. the boss show he can deliver. since he wants up. good chance will happen. just need time to happen. share price will raised beyond 60 cents then 70+ as dividend pay date draws nearer. any listing of invested business will be boost to share price. feeel that discount to nta is still too much for a growing company. dyodd | ||||
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minichart
Member |
28-Feb-2025 08:01
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https://www.minichart.com.sg/2025/02/27/yangzijiang-shipbuilding-holdings-posts-strong-results-amid-margin-boost-and-market-overreaction/Yangzijiang Shipbuilding (Holdings) Posts Strong Results Amid Margin Boost and Market Overreaction |
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minichart
Member |
28-Feb-2025 07:58
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https://www.minichart.com.sg/2025/02/27/yangzijiang-financials-strategic-spin-off-sparks-growth-and-future-plans/Yangzijiang Financial&rsquo s Strategic Spin-off Sparks Growth and Future Plans |
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sgng123
Supreme |
28-Feb-2025 02:47
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Would be better for yzjfh to exit debt investment and forcefully auction off land collateral to recover money then transfer it to sg lol. Do it the Ah Long Style. Anyway debt investment < 30% AUM , just need that push to recover back money. |
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sgng123
Supreme |
28-Feb-2025 02:12
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Before any spinoff, yzjfh need to utilise it huge cash pile more efficiently. If put to max efficiency we should be getting 4.5-5 cents dividend and stock price at NTA level. Problem with yzjfh is under utilisation of cash and zero leverage. Business trusts and Reit all borrowed to expand AUM except yzjfh having problem utilised it cash pile. |
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volvo125
Master |
28-Feb-2025 00:07
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The comment " plans already in early stage" means already started liao, else RenYL won' t highlight this " idea" openly to Edge. 八 字 应 该 已 经 有 一 撇 了 . RenYL intends to tap on the MAS $5B funding for new listings because he still want to do it in SG regardless the not so favourable comment and reception about SGX. Both YSB and YFH have strong corporate governance and profit track records, and YFH spin off will add to SGX new listing performance so the SG Govt will definitely support and grant YFH generously. The MF and new maritime service business must show good performance or potential before it can be spin off so Ren will definitely going to ramp up hard for MF and the new maritime service business in the months ahead to pave way for the track record. Based on the latest Reuter news yesterday, Fed seems highly likely now going to cut rates in Jun and then again in Sep, high dividend yield company with good profit track record like YFH will get the boost for higher stock price by market forces. FY25 seems a better year. Let' s sit back and enjoy the ride.
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pkli899
Supreme |
27-Feb-2025 19:42
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Thank you HVRRVH for sharing the article. Very good news in fact - spinning off part of YZJFH. Perhaps some form of collaboration with YZJSB, using the excess cash, (SGD 5.1Bn of cash & cash equivalent as reported) is in the pipeline. |
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HVRRVH
Elite |
27-Feb-2025 19:18
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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.
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HVRRVH
Elite |
27-Feb-2025 19:12
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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. | ||||
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PiRPiR
Master |
27-Feb-2025 19:01
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https://www.theedgesingapore.com/news/corporate-moves/yangzijiang-financial-mulls-spin-strengthen-singapore-presence
Yangzijiang Financial mulls spin-off to strengthen Singapore presence Thu, Feb 27, 2025 ? 05:04 PM GMT+08 ? 7 min read 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?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 ====== pay wall ====== |
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pasttime
Supreme |
27-Feb-2025 17:53
Yells: "gold silver are real money. not others iou." |
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if the tax on non us ship is passed thru . then what will likely happen is china ship, china shipping co will not call on us port. cargo will be deposited outside of us then those ship that is us made will take from the port and deliver to us. the rest of the world will continue with the lowerst cost most efficient ship. trump left 43 weeks for his term to end. also since he want to tax those company who has is ship other possible reaction is ship company will become pure us one doing us shipment only. but maybe for very short distance. like from south america or canada or can it be a floating platform like remaking old oil rig with lifting capability. to your imagination. usa has more and more tax they become more and more inward looking. then rest of world will implement tax on their tech product. internet dominace. even microsoft os can become not the default installed os. | ||||
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seekanasai3
Member |
27-Feb-2025 17:18
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Long term is up.... if yzj crash. All his customers must buy from other ship sellers amd of course will be more expensive... that is what usa wants to, do business in usa
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pkli899
Supreme |
27-Feb-2025 16:39
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I like. Drop so what? Got money, buy more. No fund, just relax and watch.
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MrBear12
Supreme |
27-Feb-2025 16:35
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Watch for distribution
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