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.