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YZJ Fin Hldg
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business turnaround ?
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volvo125
Master |
24-Nov-2023 15:25
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Unlikely, because the interest income contribution from DI will be reduced. The ~$320m reduction in DI to meet the 50% will see a negative top line income interest impact of ~38m, which will translate to a reduction of net tax DPS by $0.003~0.004. I would expect the 2H23 NPAT to be lower than 1H23, unless there is more positive FVTPL, or more provision write back, or more cash being deployed to MF/FOF/FM/P& PE, or higher exchange gains from USD/SGD &hellip etc. There is also a question mark on the extent of how NPL will impact on the interest income. We will probably need to take a 40% discount on the ideally expected DI interest income. The 2H23/Fy23 result release in Mar 2024 will give us a clearer picture on the NPL interest income impact. I also see FY24 NPAT likely to be lower than FY23 due to the permanent 50% DI target effect, unless again, MF/FOF/FM/P& PE via SG could increase significantly to replace the DI interest income loss. My estimates for FY23 NPAT is conservatively ~$278m (with reduced DI impact + 40% discount on DI income + $5.3m write back) or optimistically ~$318m (with reduced DI impact and no discount to DI income + $5.3m write back). DPS will likely range $0.031 ~ 0.036. My estimates for FY24 NPAT is conservatively ~$223m (with reduced DI impact + 40% discount on DI income) or optimistically $303m (with reduced DI impact and no discount to DI income). DPS will likely range $0.025 ~ 0.034. Likely more because the 60% retained earning from FY23 will help boost the FY24 AUM and in turn NPAT if productively re-invested. Most people will want to see lower DI but I would really prefer YFH to maintain a higher DI (with stringent due D and sufficient collateral of course) to gain the steady interest income unless the coy can indeed find the avenues to quickly and productively deploy these redeemed DI cash to the more attractive MF/FOF/Fm/P& PE investment. Why go against making more money ? I am of the opinion that YFH is holding too much cash at $1250m, ~$796m in SG and ~$470m in PRC. Cash/YP yield only ~4% in contrast to DI ~12% and MF/FOF/FM/P& PE 12~18%. The opportunity cost of holding too much cash is very, very high. YFH has a lot of cash but the management seems unable to productively deploy these cash to the higher return non DI investments via SG in the past ~2 yr. This is probably the key reason why RenYL is coming in to personally marshal the cash deployment to investments and the departure of VT.
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HVRRVH
Elite |
24-Nov-2023 14:24
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I do not wish to educate you or make you feel that way, but, do calculate profit or loss with regard to SBB, we do not use current price. The measurement is against NAV as theoritically, that is the price each share can fetch if the company decided to liquidate. Of course, in the real world some hair cut to NAV is to expected but to make a statement saying SBB is higher than current market share price thus it is a loss in next Q or now or whatever is simply laughable. You are welcome to participate in forum but if you have certain opinion or view that is not self explantory, maybe it would be helpful to all if you illustrate or explain or make your self clear how you come to a certain view.
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HVRRVH
Elite |
24-Nov-2023 14:07
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When it was first spin off, the impression YZJF gave was that DI will be much reduced to below 50%, however, right now, it seems that 50% is the long term target, which has been met. The market is lukewarm to the situation. DI is good business if there is no NPL but with NPL as high as 42%, we can all forget about price surge in the short term. Of course, YZJF gave caveat, and tried to assure the market and investors that they classify NPL very conservatively. It is as good as if you missed the first due date, the loan is NPL. They further indicated that all loans are secured with collateral, some as high as 3 times but averagely speaking, overall should have 1.5 to 2 times. However again, the market is being prudent and it is as good as saying ' show me the money' then talk. Accordingly, the share price is effectively back by cash in hands. What can YZHF do? Given that NAV is well above $1? I gueess they already doing their best and hopefully, they can continue to do better. Continue with good dividend payouts, continue to recover NPL, continue to SBB, continue to move more funds out of PRC, continue to deploy proprietory fund with good returns such as Maritimes Fund' s 16% return, continue to attract thrid party fund to either co invest or for management fees etc. In this ' stagnant' pharse, it oculd be good opportunity for long term investors to collect more shares. Of course, if the time horizon is rather short term, then the short term investors could take the opportunity of stable price to unload now too. My sense is that most investors are unhappy that the share price seems unable to surge in the short term yet they are unwilling to let go now, as YZJF' s potentials are too obvious, they scare that if they let go, they will regret in future. So, many holders can only ' make noise' expressing their frustrations, echoed by some others who don' t like China stocks and kept shouting 20 cents. To each his own, let' s hope we all make sound decisons for our own circumstances. | ||||
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pkli899
Supreme |
24-Nov-2023 14:00
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   What logic???
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explosive2013
Master |
24-Nov-2023 13:56
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Average sbb price is higher then current price , so it will translate as a losses in next QR.
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eddyeddy
Master |
24-Nov-2023 13:27
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Really another non event | ||||
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eddyeddy
Master |
24-Nov-2023 12:19
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Saw it , thanks.
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Jack008
Member |
24-Nov-2023 12:14
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One critical number ( Allowance for NPL) is inside: 123.9m for 2022( Considering loss) Vs -13.6m ( Considering gain). If above keep up for 3 more months, this year result should be much better.
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pkli899
Supreme |
24-Nov-2023 12:01
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He already done. Check further down.
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eddyeddy
Master |
24-Nov-2023 11:59
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Hope brother Volvo can share his latest view. Thanks | ||||
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arkan1111
Veteran |
24-Nov-2023 11:45
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No number is Ok,at least YZJ FH disclosed a pretty lady in its management team. | ||||
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pkli899
Supreme |
24-Nov-2023 11:35
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Brief update with no numbers...haha.
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arkan1111
Veteran |
24-Nov-2023 11:31
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I just want to know the 9 month profit, the rest really not so interested. Seach many time but cant find the word profit, finally I found out the CFO & COO she is a pretty girl. Haha | ||||
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pkli899
Supreme |
24-Nov-2023 11:09
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I don' t think SBB can help push up price. At most is defend. Fundamental improvement can. |
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112233
Master |
24-Nov-2023 11:01
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just need SBB to kick start. waiting for Mr. Ren green light. 👌 | ||||
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pkli899
Supreme |
24-Nov-2023 10:49
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Smart ppl willing to take risk. Slow ppl want assurance. Stupid ppl cannot decide what they want.
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pkli899
Supreme |
24-Nov-2023 10:46
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Once DPU is ascertained, price will adjust accordingly. Hence, buying now, though with risk, is a bet to get good yield. Of course there are others who are please with 7% or below yield. They buy after dividend is confirmed and price already moved up.
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Joelton
Supreme |
24-Nov-2023 10:44
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Yangzijiang Financial Holding increases Singapore investments to diversify exposure to China
Yangzijiang Financial Holding (YFH) YF8 has reported $4.0 billion assets under management (AUM) for its 3QFY2023 ended Sept 30.
YFH had deployed over $1.0 billion of its proprietary capital into investments outside China as at the end of the same period.
The company plans to gradually increase its investments outside China over the next five years to 50% in an attempt to grow its AUM while diversifying exposure.
As at Sept 30, China accounted for $2.9 billion or 73.2% of YFH&rsquo s portfolio allocation while Singapore accounted for $1.1 billion or 26.9% of its portfolio.
YFH&rsquo s Chinese portfolio has shrunk compared to its figures as at the end of 2QFY2023, when China accounted for $3.4 billion or 85.5% and Singapore accounted for $574 million or 14.5% of YFH&rsquo s portfolio.
As at June 30, the company&rsquo s net asset value (NAV) stood at $3.84 billion.
The company has also repurchased 8.8% of its shares worth some $129.0 million since the launch of its buyback programme.
CEO Vincent Toe, who announced his resignation on Oct 20, will step down from his position on April 24 next year.
Ren Yuanlin, YFH&rsquo s executive chairman, will take over as CEO and oversee the group&rsquo s investments in China and Singapore.
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ss2017.
Supreme |
24-Nov-2023 10:40
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Smart people are collecting, slow people are waiting. Stupid people I am not sure 😄 | ||||
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Winnertakeall
Elite |
24-Nov-2023 10:32
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Yangzijiang Financial Holding increases Singapore investments to diversify exposure to ChinaYangzijiang Financial Holding (YFH) YF8 has reported $4.0 billion assets under management (AUM) for its 3QFY2023 ended Sept 30. YFH had deployed over $1.0 billion of its proprietary capital into investments outside China as at the end of the same period. The company plans to gradually increase its investments outside China over the next five years to 50% in an attempt to grow its AUM while diversifying exposure. As at Sept 30, China accounted for $2.9 billion or 73.2% of YFH&rsquo s portfolio allocation while Singapore accounted for $1.1 billion or 26.9% of its portfolio. YFH&rsquo s Chinese portfolio has shrunk compared to its figures as at the end of 2QFY2023, when China accounted for $3.4 billion or 85.5% and Singapore accounted for $574 million or 14.5% of YFH&rsquo s portfolio. As at June 30, the company&rsquo s net asset value (NAV) stood at $3.84 billion. The company has also repurchased 8.8% of its shares worth some $129.0 million since the launch of its buyback programme. CEO Vincent Toe, who announced his resignation on Oct 20, will step down from his position on April 24 next year. Ren Yuanlin, YFH&rsquo s executive chairman, will take over as CEO and oversee the group&rsquo s investments in China and Singapore. |
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