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Latest Forum Topics / YZJ Fin Hldg    Last:0.24    +0.005  Post Reply
CWX Global - Boleh?
pkli899
Supreme
29-Nov-2023 19:21     
 
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 Alert Admin 		Did I read wrong? Somewhere in CIMB report said the increase in % of NPL was mainly because of surge in redemption of loans.
Why the sudden increase in redemption? And what will be the implication?
 
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PiRPiR
Master
29-Nov-2023 19:10     
 
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 Alert Admin 		■ Chairman Ren to assume role as CEO, will increase his focus on SG and oversee overall investment operations. Business continuity ensured.
■ Investments outside PRC rose to 27% of total AUM in 3Q23 ? quicker-thanexpected and in line with its 50% target over the longer term.
■ Reiterate Add with SOP-based TP of S$0.55 unchanged. Mgmt. is optimistic of property sector in PRC improving, giving stronger hope of NPL recoveries

like2learn      ( Date: 29-Nov-2023 14:43) Posted:

https://rfs.cgs-cimb.com/api/download?file=193e3fa3-0864-42de-af82-74231f686a78& rpt=B672DA64-93D7-EBF8-EA96-527601811434


 

volvo125      ( Date: 29-Nov-2023 01:41) Posted:

Eh ... I' m looking for the detailed report issued by cgs-cimb, not the brief summary of the report by edge ... thanks
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like2learn
Veteran
29-Nov-2023 17:21     
 
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 Alert Admin 		  For YZJ FH' s international portfolio, what wld be reasonable levels of returns if we look at comparative fund managers ? Given the current global economic situation, perhaps it' s difficult to find investing opportunities that have the same kind of attractive returns compared to DI, that' s why the cash level is so high ?

May i have your views on pg 14 of bizness update where the recovered amt < principal ?
https://links.sgx.com/FileOpen/YZJFH_3Q2023_Biz%20update%20final.ashx?App=Announcement& FileID=779009

i tot i read somewhere(but cannot find already) that the DI are backed by collateral of 2x value. Do u think the recovery is any cause for concern ? Given the economic situation in China, perhaps we shd relook at the NPL recovery moving fwd. maybe that' s why the mkt keeps pricing it at the range of 0.3x book ?

btw, many thanks for your always  detailed insights/posts.  heart

volvo125      ( Date: 24-Nov-2023 15:25) Posted:

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.
 

Jack008      ( Date: 24-Nov-2023 12:14) Posted:

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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ss2017.
Supreme
29-Nov-2023 17:18     
 
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 Alert Admin 		You maybe right, many are waiting and expecting >3c dividend.

money4life      ( Date: 29-Nov-2023 16:43) Posted:

Not even 0.1% of shares changed hands today. Seems everyone is waiting 

ss2017.      ( Date: 29-Nov-2023 08:48) Posted:

The big money is not in the buying and selling, but in the waiting.
Charlie Munger once said.
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money4life
Senior
29-Nov-2023 16:43     
 
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 Alert Admin 		Not even 0.1% of shares changed hands today. Seems everyone is waiting 

ss2017.      ( Date: 29-Nov-2023 08:48) Posted:

The big money is not in the buying and selling, but in the waiting.
Charlie Munger once said.
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volvo125
Master
29-Nov-2023 16:02     
 
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 Alert Admin 		Wa  ... @like2learn, thank you very much for the link.

like2learn      ( Date: 29-Nov-2023 14:43) Posted:

https://rfs.cgs-cimb.com/api/download?file=193e3fa3-0864-42de-af82-74231f686a78& rpt=B672DA64-93D7-EBF8-EA96-527601811434


 

volvo125      ( Date: 29-Nov-2023 01:41) Posted:

Eh ... I' m looking for the detailed report issued by cgs-cimb, not the brief summary of the report by edge ... thanks
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like2learn
Veteran
29-Nov-2023 14:43     
 
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 Alert Admin 		https://rfs.cgs-cimb.com/api/download?file=193e3fa3-0864-42de-af82-74231f686a78& rpt=B672DA64-93D7-EBF8-EA96-527601811434


 

volvo125      ( Date: 29-Nov-2023 01:41) Posted:

Eh ... I' m looking for the detailed report issued by cgs-cimb, not the brief summary of the report by edge ... thanks.

eddyeddy      ( Date: 28-Nov-2023 22:53) Posted:

https://www.theedgesingapore.com/capital/brokers-calls/rhb-keeps-add-yangzijiang-financial-improving-conditions-pave-way-npl
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money4life
Senior
29-Nov-2023 10:34     
 
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 Alert Admin 		Only if  Andrea Choong and Lim Siew Khee is from a hugh fund and pour money in, then the counter will move  smiley

Joelton      ( Date: 29-Nov-2023 10:19) Posted:

CGS-CIMB keeps ' add' on Yangzijiang Financial as improving conditions pave the way for NPL recoveries
 
CGS-CIMB analysts Andrea Choong and Lim Siew Khee have reiterated &ldquo add&rdquo on Yangzijiang Financial with an unchanged target price of 55 cents as they look forward to improving macroeconomic conditions, which should support a stronger investment landscape as well as non-performing loan recoveries. 
 
At a business update briefing on Nov 24, the company notes that operating conditions in China are improving as the government, banks and insurers are working together to solve outstanding issues with property developers. 
 
The analysts point out that Yangzijiang Financial remains proactive in freezing the land assets by developers as collateral to safeguard its cash flows, and will work towards restructuring these exposures in the case of repayment difficulties.
 
The company also noted that its debt investments in China were pared down to 50% of its total RMB4.1 billion ($768 million) assets under management (AUM) in 3QFY2023 from 59% in 2QFY2023. 
 
In tandem, Yangzijiang Financial&rsquo s total investments outside China had risen to 27% of total AUM in 3QFY2023 from 15% in 2QFY2023. Choong and Lim highlight that this was quicker-than-expected and in line with its long-term target of 50%. 
 
Moving forward, Yangzijiang Financial&rsquo s management team would remain intact. Executive chairman Ren Yuanlin is set to step in as CEO effective April 2024 to replace outgoing Vincent Toe, ensuring business continuity. 

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Joelton
Supreme
29-Nov-2023 10:19     
 
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 Alert Admin
CGS-CIMB keeps ' add' on Yangzijiang Financial as improving conditions pave the way for NPL recoveries
 
CGS-CIMB analysts Andrea Choong and Lim Siew Khee have reiterated &ldquo add&rdquo on Yangzijiang Financial with an unchanged target price of 55 cents as they look forward to improving macroeconomic conditions, which should support a stronger investment landscape as well as non-performing loan recoveries. 
 
At a business update briefing on Nov 24, the company notes that operating conditions in China are improving as the government, banks and insurers are working together to solve outstanding issues with property developers. 
 
The analysts point out that Yangzijiang Financial remains proactive in freezing the land assets by developers as collateral to safeguard its cash flows, and will work towards restructuring these exposures in the case of repayment difficulties.
 
The company also noted that its debt investments in China were pared down to 50% of its total RMB4.1 billion ($768 million) assets under management (AUM) in 3QFY2023 from 59% in 2QFY2023. 
 
In tandem, Yangzijiang Financial&rsquo s total investments outside China had risen to 27% of total AUM in 3QFY2023 from 15% in 2QFY2023. Choong and Lim highlight that this was quicker-than-expected and in line with its long-term target of 50%. 
 
Moving forward, Yangzijiang Financial&rsquo s management team would remain intact. Executive chairman Ren Yuanlin is set to step in as CEO effective April 2024 to replace outgoing Vincent Toe, ensuring business continuity. 
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money4life
Senior
29-Nov-2023 09:41     
 
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 Alert Admin 		Do you think temasek would be interested to take a stake in this  smiley

volvo125      ( Date: 28-Nov-2023 18:43) Posted:

Anyone who could find this actual CIMB detailed report dd 27 Nov and put a link here would be deeply appreciated. I wish to have a look on both the fundamental and technical changes that CIMB has made relative to its previous Mar release. CIMB attended the YFH briefing last week so they definitely hear something that we dont here. Thank you.

Winnertakeall      ( Date: 28-Nov-2023 16:11) Posted:

RHB keeps add on Yangzijiang Financial as improving conditions pave the way for NPL recoveries



RHB Bank Singapore analysts Andrea Choong and Lim Siew Khee have reiterated &ldquo add&rdquo on Yangzijiang Financial with an unchanged target price of 55 cents as they look forward to improving macroeconomic conditions, which should support a stronger investment landscape as well as non-performing loan recoveries. 

At a business update briefing on Nov 24, the company notes that operating conditions in China are improving as the government, banks and insurers are working together to solve outstanding issues with property developers. 

The analysts point out that Yangzijiang Financial remains proactive in freezing the land assets by developers as collateral to safeguard its cash flows, and will work towards restructuring these exposures in the case of repayment difficulties.

The company also noted that its debt investments in China were pared down to 50% of its total RMB4.1 billion ($768 million) assets under management (AUM) in 3QFY2023 from 59% in 2QFY2023. 

In tandem, Yangzijiang Financial&rsquo s total investments outside China had risen to 27% of total AUM in 3QFY2023 from 15% in 2QFY2023. Choong and Lim highlight that this was quicker-than-expected and in line with its long-term target of 50%. 

Moving forward, Yangzijiang Financial&rsquo s management team would remain intact. Executive chairman Ren Yuanlin is set to step in as CEO effective April 2024 to replace outgoing Vincent Toe, ensuring business continuity. 
 


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ss2017.
Supreme
29-Nov-2023 08:48     
 
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 Alert Admin 		The big money is not in the buying and selling, but in the waiting.
Charlie Munger once said.
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Amateurinvestor
Veteran
29-Nov-2023 07:15     
 
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 Alert Admin 		Think no news will make this one up but suspect that only in dragon year this will fly so have to wait two more months
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volvo125
Master
29-Nov-2023 01:41     
 
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 Alert Admin 		Eh ... I' m looking for the detailed report issued by cgs-cimb, not the brief summary of the report by edge ... thanks.

eddyeddy      ( Date: 28-Nov-2023 22:53) Posted:

https://www.theedgesingapore.com/capital/brokers-calls/rhb-keeps-add-yangzijiang-financial-improving-conditions-pave-way-npl
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eddyeddy
Master
28-Nov-2023 22:53     
 
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 Alert Admin 		https://www.theedgesingapore.com/capital/brokers-calls/rhb-keeps-add-yangzijiang-financial-improving-conditions-pave-way-npl
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volvo125
Master
28-Nov-2023 18:43     
 
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 Alert Admin 		Anyone who could find this actual CIMB detailed report dd 27 Nov and put a link here would be deeply appreciated. I wish to have a look on both the fundamental and technical changes that CIMB has made relative to its previous Mar release. CIMB attended the YFH briefing last week so they definitely hear something that we dont here. Thank you.

Winnertakeall      ( Date: 28-Nov-2023 16:11) Posted:

RHB keeps add on Yangzijiang Financial as improving conditions pave the way for NPL recoveries



RHB Bank Singapore analysts Andrea Choong and Lim Siew Khee have reiterated &ldquo add&rdquo on Yangzijiang Financial with an unchanged target price of 55 cents as they look forward to improving macroeconomic conditions, which should support a stronger investment landscape as well as non-performing loan recoveries. 

At a business update briefing on Nov 24, the company notes that operating conditions in China are improving as the government, banks and insurers are working together to solve outstanding issues with property developers. 

The analysts point out that Yangzijiang Financial remains proactive in freezing the land assets by developers as collateral to safeguard its cash flows, and will work towards restructuring these exposures in the case of repayment difficulties.

The company also noted that its debt investments in China were pared down to 50% of its total RMB4.1 billion ($768 million) assets under management (AUM) in 3QFY2023 from 59% in 2QFY2023. 

In tandem, Yangzijiang Financial&rsquo s total investments outside China had risen to 27% of total AUM in 3QFY2023 from 15% in 2QFY2023. Choong and Lim highlight that this was quicker-than-expected and in line with its long-term target of 50%. 

Moving forward, Yangzijiang Financial&rsquo s management team would remain intact. Executive chairman Ren Yuanlin is set to step in as CEO effective April 2024 to replace outgoing Vincent Toe, ensuring business continuity. 
 

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pkli899
Supreme
28-Nov-2023 18:40     
 
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 Alert Admin 		If older Ren honour his words, some point in time, he' ll cancel the shares.
In full or in part, we shall see.

John210119      ( Date: 28-Nov-2023 18:32) Posted:

On treasury shares, there is a 10% limit. The total number of treasury shares held by the company is capped at 10% of the total number of ordinary shares issued. Any excess treasury shares (i.e. more than 10% of the total number of ordinary shares) must be cancelled or disposed of within 6 months. From https://www.acra.gov.sg/how-to-guides/shares-and-updating-share-information/different-types-of-shares I am looking forward for the limit to be hit. Very confident will hit soon. As I am very curious what action plan after that. I am not afraid the limit is hit btw. It is not the end of the business. I buy into business, not stock... Haha
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John210119
Member
28-Nov-2023 18:32     
 
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 Alert Admin 		On treasury shares, there is a 10% limit. The total number of treasury shares held by the company is capped at 10% of the total number of ordinary shares issued. Any excess treasury shares (i.e. more than 10% of the total number of ordinary shares) must be cancelled or disposed of within 6 months. From https://www.acra.gov.sg/how-to-guides/shares-and-updating-share-information/different-types-of-shares I am looking forward for the limit to be hit. Very confident will hit soon. As I am very curious what action plan after that. I am not afraid the limit is hit btw. It is not the end of the business. I buy into business, not stock... Haha
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ss2017.
Supreme
28-Nov-2023 18:31     
 
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 Alert Admin 		349668500 treasury shares held after purchase



ss2017.      ( Date: 28-Nov-2023 18:24) Posted:

Good job done 👍

volvo125      ( Date: 28-Nov-2023 18:21) Posted:

SBB finally restarted again with [email protected] today. Well done uncle Ren !
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ss2017.
Supreme
28-Nov-2023 18:24     
 
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 Alert Admin 		Good job done 👍

volvo125      ( Date: 28-Nov-2023 18:21) Posted:

SBB finally restarted again with [email protected] today. Well done uncle Ren !
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volvo125
Master
28-Nov-2023 18:21     
 
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 Alert Admin 		SBB finally restarted again with [email protected] today. Well done uncle Ren !
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