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The below excerpt in blue from the article in The Edge today (27/3/26) really highlights the disconnect between the current share price and potential intrinsic value. YZJFH could be a one-bagger over the next 24 months if the property market in China recovers.
Liu believes the stocks steep discount to book value may overstate the risks embedded in the loan portfolio. As at end-2025, Yangzijiang Financial had about 18 cents of net cash per share. Even if the entire net balance of its NPLs &mdash $254 million after provisions, or 7 cents a share &mdash were written off, the groups adjusted net asset value would still be roughly 43 cents per share.
Liu believes the stocks steep discount to book value may overstate the risks embedded in the loan portfolio. As at end-2025, Yangzijiang Financial had about 18 cents of net cash per share. Even if the entire net balance of its NPLs &mdash $254 million after provisions, or 7 cents a share &mdash were written off, the groups adjusted net asset value would still be roughly 43 cents per share.
Assuming, if company willing to share some of its cash pile, how much will it be per shareholder?
Long time missing pal.....emailpeter......haha.
Thanks for the good read.
Thanks for the good read.
Investors here need to be far sighted and look way beyond the current war and white noise. The reward will come. This stock remains an infant, has never rewarded the short term & trader, always catches them off footed.
https://www.theedgesingapore.com/news/corporate-moves/yangzijiang-financial-clears-decks-after-chinas-credit-boom
Behind the paywall.
At the height of China?s credit boom, Yangzijiang Shipbuilding poured billions into loans through an investment arm closely tied to the country?s property sector. That business went on to list on the Singapore Exchange (SGX) in 2022 as Yangzijiang Financial, just as Beijing?s crackdown on credit to developers began to unravel the lending cycle that had powered years of easy returns.
As China?s property downturn deepened, Yangzijiang Financial found itself dealing with troubled loans accumulated during the boom years. This legacy has been weighing heavily on its valuation since its listing.
The company acted decisively in 2025 to draw a line under those risks, recognising $291 million in credit-loss allowances ? its largest on record ? in a sweeping move to clean up its balance sheet. While that sank its bottom line, it signalled an attempt to put the worst of its legacy exposures behind it as it sought to reset its business.
The move also reflects the company?s intention not to commit fresh capital to troubled projects, Liu Hua, Yangzijiang Financial?s executive chairman, tells The Edge Singapore. ?We don?t want to put good money into bad money.?
Instead, the group is seeking to recover value as stalled residential projects in China are completed and units gradually sold through restructuring efforts led by local governments and developers.
Measures unveiled by Beijing in recent years include easing mortgage rules and lowering minimum downpayment requirements to support homebuyers. Bank financing is also being channelled to viable housing developments to complete stalled projects and deliver presold homes. Local governments have also been told to buy unsold property for conversion into affordable housing.
See also: Zico to focus on asset management for growth aims to launch ?shariah-aligned? fund
?Our objective is to recover what we can from the remaining value of these projects,? says Liu, who succeeded Chinese billionaire Ren Yuanlin as Yangzijiang Financial?s executive chairman in October last year. Before that, she was deputy CEO and CFO.
But even with the aggressive clean-up, shares of Yangzijiang Financial continue to trade at roughly half of its net asset value. The steep discount reflects persistent investor scepticism about the quality of its investment portfolio and the eventual recovery value of loans linked to China?s real estate market.
For now, the timing of any meaningful recovery remains uncertain. Yangzijiang Financial?s legacy exposures could take up to three years to be resolved, according to Liu. ?Some of them could be resolved a bit earlier, but there could be some delay for others because this is not all within our control.?
See also: Lincotrade rides bullish construction demand and data centre hype
The carveout of its maritime business has also reshaped Yangzijiang Financial?s investment case. Yangzijiang Maritime Development was spun off and listed on SGX last November by way of introduction. That left Yangzijiang Financial squarely positioned as an investment and asset-management platform, without the more promising maritime financing business that once provided a hedge against its China credit exposure.
The challenge now for Yangzijiang Financial is convincing investors that the worst of its hangover from China?s credit boom is behind it and that the business emerging from the clean-up merits a fresh look.
Portfolio rebalancing
As part of this shift, the company is targeting a long-term portfolio mix of roughly 40% income-generating debt, 40% equities and 20% cash. It now has about $1.71 billion in assets under management, of which about half are in debt investments, mostly in China. About 37% of its current portfolio is in cash and 13% in equities and other investments.
Within the equity allocation, about half will be deployed into private equity, targeting strong businesses with room for operational improvement. The rest will be invested in selected equities across China and Southeast Asia.
Early attempts to deploy capital under this strategy highlight both the opportunities and the execution risks.
In October last year, Yangzijiang Financial announced a RMB1.02 billion ($190 million) investment as part of a consortium to lead the restructuring of Ningbo Shanshan, a producer of lithium battery anode materials used in electric vehicles.
To stay ahead of Singapore and the region?s corporate and economic trends, click here for Latest Section
That would have given the consortium effective control of about 23% of the Shanghai-listed company. The deal was framed as an opportunity to tap into China?s fast-growing new-energy supply chain.
But the episode also highlights the execution risks that come with such ambitions. The proposed restructuring ultimately did not proceed after it failed to secure approval from Ningbo Shanshan?s creditors.
For Yangzijiang Financial, converting such opportunities into completed investments will be key as it reshapes its own portfolio. Undeterred, it intends to deploy up to RMB1 billion in the first half of 2026 into equities listed in China and Singapore that offer returns of at least 4.5%. In Singapore, it is also applying for a capital markets services licence to expand its fund management business.
Over the next three years, the company expects its investment portfolio to shift away from its current China-heavy exposure towards a roughly even split between China and the wider Asia-Pacific region.
While the broad strokes are in place, translating the strategy into a rebalanced portfolio will take time. For investors, the question is whether the company can deliver on that transition quickly enough to close the persistent gap between its share price and net asset value, which amounted to 50.2 cents a share as at Dec 31, 2025.
For now, the numbers suggest the rebalancing still has some way to run.
China?s debt legacy lingers
The biggest overhang on Yangzijiang Financial is still its legacy debt in China. As of Dec 31, 2025, it had $1.36 billion in gross debt investments, of which slightly more than half were non-performing. Its non-performing loan (NPL) ratio rose to 50.3% last year, crossing the 50% mark for the first time and reaching its highest level since its 2022 listing on SGX.
In absolute terms, NPLs rose from $675 million in 2024 to $685 million last year. That?s more than the $638 million cash on its balance sheet. Based on current conditions, the company is assuming expected credit losses of about 63% of its NPLs.
Liu believes the stock?s steep discount to book value may overstate the risks embedded in the loan portfolio. As at end-2025, Yangzijiang Financial had about 18 cents of net cash per share. Even if the entire net balance of its NPLs ? $254 million after provisions, or 7 cents a share ? were written off, the group?s adjusted net asset value would still be roughly 43 cents per share.
?That is still significantly higher than where the stock is trading today,? she says.
Whether those loans ultimately recover meaningful value will depend largely on the trajectory of China?s economy. The backdrop remains challenging, with the property market still strained and deflationary pressures lingering. Earlier this month, Beijing issued its strongest pledge yet to end deflation, signalling a renewed push to revive demand and stabilise prices after years of sluggish growth.
A sustained recovery could ease financial pressure on developers and improve recovery prospects for lenders such as Yangzijiang Financial. ?This is definitely a positive sign by Beijing,? says Liu.
?Even though we have made provisions based on current market conditions, they will be reassessed at every reporting period. If conditions improve, we should be able to recover some of the loans and even reverse part of those provisions.?
Enough for a re-rating?
Ultimately, the real test lies in execution. After years of navigating the fallout from China?s property downturn, Yangzijiang Financial will have to convince investors that its future lies not in unwinding the past but in redeploying capital into a new cycle of regional investments.
One sign of that shift is its growing interest in Singapore?s equities market. The company is anchoring a $100 million fund managed by ICH Asset Management to back Singapore?s small- and mid-cap firms from the pre-IPO stage through to public markets. The initiative dovetails with the central bank?s Equity Market Development Programme, which has helped revive liquidity and investor interest in the local stock market since last year.
But even as it looks to new opportunities, the key challenge is working through its loan book in China. By recognising large provisions and accelerating loan recoveries, it appears intent on clearing legacy risks, even at the cost of short-term earnings. This will go some way towards helping reset expectations and enabling the group to rebuild its deployable capital as cash is gradually recovered from its debt investments.
The question is whether that reset will be enough to trigger a re-rating.
If China?s property market stabilises and loan recoveries come in stronger than expected, the heavy allowances booked in 2025 could mark the trough of the cycle. At the same time, the push to diversify its investments across Asia ? alongside its pledge to pay out 40% of earnings as dividends ? could gradually reshape investor perceptions.
Until then, Yangzijiang Financial remains a company in transition, one still working through the after-effects of China?s credit boom while repositioning itself for a different investment landscape. For investors, the real signal will come when the clean-up finally begins to show up in the share price.
https://www.theedgesingapore.com/news/corporate-moves/yangzijiang-financial-clears-decks-after-chinas-credit-boom
Behind the paywall.
At the height of China?s credit boom, Yangzijiang Shipbuilding poured billions into loans through an investment arm closely tied to the country?s property sector. That business went on to list on the Singapore Exchange (SGX) in 2022 as Yangzijiang Financial, just as Beijing?s crackdown on credit to developers began to unravel the lending cycle that had powered years of easy returns.
As China?s property downturn deepened, Yangzijiang Financial found itself dealing with troubled loans accumulated during the boom years. This legacy has been weighing heavily on its valuation since its listing.
The company acted decisively in 2025 to draw a line under those risks, recognising $291 million in credit-loss allowances ? its largest on record ? in a sweeping move to clean up its balance sheet. While that sank its bottom line, it signalled an attempt to put the worst of its legacy exposures behind it as it sought to reset its business.
The move also reflects the company?s intention not to commit fresh capital to troubled projects, Liu Hua, Yangzijiang Financial?s executive chairman, tells The Edge Singapore. ?We don?t want to put good money into bad money.?
Instead, the group is seeking to recover value as stalled residential projects in China are completed and units gradually sold through restructuring efforts led by local governments and developers.
Measures unveiled by Beijing in recent years include easing mortgage rules and lowering minimum downpayment requirements to support homebuyers. Bank financing is also being channelled to viable housing developments to complete stalled projects and deliver presold homes. Local governments have also been told to buy unsold property for conversion into affordable housing.
See also: Zico to focus on asset management for growth aims to launch ?shariah-aligned? fund
?Our objective is to recover what we can from the remaining value of these projects,? says Liu, who succeeded Chinese billionaire Ren Yuanlin as Yangzijiang Financial?s executive chairman in October last year. Before that, she was deputy CEO and CFO.
But even with the aggressive clean-up, shares of Yangzijiang Financial continue to trade at roughly half of its net asset value. The steep discount reflects persistent investor scepticism about the quality of its investment portfolio and the eventual recovery value of loans linked to China?s real estate market.
For now, the timing of any meaningful recovery remains uncertain. Yangzijiang Financial?s legacy exposures could take up to three years to be resolved, according to Liu. ?Some of them could be resolved a bit earlier, but there could be some delay for others because this is not all within our control.?
See also: Lincotrade rides bullish construction demand and data centre hype
The carveout of its maritime business has also reshaped Yangzijiang Financial?s investment case. Yangzijiang Maritime Development was spun off and listed on SGX last November by way of introduction. That left Yangzijiang Financial squarely positioned as an investment and asset-management platform, without the more promising maritime financing business that once provided a hedge against its China credit exposure.
The challenge now for Yangzijiang Financial is convincing investors that the worst of its hangover from China?s credit boom is behind it and that the business emerging from the clean-up merits a fresh look.
Portfolio rebalancing
As part of this shift, the company is targeting a long-term portfolio mix of roughly 40% income-generating debt, 40% equities and 20% cash. It now has about $1.71 billion in assets under management, of which about half are in debt investments, mostly in China. About 37% of its current portfolio is in cash and 13% in equities and other investments.
Within the equity allocation, about half will be deployed into private equity, targeting strong businesses with room for operational improvement. The rest will be invested in selected equities across China and Southeast Asia.
Early attempts to deploy capital under this strategy highlight both the opportunities and the execution risks.
In October last year, Yangzijiang Financial announced a RMB1.02 billion ($190 million) investment as part of a consortium to lead the restructuring of Ningbo Shanshan, a producer of lithium battery anode materials used in electric vehicles.
To stay ahead of Singapore and the region?s corporate and economic trends, click here for Latest Section
That would have given the consortium effective control of about 23% of the Shanghai-listed company. The deal was framed as an opportunity to tap into China?s fast-growing new-energy supply chain.
But the episode also highlights the execution risks that come with such ambitions. The proposed restructuring ultimately did not proceed after it failed to secure approval from Ningbo Shanshan?s creditors.
For Yangzijiang Financial, converting such opportunities into completed investments will be key as it reshapes its own portfolio. Undeterred, it intends to deploy up to RMB1 billion in the first half of 2026 into equities listed in China and Singapore that offer returns of at least 4.5%. In Singapore, it is also applying for a capital markets services licence to expand its fund management business.
Over the next three years, the company expects its investment portfolio to shift away from its current China-heavy exposure towards a roughly even split between China and the wider Asia-Pacific region.
While the broad strokes are in place, translating the strategy into a rebalanced portfolio will take time. For investors, the question is whether the company can deliver on that transition quickly enough to close the persistent gap between its share price and net asset value, which amounted to 50.2 cents a share as at Dec 31, 2025.
For now, the numbers suggest the rebalancing still has some way to run.
China?s debt legacy lingers
The biggest overhang on Yangzijiang Financial is still its legacy debt in China. As of Dec 31, 2025, it had $1.36 billion in gross debt investments, of which slightly more than half were non-performing. Its non-performing loan (NPL) ratio rose to 50.3% last year, crossing the 50% mark for the first time and reaching its highest level since its 2022 listing on SGX.
In absolute terms, NPLs rose from $675 million in 2024 to $685 million last year. That?s more than the $638 million cash on its balance sheet. Based on current conditions, the company is assuming expected credit losses of about 63% of its NPLs.
Liu believes the stock?s steep discount to book value may overstate the risks embedded in the loan portfolio. As at end-2025, Yangzijiang Financial had about 18 cents of net cash per share. Even if the entire net balance of its NPLs ? $254 million after provisions, or 7 cents a share ? were written off, the group?s adjusted net asset value would still be roughly 43 cents per share.
?That is still significantly higher than where the stock is trading today,? she says.
Whether those loans ultimately recover meaningful value will depend largely on the trajectory of China?s economy. The backdrop remains challenging, with the property market still strained and deflationary pressures lingering. Earlier this month, Beijing issued its strongest pledge yet to end deflation, signalling a renewed push to revive demand and stabilise prices after years of sluggish growth.
A sustained recovery could ease financial pressure on developers and improve recovery prospects for lenders such as Yangzijiang Financial. ?This is definitely a positive sign by Beijing,? says Liu.
?Even though we have made provisions based on current market conditions, they will be reassessed at every reporting period. If conditions improve, we should be able to recover some of the loans and even reverse part of those provisions.?
Enough for a re-rating?
Ultimately, the real test lies in execution. After years of navigating the fallout from China?s property downturn, Yangzijiang Financial will have to convince investors that its future lies not in unwinding the past but in redeploying capital into a new cycle of regional investments.
One sign of that shift is its growing interest in Singapore?s equities market. The company is anchoring a $100 million fund managed by ICH Asset Management to back Singapore?s small- and mid-cap firms from the pre-IPO stage through to public markets. The initiative dovetails with the central bank?s Equity Market Development Programme, which has helped revive liquidity and investor interest in the local stock market since last year.
But even as it looks to new opportunities, the key challenge is working through its loan book in China. By recognising large provisions and accelerating loan recoveries, it appears intent on clearing legacy risks, even at the cost of short-term earnings. This will go some way towards helping reset expectations and enabling the group to rebuild its deployable capital as cash is gradually recovered from its debt investments.
The question is whether that reset will be enough to trigger a re-rating.
If China?s property market stabilises and loan recoveries come in stronger than expected, the heavy allowances booked in 2025 could mark the trough of the cycle. At the same time, the push to diversify its investments across Asia ? alongside its pledge to pay out 40% of earnings as dividends ? could gradually reshape investor perceptions.
Until then, Yangzijiang Financial remains a company in transition, one still working through the after-effects of China?s credit boom while repositioning itself for a different investment landscape. For investors, the real signal will come when the clean-up finally begins to show up in the share price.
Great potential
waiting for the moment ... probably probably good time to accumulate
just wayang wayang .... 😁 this is the 4th week
just wayang wayang .... 😁 this is the 4th week
Will be going up due to war ceasing!
Tob231 ( Date: 26-Mar-2026 17:19) Posted:
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curry loh ... still cooking curry
Going up?
Going to see the same magic again.
tch77_pt75 ( Date: 20-Mar-2026 16:21) Posted:
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yzjfh has cny635.9m. cny has gain 1.1% versus sgd since 31 dec to current from 5.44 to 5.38
so when they want to convert to sgd. can buy a ship from yzjmarine and sell in international maket in usd then change to sgd. savr cost and gain trading margin.
quite good i think.
so when they want to convert to sgd. can buy a ship from yzjmarine and sell in international maket in usd then change to sgd. savr cost and gain trading margin.
quite good i think.
this baby got throw out with the water.
usd at high. wich is artiificial due to war. take advantage of it to sell and leave
usd. a country with so much debt and most loosing confident of the value of it
as global currency. it will go the way of uk pounds in time.
cny raising in value. gold will be back in time. just wait for it to side ways.
usd at high. wich is artiificial due to war. take advantage of it to sell and leave
usd. a country with so much debt and most loosing confident of the value of it
as global currency. it will go the way of uk pounds in time.
cny raising in value. gold will be back in time. just wait for it to side ways.
another good dividend counter 🤩
around .2 is a good entry point. will still need to wait 12 months+ to make some good money on it though.
Yes. Well supported at 0.245/0.25
seanpent ( Date: 20-Mar-2026 14:22) Posted:
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It bounces up strongly each time it touches this level. Very well supported by NAV?
Winnertakeall ( Date: 18-Mar-2026 10:10) Posted:
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🟢 1. Very strong balance sheet (this is the biggest plus)
This is a fortress balance sheet& rdquo company with a lot of dry powder.
That gives it:
This is one of the main reasons value investors look at it:
🟢 4. Clear shift to a better strategy
Old model:
Less reliance on China property, more diversified and liquid portfolio.
🟢 5. High capital deployment potential
Management highlighted they can deploy hundreds of millions per deal
👉 That matters because:
YZJ Financial today is basically:
A cash-rich investment company in transition
So the bull case is:
Why bulls like it:
- Zero debt + huge cash pile (~S$638M)
- Total AUM still ~S$1.7B after spin-off
This is a fortress balance sheet& rdquo company with a lot of dry powder.
That gives it:
- Downside protection
- Ability to invest aggressively when opportunities appear
- Net asset value & asymp S$0.50/share
- Share price & asymp ~S$0.27 ~ 0.30
This is one of the main reasons value investors look at it:
- Youre buying assets cheaper than what they re worth on paper
- Took ~S$290M in provisions on bad loans (mainly China property)
- Result: FY2025 loss
- They ve front-loaded the pain
- Balance sheet is now cleaner going forward
🟢 4. Clear shift to a better strategy
Old model:
- Heavy exposure to China debt (risky, opaque)
- 40% debt (income)
- 40% equity (growth)
- 20% cash (flexibility)
- Moving into Southeast Asia + broader APAC
- Targeting > 4.5% yield equities
Less reliance on China property, more diversified and liquid portfolio.
🟢 5. High capital deployment potential
Management highlighted they can deploy hundreds of millions per deal
👉 That matters because:
- Large capital = access to higher-return, less competitive deals
- Historical returns in some segments: 10 ~ 20%+
- Spun off YZJ Maritime
- Removed capital-heavy assets
- Now purely focused on financial investments
- Improve return on equity
- Make the business easier to value
- Targets ~40% payout ratio
- Keeps 20% cash buffer partly for dividends
- Potential to restore dividends once profits normalize
YZJ Financial today is basically:
A cash-rich investment company in transition
So the bull case is:
- Cheap valuation
- Cleaned-up balance sheet
- Large cash ready to deploy
- Potential turnaround story
Why bulls like it:
- Deep value + turnaround + strong balance sheet
yes, good news is coming .... dividend and sbb
market boh lat/hong ... vol 4m for Seatrium also can get 8th position
YZJFH vol 3.2m from 11th moved to 12th position
YZJFH vol 3.2m from 11th moved to 12th position
market has to reach an equilibrium ... before the management will start SBB.
tiam tiam 👀
tiam tiam 👀