YZJ Fin Hldg    Last:0.22    -0.005

YZJFH - potentially rewarding

https://www.theedgesingapore.com/news/corporate-moves/yangzijiang-maritime-prepares-sail

Old Ren just gave a long interview to TheEdge, rather comprehensive but I think we only interested in the following for the time being: 

1) Post Spin share price - He said the share price could move up to $1.2 before spin off and post spin, YZJF and YZJM should trade at $0.60 each at the start
2) Dividend policy of 40% payout to stay for YZJM
3) YZJF may face sell down post spin off as China property sector yet to recover
4) Old Ren will helm YZJM but won' t abandon YZJF as he is the biggest shareholder
5) Listing of YZJM may be in Novmember 
6) YZJM has 84 vessels in its investment portfolio, investment value worth US$1 billion
7) YZJM will expand its portfolio with clean energy vessels
8) There will be a rights issue that price attractively so existing shareholders can benefit, he will underwrite the rights issue - Likely to take place not long after YZJM' s listing. Together with $250m placement, looking to raise $150m through rights issue. 

For point 8, I think it is aim at not diluting the current shareholders too much. If this $400m can generate at least 10% ROI, I guess it will be a good move as NAV will take care of itself with recurring profits. We are more concern about earning growth, EPS, dividend and PE. 

HVRRVH      ( Date: 26-Aug-2025 22:18) Posted: YZJS also injected fresh fund through convertible bonds prior to the YZJF spin off in Apr 2022.  YZJS issued convertible bonds at $1.345 to EDBI and AWI and received SGD$50m. The bonds were mandatory convertible in 12 months with 6 months lock up period. Based on various data at that time, the bond holders were eligible for shares in YZJF post spin. Available information showed that YZJF post spin outstanding shares was 3.923,415,000 [1.4.22 SGX announcement on major disposal] and FY22 annual report showed share counts of 3,967,939,000. So it is likely that shares were added due to the foregoing. The dilution to YZJF NAV of $1.08 was about 1.12% assuming the $50m were injected to YZJS and not YZJF. Now, YZJF will also inject fresh fund into YZJM in conjunction with the spin off, to the tune of $250m. This is a much bigger amount than $50m when YZJF spin off from YZJS. This $250m has raise the question of heavy dilution to existing shareholders and as of now, we have yet to hear from managment for any clarification. Probably they will address it prior or during EGM. It is likely that YZJM already know where to deploy the potential $250m, they wouldn' t magically come up with the figure just like that. It is also likely that they have sound out potential investors and received certain respond for them to put ou the $250m figure. In addition to my previos post, if market see potential high growth, it may push the share price up so let' s wait and find out.  HVRRVH      ( Date: 18-Aug-2025 15:16) Posted: ok I also sent in my query. Let' s see what' s next.  Ref: The Proposed dilution of equity interest in YZJ Maritime arising from the Proposed Placement   a) Status of my holding: Individual b) Full name:  c) NRIC:  d) Email address:   It is mentioned in the circular that, among other things, the proposed private share placement will dilute YZJF&rsquo s equity interest in YZJM by at least 20% or more. As a current YZJF shareholder, I am concerned that this would imply that a very steep discount would be given to the subscribers of placement shares, to the tune of even 50% of post spin YZJM&rsquo s NAV as follows:    Placement with 20% dilution  New shares issued: 3.52b x 20% / 1-20% = 880m placement shares Placement amount : $250M Implied placement price: 250M / 880m =0.284 per share.    Even though the price discovery of YZJM will only be known upon listing post spin off, based on the information from the circular where it was stated that the Remaining Group&rsquo s NAV is expected to be $0.54 post spin, it is estimated that YZJM&rsquo s post spin NAV per share will be around $0.58 [$0.54 + $0.57 = $1.11 as per 1H25&rsquo s NAV]. The imply placement price of $0.284 seems detrimental to the existing shareholders. Accordingly, I would appreciate it that the company can quickly clarify the matter to all shareholders through appropriate channel of communications such as SGX announcement.    As an existing shareholder, I can accept dilution in relation to private share placement and I am just seeking clarification, as from the circular, it also appears that the dilution is pertaining to YZJF&rsquo s equity interest becoming 0% post placement and distribution. Is the 20% dilution pertaining to only YZJF' s equity interest as it would hold 0% of YZJM post placement and spin off or applies to all existing shareholders? Thank you and looking forward to a clarification by the company soonest.    Regards,

 

For YZJ, 2 options:

Option 1: Sell while can

Option 2: Take the risk to hold and wait for around 3 years like last time.

Just my personal view.

 

Seatown, a Temasek owned unit just raised over USD 600m for its third private credit fund.
They are so confident of getting a mid-teen net return and a double-digit distribution yield for investors!
YZJFH surely can learn a thing or two from them.

 

Yes

ysh2006      ( Date: 27-Aug-2025 14:17) Posted: So which mean $1.11 only, based on NAV ? YZJFH reaching soon loh...

 

So which mean $1.11 only, based on NAV ? YZJFH reaching soon loh...

 

Everyone has their own guesses but nobody will openly say they know or share their guesses, as nobody know for sure. What we know is the post spin NAV per share for YZJF and YZJM is about $0.54 and $0.57 respectively but like pastime said, market could value it entirely differently and do not consider NAV at all. 

ysh2006      ( Date: 27-Aug-2025 05:30) Posted: Mr HVRRVH thanks for the analysing ,may know can roughly guess what is the pricing for YZJ M and YZJFH after spin off market trading ? Many thanks. HVRRVH      ( Date: 26-Aug-2025 22:01) Posted: ETL should be coming soon. Using previous case of YZJS to YZJF, the combined NAV pre spin at that time was about $1.95 [as of 20.4.22], post spin YZJF&rsquo s NAV was $1.08 and YZJS was about $0.86 respectively [as at 20.04.22]. First day trading on 28.4.22 saw YZJF open $0.69 and closed $0.545 whereas YZJS traded on XE day [25.4.22] open $0.8 closed $0.96. YZJF subsequently traded as low as $0.285 in months to come despite high NAV of $1.08 before turning the corner in July 2024 and more profoundly from Sept 2024 and traded as high as $1.06 in Aug 2025, esp today with sudden matched up at closed with almost half of today' s total volume. As for YZJS, it is trading at almost $3 now with NAV of $1.255. As far as spin off metrics are concerned, YZJF has $1.11 NAV now and post spin it is expected to have NAVs of $0.54 and $0.57 respectively for YZJF and YZJM. The NAV per share of YZJM is expected to drop further depending on the private placement price [a 20% dilution would see its NAV dip to $0.51 level]. In view of the foregoing, if market price both the entities based on NAVs then it would not be good news post spin, as I don' t see why would the market give premium to NAVs at early days of trading. Having said so,  YZJS&rsquo s rerating ($0.96 &rarr $3)  wasn&rsquo t just a NAV recovery&mdash it was driven by  record profits, USD 8.5B order book, and green shipping leadership. YZJF&rsquo s rebound from $0.285 &rarr $1.06 was due to  operational fixes: reducing China debt exposure, pivoting to Southeast Asia, and launching high-margin maritime businesses. From both cases, NAV is just a floor and what drive the share price is earing growth. With that, long holders who wish to hold on to both YZJF and YZJM can be hopeful, for starter, YZJF would further reduce its China DI to below 20% of AUM and they have taken step to invest actively in SMEs being anchor investor of the 100m fund with ICH. For YZJM, past 3 years we have seen the maritime businesses growing leap and bound by more than 100% so if this rate of growth keep up, it is likely that market would give at least 10x PE or more than 1x PB. We still can gauge rougly how the market would price YZJF and YZJM, if YZJF continue to trend up above current NAV, it is a good sign and likely that market will be generous in its pricing, perhaps both entities will trade at least at NAVs level. If today' s price is the peak or at most goes up to just a tad below NAV, then I don' t think market will accord high premium be it base on PE or PB.

 

nta is only a considerations of how much one is paying for a share.
the more important measures are how much profit, how much cash flow and how much dividend.
cash flow more important than profit. a company with lots of cash flow is real money. a company with lots of profit might not be real.  dividend is indications of how much big share holders willing to share profit with other non controlling share holders.  more dividend less left for growth. pay dividend already means less cash left.
share price is a function of buyers money versus those selling.
no transaction means not many willing to pay to buy and not many willing to sell.   
so all up to controlling shareholders how they want to stir the interest in buyers interest to move share price up.
money to buy is real. real money buy real stock.  others like nta are indirect things that results in transactions. don' t believe in what others said. everyone has their own considerations.  it is the main money power that will move share price. your money you decide.
dyodd.

 

Mr HVRRVH thanks for the analysing ,may know can roughly guess what is the pricing for YZJ M and YZJFH after spin off market trading ? Many thanks.

HVRRVH      ( Date: 26-Aug-2025 22:01) Posted: ETL should be coming soon. Using previous case of YZJS to YZJF, the combined NAV pre spin at that time was about $1.95 [as of 20.4.22], post spin YZJF&rsquo s NAV was $1.08 and YZJS was about $0.86 respectively [as at 20.04.22]. First day trading on 28.4.22 saw YZJF open $0.69 and closed $0.545 whereas YZJS traded on XE day [25.4.22] open $0.8 closed $0.96. YZJF subsequently traded as low as $0.285 in months to come despite high NAV of $1.08 before turning the corner in July 2024 and more profoundly from Sept 2024 and traded as high as $1.06 in Aug 2025, esp today with sudden matched up at closed with almost half of today' s total volume. As for YZJS, it is trading at almost $3 now with NAV of $1.255. As far as spin off metrics are concerned, YZJF has $1.11 NAV now and post spin it is expected to have NAVs of $0.54 and $0.57 respectively for YZJF and YZJM. The NAV per share of YZJM is expected to drop further depending on the private placement price [a 20% dilution would see its NAV dip to $0.51 level]. In view of the foregoing, if market price both the entities based on NAVs then it would not be good news post spin, as I don' t see why would the market give premium to NAVs at early days of trading. Having said so,  YZJS&rsquo s rerating ($0.96 &rarr $3)  wasn&rsquo t just a NAV recovery&mdash it was driven by  record profits, USD 8.5B order book, and green shipping leadership. YZJF&rsquo s rebound from $0.285 &rarr $1.06 was due to  operational fixes: reducing China debt exposure, pivoting to Southeast Asia, and launching high-margin maritime businesses. From both cases, NAV is just a floor and what drive the share price is earing growth. With that, long holders who wish to hold on to both YZJF and YZJM can be hopeful, for starter, YZJF would further reduce its China DI to below 20% of AUM and they have taken step to invest actively in SMEs being anchor investor of the 100m fund with ICH. For YZJM, past 3 years we have seen the maritime businesses growing leap and bound by more than 100% so if this rate of growth keep up, it is likely that market would give at least 10x PE or more than 1x PB. We still can gauge rougly how the market would price YZJF and YZJM, if YZJF continue to trend up above current NAV, it is a good sign and likely that market will be generous in its pricing, perhaps both entities will trade at least at NAVs level. If today' s price is the peak or at most goes up to just a tad below NAV, then I don' t think market will accord high premium be it base on PE or PB.

 

YZJS also injected fresh fund through convertible bonds prior to the YZJF spin off in Apr 2022.  YZJS issued convertible bonds at $1.345 to EDBI and AWI and received SGD$50m. The bonds were mandatory convertible in 12 months with 6 months lock up period. Based on various data at that time, the bond holders were eligible for shares in YZJF post spin. Available information showed that YZJF post spin outstanding shares was 3.923,415,000 [1.4.22 SGX announcement on major disposal] and FY22 annual report showed share counts of 3,967,939,000. So it is likely that shares were added due to the foregoing. The dilution to YZJF NAV of $1.08 was about 1.12% assuming the $50m were injected to YZJS and not YZJF. Now, YZJF will also inject fresh fund into YZJM in conjunction with the spin off, to the tune of $250m. This is a much bigger amount than $50m when YZJF spin off from YZJS. This $250m has raise the question of heavy dilution to existing shareholders and as of now, we have yet to hear from managment for any clarification. Probably they will address it prior or during EGM. It is likely that YZJM already know where to deploy the potential $250m, they wouldn' t magically come up with the figure just like that. It is also likely that they have sound out potential investors and received certain respond for them to put ou the $250m figure. In addition to my previos post, if market see potential high growth, it may push the share price up so let' s wait and find out. 

HVRRVH      ( Date: 18-Aug-2025 15:16) Posted: ok I also sent in my query. Let' s see what' s next.  Ref: The Proposed dilution of equity interest in YZJ Maritime arising from the Proposed Placement   a) Status of my holding: Individual b) Full name:  c) NRIC:  d) Email address:   It is mentioned in the circular that, among other things, the proposed private share placement will dilute YZJF&rsquo s equity interest in YZJM by at least 20% or more. As a current YZJF shareholder, I am concerned that this would imply that a very steep discount would be given to the subscribers of placement shares, to the tune of even 50% of post spin YZJM&rsquo s NAV as follows:    Placement with 20% dilution  New shares issued: 3.52b x 20% / 1-20% = 880m placement shares Placement amount : $250M Implied placement price: 250M / 880m =0.284 per share.    Even though the price discovery of YZJM will only be known upon listing post spin off, based on the information from the circular where it was stated that the Remaining Group&rsquo s NAV is expected to be $0.54 post spin, it is estimated that YZJM&rsquo s post spin NAV per share will be around $0.58 [$0.54 + $0.57 = $1.11 as per 1H25&rsquo s NAV]. The imply placement price of $0.284 seems detrimental to the existing shareholders. Accordingly, I would appreciate it that the company can quickly clarify the matter to all shareholders through appropriate channel of communications such as SGX announcement.    As an existing shareholder, I can accept dilution in relation to private share placement and I am just seeking clarification, as from the circular, it also appears that the dilution is pertaining to YZJF&rsquo s equity interest becoming 0% post placement and distribution. Is the 20% dilution pertaining to only YZJF' s equity interest as it would hold 0% of YZJM post placement and spin off or applies to all existing shareholders? Thank you and looking forward to a clarification by the company soonest.    Regards,

 

ETL should be coming soon. Using previous case of YZJS to YZJF, the combined NAV pre spin at that time was about $1.95 [as of 20.4.22], post spin YZJF&rsquo s NAV was $1.08 and YZJS was about $0.86 respectively [as at 20.04.22]. First day trading on 28.4.22 saw YZJF open $0.69 and closed $0.545 whereas YZJS traded on XE day [25.4.22] open $0.8 closed $0.96. YZJF subsequently traded as low as $0.285 in months to come despite high NAV of $1.08 before turning the corner in July 2024 and more profoundly from Sept 2024 and traded as high as $1.06 in Aug 2025, esp today with sudden matched up at closed with almost half of today' s total volume. As for YZJS, it is trading at almost $3 now with NAV of $1.255. As far as spin off metrics are concerned, YZJF has $1.11 NAV now and post spin it is expected to have NAVs of $0.54 and $0.57 respectively for YZJF and YZJM. The NAV per share of YZJM is expected to drop further depending on the private placement price [a 20% dilution would see its NAV dip to $0.51 level]. In view of the foregoing, if market price both the entities based on NAVs then it would not be good news post spin, as I don' t see why would the market give premium to NAVs at early days of trading. Having said so,  YZJS&rsquo s rerating ($0.96 &rarr $3)  wasn&rsquo t just a NAV recovery&mdash it was driven by  record profits, USD 8.5B order book, and green shipping leadership. YZJF&rsquo s rebound from $0.285 &rarr $1.06 was due to  operational fixes: reducing China debt exposure, pivoting to Southeast Asia, and launching high-margin maritime businesses. From both cases, NAV is just a floor and what drive the share price is earing growth. With that, long holders who wish to hold on to both YZJF and YZJM can be hopeful, for starter, YZJF would further reduce its China DI to below 20% of AUM and they have taken step to invest actively in SMEs being anchor investor of the 100m fund with ICH. For YZJM, past 3 years we have seen the maritime businesses growing leap and bound by more than 100% so if this rate of growth keep up, it is likely that market would give at least 10x PE or more than 1x PB. We still can gauge rougly how the market would price YZJF and YZJM, if YZJF continue to trend up above current NAV, it is a good sign and likely that market will be generous in its pricing, perhaps both entities will trade at least at NAVs level. If today' s price is the peak or at most goes up to just a tad below NAV, then I don' t think market will accord high premium be it base on PE or PB. 

 

Up up and away .....
Huat arh! 💪

 

Until 5 pm 5.9m units done.
Another 7.5m during matching!
And also pushed up to 1.06.
What happned? 

 

 

So after spin off, both YZJFH and YZJM will fly.

Winnertakeall      ( Date: 25-Aug-2025 09:40) Posted: In August  Yangzijiang Financial Holding  (YZJFH) announced it would anchor a $100 million investment fund on August 18th and also reported a 28% rise in its H1 2025 net profits      Yangzijiang Financial Holding (YZJFH) News Fund Anchoring: On August 18th, the company announced it would anchor a $100 million investment fund.            H1 2025 Profit: Yangzijiang Financial also reported a 28% increase in its first-half net profit for 2025, reaching S$137.7 million.            Market Context: This news highlights the company' s continued growth and strategic moves in the financial sector.

 

 

How a Chinese Shipbuilder Is Quietly Steering the Future of Green Shipping

Interesting research summary at  https://tinyurl.com/yt8hhcp4

 

 

Once EGM approval given the one for one maritime sharees later can trade at what price ?

 

Next week EGM supposed the resoluction will all passed and we can get free marine stock one for one .....

 

Love it.

HVRRVH      ( Date: 22-Aug-2025 11:26) Posted: Price moving between $1.02 and $1.06, with heavy actions between $1.03 and $1.05. I think you are right. Anyway if it keep trading above $1 should be ok, once ETL and EGM over, likely to move further up touching the combined NAV. Post spin bound to have heavy volatility with price recovery process for the 2 companies. YZJF post spin will be aggressively reduce its DI to below 20% within a year [read somewhere, sure of the 20% but not too certain about the timeline], it would start investing in SMEs from Sep 25 with listing those SMEs in mind with its 100m venture with ICH. It would also shift focus to private equity and South East Asian markets. So, it seems not just YZJM, even YZJF is embarkig on new frontier so both companies post spin could yet to offer tremendous growth potentials. Personally, I already prepared my spreadsheet to include YZJM in anticipation to receive its shares for tracking purpose. Just like 1 and 1 distribution in specie, hopefully 1 day we could also see 1 and 1 in term of share price for YZJF and YZJM post spin.  pkli899      ( Date: 20-Aug-2025 13:47) Posted: Maybe it is just accumulation in progress. I over read.

 

hvrrvh greetings. yes nothing is sure even death. (some did not die)
high probabilities of gaining capital by 4x on us 30 years bond over the next few years as us interest heading to 1%. trump is reported to have invested $100m on all kinds of bond.  believe in his abilities to make thing happen. 
 

HVRRVH      ( Date: 22-Aug-2025 11:09) Posted: Problem is the projected returns is not a sure thing, even if confident level is 99%. On the other hand, the discount is real and once given, like it or not, investors will take into account the effect on NAV in this case. The saving grace is that like you said, old Ren is the biggest shareholder so it seems unlikely he would dilute his equity interest too much. We shall see.  pasttime      ( Date: 21-Aug-2025 07:52) Posted: suppose someone invest 250m and is able to get a return towards 1000m in few years time, is the 250m good or bad investment. ren has a bigger percentage share then most shareholders. so the effect on him should be bigger. is he likely to take a stone and crash his own feet? nta is useful whena  company belly up or face takeover. neither of these are happening in the near future. rethink about it. yes sure as shareholders like to get as much as possible.