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How a Chinese Shipbuilder Is Quietly Steering the Future of Green Shipping
Interesting research summary at https://tinyurl.com/yt8hhcp4
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:
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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.
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:
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Haha, I somehow share your optimism, HVRRVH.
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:
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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:
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in the previous years. share buy back is almost $125.4m. now by selling part of going to list subsi they get back $250m. that is a gain of $124.6m. almost 100% gain from the cash spend on share buy back.
world is progressing quickly. money make opportunities become real.
like now AI toy is booming. AI dog, cat, bear etc.
be ready to catch the boom in interest rate cut.
which will results in property up cycle, developers already benefits from short covering.
when will the shorts in yzjfh cover. or is it no stock for them to cover?
like now AI toy is booming. AI dog, cat, bear etc.
be ready to catch the boom in interest rate cut.
which will results in property up cycle, developers already benefits from short covering.
when will the shorts in yzjfh cover. or is it no stock for them to cover?
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.
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.
This is not a straight forward case of a face value 20% dilution. There is an impicit 10% NAV loss per share based on the indicative amount raised.
A 20% dilution on a $500m raised is OK. A 20% dilution on a $250m raised is Not OK.
Imagine the theoretical post split YMD share is worthed $0.58 yet the new pp shareholders are issued with the same share at $0.29. Market will adjust the post split YMD share price down accordingly much like a Right issue at a discount.
Now if we look at the balance sheet in absolute term, YMD is actually collecting $250m less due to steep discount issued to the pp shares. The potential opportunity loss of future NPAT, assuming no future YOY compounding effect for simplicity, and also assuming this money not collected could otherwise be productively deployed to earn an ROE of ~8%, woud mean the coy NPAT will reduce by 0.08*250m = $20m. At 40% payout ratio, the coy will pay out = (0.4*20) = $8m less dividend to shareholders.
This pp shares issued at an implicit steep 50% discount has a barrage of material impact on NAV, post spin off YMD share price, future EPS and DPS. Knowing that all these blunts will come crushing down for sure if my interpretation of this $250m with a 20% dilution pp issuance is correct, then I am concerned, very concerned.
A 20% dilution on a $500m raised is OK. A 20% dilution on a $250m raised is Not OK.
Imagine the theoretical post split YMD share is worthed $0.58 yet the new pp shareholders are issued with the same share at $0.29. Market will adjust the post split YMD share price down accordingly much like a Right issue at a discount.
Now if we look at the balance sheet in absolute term, YMD is actually collecting $250m less due to steep discount issued to the pp shares. The potential opportunity loss of future NPAT, assuming no future YOY compounding effect for simplicity, and also assuming this money not collected could otherwise be productively deployed to earn an ROE of ~8%, woud mean the coy NPAT will reduce by 0.08*250m = $20m. At 40% payout ratio, the coy will pay out = (0.4*20) = $8m less dividend to shareholders.
This pp shares issued at an implicit steep 50% discount has a barrage of material impact on NAV, post spin off YMD share price, future EPS and DPS. Knowing that all these blunts will come crushing down for sure if my interpretation of this $250m with a 20% dilution pp issuance is correct, then I am concerned, very concerned.
pasttime ( Date: 20-Aug-2025 15:04) Posted:
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the share price and dividend is what most investors are interested in.
the so called dilution in nta? good, bad fair or not? depends.
if buyer has abilities to results in higher profits or higher share price later then i think it is ok.
why bother with nta. there are many stocks with share price lower then nta got people care meh?
thus far i have trusted management to be willing to make business progress and share income with investors via dividend. now spin off. so i continue to trust them and hope my trust results in more returns later.
the so called dilution in nta? good, bad fair or not? depends.
if buyer has abilities to results in higher profits or higher share price later then i think it is ok.
why bother with nta. there are many stocks with share price lower then nta got people care meh?
thus far i have trusted management to be willing to make business progress and share income with investors via dividend. now spin off. so i continue to trust them and hope my trust results in more returns later.
Maybe it is just accumulation in progress.
I over read.
I over read.
Somehow, I feel there is deliberate action to keep the price in check, if not lower.
This is to the advantage for PP, if the intention is to give big discount in price.
This is to the advantage for PP, if the intention is to give big discount in price.
Yangzijiang Financial to anchor S$100 million fund of firm led by ex-CEO Vincent Toe
The fund will focus exclusively on Singapore&rsquo s SMEs, addressing the lack of large institutional capital in this space
[SINGAPORE] Yangzijiang Financial will be the anchor investor in a S$100 million fund by ICH Asset Management (ICHAM), which is led by the Singapore-listed company&rsquo s former chief executive, Vincent Toe.
The fund will focus exclusively on Singapore&rsquo s small and medium-sized enterprises (SMEs), and is expecting to start investing from September, Yangzijiang Financial announced in a Monday (Aug 18) bourse filing.
It did not specify the exact sum it would invest in the fund.
The initial pipeline of opportunities include companies in the technology, healthcare, sustainability and consumer-services sectors.
SMEs &ldquo form the backbone of the economy and, with the right capital and strategic support, harbour exceptional growth potential for investors&rdquo , said Yangzijiang Financial&rsquo s chief executive, Ren Yuanlin.
&ldquo By anchoring this fund with ICHAM, we are signalling our long-term commitment to the local equity market and believe that Singapore offers a unique opportunity for investors who are prepared to take a focused and disciplined approach,&rdquo he added.
Toe, who is managing director of ICHAM, said that the strategy is to identify companies with clear growth trajectories and continue to support them in the public markets.
The fund will back SMEs from before they undergo an initial public offering, through to market entry and beyond, including strategic placements after listing.
&ldquo This flexible strategy will enable both the group and ICHAM to capture value-accretive opportunities throughout the growth milestones,&rdquo said Yangzijiang Financial.
&ldquo By focusing on Singapore&rsquo s small to mid-cap segments, the (fund) endeavours to address the lack of large institutional capital and research coverage in this space, unlocking growth potential in an underserved area of the equity market,&rdquo it added.
Former Yangzijiang Financial CEO Vincent Toe&rsquo s ICH Group seeks to give Singapore&rsquo s small and mid-cap IPO market a leg up
The group has recently served as the key anchor investor in the initial public offerings of Lum Chang Creations, Info-Tech and Goodwill Entertainment, ushering in a much-needed burst of listing activity in the local market
[SINGAPORE] Vincent Toe, the former chief executive of Yangzijiang Financial, understands the challenges that companies with small-to-mid market capitalisation face when they attempt to get listed.
During his tenure at Yangzijiang Financial, Toe too faced an uphill task as the company&rsquo s shares underperformed, partly due to market conditions at the time.
Reaching out to investors, particularly for non-index stocks, was difficult, he said.
Now, Toe &ndash as co-founder of local investment holding group ICH Group and managing director of its subsidiary ICH Asset Management, a Singapore-based fund management firm &ndash is betting on small to mid-cap stocks to drive growth on the Singapore Exchange (SGX).
&ldquo That is where the market opportunities are because these companies need a lot of attention, unlike the big ones,&rdquo Toe said in an interview with The Business Times.
He explained that small to mid-cap companies require significant handholding, from getting their internal processes in order to becoming familiar with listing requirements and engaging investors more closely, which helps to justify ICH&rsquo s role.
The group recently served as the key anchor investor in the initial public offerings (IPOs) of Lum Chang Creations, Info-Tech and Goodwill Entertainment, ushering in a much-needed burst of listing activity in the local market.
This direct investment is part of its broader strategy to channel capital into Singapore&rsquo s high-growth small- and mid-cap firms.
Since its founding in 2000, with early backing from EDB Singapore, ICH has invested in and advised more than 200 SGX-listed companies across sectors including technology, healthcare, sustainability and consumer services. The firm and its partners have deployed more than US$1 billion locally and internationally.
SGX has welcomed growing support from participants such as ICH Group as it rolls out initiatives to deepen liquidity and activity in the market.
&ldquo This all-hands-on-deck response reflects the shared commitment across the ecosystem to catalyse greater activity and deepen liquidity in our securities market,&rdquo said Koh Jin Hoe, head of capital markets, global sales and origination at SGX Group.
For Toe, the current market momentum echoes the opportunities and challenges he has seen over the years.
He has more than 25 years of experience across senior investment banking roles at UBS, DBS and JPMorgan, as well as a period as a fund manager at GEM. In addition, he has served as an independent non-executive director and chaired audit committees for several listed companies.
Longer-term view
ICH often takes the role of lead investor to help get IPO deals moving, said Toe. The company sometimes buys into a lead position as a show of goodwill, creating momentum for others who may be hesitant to commit until a lead is established.
&ldquo Personally putting our name on it helps the market to go beyond,&rdquo he said, adding that the company is taking a longer-term view of certain companies.
By doing so, ICH provides an added layer of due diligence assurance, giving the market greater confidence. This creates both an endorsement effect and a leadership effect, particularly in situations where investor sentiment is cautious.
One of the most notable examples was Yangzijiang, which ICH Group supported in 2007 by providing equity and strategic advice, and helping the firm navigate the niche financing channels of the shipbuilding industry.
Toe shared that during the financial crisis, the company&rsquo s shares were undervalued for a period, and ICH helped unlock value by supporting a dual listing in Taiwan, which boosted its market capitalisation by more than 30 per cent as Taiwanese investors recognised its true worth.
Toe explained that the market had undervalued Yangzijiang because of its financial business, with many investors assuming it was burdened by bad loans. To address this, ICH Group proposed separating the company&rsquo s businesses and played a pivotal role in the strategic spin-off of Yangzijiang Financial.
At that time, the combined entity was valued at about S$1.20 per share, but after the separation, the shares of the two entities together to-date traded at around S$4. This represented more than a threefold increase in market capitalisation, achieved largely by separating the businesses and allowing investors to better recognise the value of each.
Today, Yangzijiang Financial is proposing to spin off its maritime business, YZJ Maritime Development, for the same reason. This is due to investors&rsquo general dislike for conglomerates, Toe said.
&ldquo What we have helped here is getting the right structure to market &ndash but we also support the company along the way by bringing in investors,&rdquo he added.
With the help of agencies, ICH connects companies with institutional investors through constant engagement, taking the lead by co-investing alongside them.
He noted that small and mid-cap firms eyeing a listing must secure sufficient funds not only to scale but also to cover listing expenses. Once these hurdles are cleared, they are in a much stronger position to go public.
Bull market
Toe believes that significant opportunities lie ahead for the local equities market.
&ldquo The Singapore market is undervalued as there is money to be made, and we will enter into a bull market soon,&rdquo he said, adding that it is the right time to take position.
&ldquo We want to be a player in this market, to anchor good news, and take a longer-term deal,&rdquo he added.
By stepping in as an anchor investor, ICH aims to signal confidence to the market, Toe said.
He hopes ICH can encourage other investors to participate in such deals. For example, in Goodwill Entertainment&rsquo s IPO, ICH&rsquo s involvement helped bring in two additional investors, allowing the deal to be completed quickly.
Toe noted that companies typically approach ICH through banks and underwriters. He emphasised that while the regulatory process in Singapore is relatively straightforward, the marketing process can be uncertain, especially for small-cap firms.
This makes careful selection critical, as ICH&rsquo s primary objective is to generate returns by backing companies with strong potential.
&ldquo For small-cap companies, there is not much research coverage, making it difficult for investors to access information,&rdquo he said.
Looking ahead, ICH plans to continue anchoring upcoming IPOs. The immediate pipeline includes a company in the auto sector, expected in September, and another in the co-living sector, which should lodge its prospectus by this quarter.
&ldquo Some are trying to rush for this year, but you will see a lot in the first quarter of next year,&rdquo Toe said, adding that a food manufacturer&rsquo s IPO could take place between this quarter and the next.
Declare and give good dividend before the spin off.
Hit a PE ratio of 30 too
😃
Hit a PE ratio of 30 too
😃
volvo125 ( Date: 18-Aug-2025 21:58) Posted:
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No need 1.3x NAV, 1.2x or even 1.1x will make many of us here very happy 🤣
volvo125 ( Date: 18-Aug-2025 21:52) Posted:
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Thanks tch77_pt75, for the video link.
The comment section on YFH is at ~1.01.00 timestamp.
Joey Choi using his proprietary software 1GT and find all short and long terms bullish signals still intact with no emerging sign of weakness even after the price crossed the major psychological barrier $1.0, as at 15 Aug. He believed the price is heading towards $1.10 and even $1,20. He felt that the price still has a lot more legs to go.
With JC professional technical assessment confirming YFH still strong bullish technical posture and momentum, we might all really have a chance to see YFH price breaking well beyond it's NAV to the likes of Centurion, LHN or Boustead.
tch77_pt75 ( Date: 18-Aug-2025 19:00) Posted:
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