YZJ Fin Hldg    Last:0.225    +0.005

YZJFH - potentially rewarding

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: 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: https://www.youtube.com/live/VsOCd7-I374?si=LGGeegm915vdOaaA There is a segment on YZJFH uptrend as of 15 Aug 2025

 

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: https://www.youtube.com/live/VsOCd7-I374?si=LGGeegm915vdOaaA There is a segment on YZJFH uptrend as of 15 Aug 2025

 

https://links.sgx.com/1.0.0/corporate-announcements/86PEZANBKGHN441D/e22f162e5eead666e41e4b59a5f542edec8a8caaa970d44b2c786591c564c942

Para 2 of the quoted post below refers. Indeed, YZJF has now team up with Vincent again thru his company ICH! Just when investors thought old Ren will focus on the soon to be YZJM and somehow YZJF will be left on its own, he is now telling the investing community that YZJF has 100m to invest along with ICH. Let' s see how the market respond tomorrow. 

HVRRVH      ( Date: 08-Dec-2023 09:53) Posted: Acid test coming in 3 months time with the full year results and dividend declaration. Consensus from this forum is between 2.5 - 3.5 cents dividend with some outliers as high as 3.8 cents but looking at the relentless selling, I think we have to temper our expectation a bit. Granted that some funds seems dont have the mandate and must sell regardless of prices, the question is also why no big buyers coming in yet?   Very obviously, funds without mandate to hold the shares must get rid of their free shares from the spin off, they had literally jump and throw whenenver prices hit 35 previously and more recently, 33 and 32 levels. Besides SBB, we can safely assume there are some big buyers absolving these big sells too all this while but aggresiveness of selling far outweight the buying. Now we must understand those funds without mandate they couldn' t care whether they are right or wrong, they just have to sell whenever the market price is ' acceptable' to them. With all metrics pointing to the very undervalue nature of the stock, if full year results meet or above expectation coupled with a realistic and positive guidance, the share price will move north with big convicted buyers coming into the market. Perhaps they have already buying on ' testing' water basis, if not, SBB alone can' t be holding the share price at current level.  Another thing is maybe market still don' t like DI take up 50% of PRC investment portfolio. This DI is a drag at the current moment albeit brining in high profits in the past. With the progress of the time, this porportion will drop when the overall portfolio consists of 50% PRC and 50% outside PRC. This will take time but the company is moving toward the right direction. They have secured means of moving money easily outside PRC thru   qualified domestic partnership program and liquidity pool scheme and what' s not. Having said that, they also must find a place to place the funds after the funds are moved out of PRC. This is where old Ren will come into play when taking over in April. From the vibes based on the recent company briefing, it seems that it is a strategised move to let Vincent go. So that there will be no conflict of interest when Vincent' s company and YZJF collaborate in the future. We must take note that Vincent has big personal stake in YZJF as well as thru IHC, a compamy he controlled/closely associated with. View in this light, the resignation can even be seen as a positive development.  In a nutshell, let' s temper the expectation of dividend a bit, anything above 2.5 cents is acceptable for the coming one. Next, the company needs to make all the right noise and move. Too much money in hands now, they have to find a way to deploy them since DI is not a way going forward. Thought it is not clear to us, the management, on the the other hand, should know exactly what and who are the funds selling now and how much more they have to do it. We don' t have a choice, the current time is ' YZJF winter'   but on the balance of things, from their SBB alone and aggressiveness in moving fund outside PRC, the mangement is slowly preparing for the eventual spring that has to arrive. What we do know is in this harsh winter time, we are safe and sound with enough provision even if this winter is going to last a bit longer.

 

YZJFH to anchor ICHAM 100m investment fund.
Apparently, MD of ICHAM is Vincent Toe.....haha.

 

if the discount is a lot. then it is fair to offer it to shareholders first. allow over subscribe from shareholders. any left over then sell to the other buyers.
extra money is good for expansion but if it is at the expense of shareholders it is not so good.
so better to let those shareholders have a bite first.

 

https://www.youtube.com/live/VsOCd7-I374?si=LGGeegm915vdOaaA

There is a segment on YZJFH uptrend as of 15 Aug 2025

 

I did my part too.
 

 

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

 

The key unsettling issue here is the projected 10% reduction in NAV/share due to the implied steep 50% discount granted to the new pp shares, not so much on the 20% dilution concern, because as long as the new pp shareholders pay an equitable price without compromising (or without compromising too much) on the existing shareholders value, meaning the post pp issued NAV/share will remain unchanged (or if change to lower, the level ought to be reasonable and certainly not a straight and immediate 10% loss to NAV/share.), then this 20% dilution is just a face value reduction in control to existing shareholders, a necessary and inevitable step every coy must take to raise capital. It is the steep discount granted to the new pp shareholders that we existing shareholders must contest and seek clarification.

pkli899      ( Date: 18-Aug-2025 13:39) Posted: I received last week. Hope they give a reply to the crucial issue before EGM. 10% dilution is almost unheard of for the many PP I been thru with other counters. 20% would be ridiculous if it is the case. Why are the choosen few given such privilege?

 

I received last week.
Hope they give a reply to the crucial issue before EGM.
10% dilution is almost unheard of for the many PP I been thru with other counters.
20% would be ridiculous if it is the case.
Why are the choosen few given such privilege?

 

Hard copy Proxy Form and Notice of EGM received. Price actions wise $1.04 seems to provide strong support with resistance at $1.06. For a start post spin just aim for the combined prices to above the combined NAVs. Hopefully the management will clarify the dilution issue soonest. Lets the count down to EGM begins, let?s go!

 

Good morning all.
Once again, thank you volvo125 for the effort.

 

Hope YZJFH can also take a look at this too

tch77_pt75      ( Date: 15-Aug-2025 14:03) Posted: I think YZJFH still has the potential but the management must be capable. The profit is almost 3 times higher than iFAST. If YZJFH mirrors what iFAST is doing, it can be around $30 per share too? For fund size of around S$150m, some share/unit price is around at around S$2.5. Just my personal view 😂 volvo125      ( Date: 15-Aug-2025 13:19) Posted: Ok, guys, IR has just come back and confirmed the mgt will address the question during EGM. From 0.69 to 0.285 to today 1.06, it has been a damn wild roller-coaster ride in the past ~3 years for the many of us here who boarded the train since Apr 2022. For those who persisted and braved through the stormy ride, regardless all the fear mongering and all the naysayers bashing, the journey has emerged to be a very, very immensely rewarding one. Some of you here may wish to finally abort the train, 赚 够 了 , while some may wish to sail on with the new YFH/YMD chapter, 希 望 应 该 有 机 会 赚 的 更 多 . For me, I am still appraising my options. RenYL is a man of no nonsense and actions, and he almost always delivers, whether back then in YSB, or now in YFH, or in the future fronting YMD or in the background controlling the new YFH. So, renewing the ticket to board the YFH/YFM train seems a very sound option to me. Hope to see you guys in the EGM. xxxxx We really understand your concerns. The management team will address your questions during the EGM. xxxxx

 

I have just sent a suggestion to the YFH mgt through IR, see if they will consider.

xxxxxxxxxxxxxxxxxxxxxxxxxx
Re: YZJF Circular dated 12Aug, Suggestion of FAQ.

1:54 PM (2 minutes ago)
to Zhou, Kamal

Hi Zhou Yan,

I believe many shareholders may have sent in their questions in the past few days and many more may be doing so in the next 2 weeks.

May I suggest to the management, to kindly consider issuing a FAQ a few days before the EGM, to address and clarify as much as possible, the questions and concerns raised by the shareholders ? 

I believe many of these questions raised would have their varying degree of material implications, such as the one I raised, the issue of not just a mere face value 20% dilution impact but a more grave implicit 10% loss in the NAV/share post spin off post pp issuance due to the steep discount implied. 

I believe, many shareholders will need time to digest the clarifications to their concerns as well as the underlying implications, so that they can come to the EGM with a clearer understanding of the whole deal before they can confidently caste their votes.

The release of a FAQ will greatly facilitate the conduct of the EGM in a more positive and engaging manner.

Appreciate if you could kindly convey my suggestion to the Management.

Thank you very much.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Thanks Volvo125 and HVRRVH for the sharing. 

volvo125      ( Date: 16-Aug-2025 16:42) Posted: Ok, let me explain one more time. The projected NAV of the post spin off YMD is ~$2.0b or $2000m. If no further pp (proposed placement) of $250m, existing shareholders will retain 100% control. Now with pp, the EGM circular stipluated a clause :-  xxxxxxx as at the Latest Practicable Date, the Company envisages that based on an amount of up to S$250 million to be raised from the Proposed Placement, it will result in a percentage reduction of 20.0% or more of the Company& rsquo s equity interest in YZJ Maritime, under Rule 805(2)(b) xxxxx Regardless how I read the above, this 20% dilution is still attributed to the additional proposed placement $250m and the impact will result in YFM, not due to the YFH/YFM capital reduction exercise. It seems to me that the issuance of this $250m to these new group of so called " sophisticated" investors (AI and Institution Investors) will cause a 20% dilution to all the existing shareholders due to the final enlarged share base value (~$2B + $250m) = ~$2250m. Just a quick crude workout. The post spin off original base is ~$2000m. If the new placement increase the value by $500m to $2500m, then the original group of shareholders will see their ownership become 2000/2500 = 80%, or their ownership are diluted by 20%. However, the share placement is only for $250m, not $500m, yet this issuance can impact a 20% dilution. This implicitly means that this new shares are going to be issued at a steep 50% discount.  Else, to effect a 20% dilution with a " just" price without compromising on existing shareholders value, the amount raised should be $500m. Existing shareholders portion would then be (2000/2500) = 80%, and new sharesholders would be (500/2500) = 20%.  In this case, existing shareholders would still see a 20% dilution in control but the supposedly post spin off YMD NAV/share will remain unchange, meaning we will not see a theoretical 10% loss in the NAV. Why 10% loss in NAV in the original case ? This is the simulation :- Post spin off YMD =  3480m shares O/S at NAV $2000m, or 2000/3480 = $0.575/share To effect a 20% dilution on existing shareholders, the new YMD will issue pp = (3480/0.8 minus 3480) = 870m new shares. However, these shares are issued at 50% discount such that only $250m is collected, instead of $500m. Hence post spin off post pp $250m YMD =  4350m shares O/S at NAV $2250m ( 3480+870 = 4350m shares O/S), or $0.517/share The loss in NAV value = (0.575 minus 0.517) = $0.058/share or 10%. SInce YFH/YMD is an introductory spin off, we could reasonably assume YMD will commence its Day 1 trading with the NAV as a key reference in its debut price discovery. Mr Market will theorectically markdown YMD by 10% at the start.   fenghuo      ( Date: 16-Aug-2025 15:06) Posted: Can help enlighten me why there is 20% dilution?  Based on $250m placement, there is probably 250m shares increase ,  considering now YZJF has 3480m share, so around 7.2% dilution.

 

also not to forget the open shorts positions.  think they are bleeding badly already.  if post spin off the marine go crazy they will have to find ways to cover.  if this is the group trying to buy then don' t sell cheaply.
 

 

agreed with the thinking about nta dilution. ie sell too cheaply away. ifact give away.

since this is now in grow area there is no need to raise the $250m. if wnat in can buy from open market or pay same same nta at least.  to buy $250m worth one will not likely get it at nta.

however open price for a growth stock is not much related to nta. it will be market perception of many things like. what is the grow be like. how long. how porfitable.
is the bosses behind the buy up still keen or running away.
it is buyers money power versus sellers shares available.
 

 

The current shares with ongoing spin off narratives in play for reference :-

LHN $0.82 @ 1.33x NAV
Centurion $1.73 @ 1.26x NAV
Boustead $1.51 @ 1.3x NAV

At $1.06, YFH is still " just" at 0.95x NAV (if you take the interim 1H25 NAV 1.11) or 0.91x NAV (if you take FY24 NAV 1.17).

There are probably going to be 1~3 rate cuts by end 2025, starting from Sep.

It' s anybody guess if YFH cum spin off price will move towards 1.3x NAV, or at current price, up to a further 36% upside @1.11 NAV assumption, or up to a further 44% upside @1.17 NAV assumption.

However, ex spin off, based on the past 3 years historical high growth potential of the maritime business, YMD valuation should likely grow very fast, while YFH will continue to remain a steady dividend income yield play with a very sizeable NAV base.

Your call.

stonkmaster      ( Date: 15-Aug-2025 07:49) Posted: i sold all my shares when hit 60 cents. now $1 still a good buy?

 

Ok, let me explain one more time.

The projected NAV of the post spin off YMD is ~$2.0b or $2000m. If no further pp (proposed placement) of $250m, existing shareholders will retain 100% control.

Now with pp, the EGM circular stipluated a clause :- 

xxxxxxx
as at the Latest Practicable Date, the Company envisages that based on an amount of up to S$250 million to be raised from the Proposed Placement, it will result in a percentage reduction of 20.0% or more of the Company& rsquo s equity interest in YZJ Maritime, under Rule 805(2)(b)
xxxxx

Regardless how I read the above, this 20% dilution is still attributed to the additional proposed placement $250m and the impact will result in YFM, not due to the YFH/YFM capital reduction exercise.

It seems to me that the issuance of this $250m to these new group of so called " sophisticated" investors (AI and Institution Investors) will cause a 20% dilution to all the existing shareholders due to the final enlarged share base value (~$2B + $250m) = ~$2250m.

Just a quick crude workout. The post spin off original base is ~$2000m. If the new placement increase the value by $500m to $2500m, then the original group of shareholders will see their ownership become 2000/2500 = 80%, or their ownership are diluted by 20%.

However, the share placement is only for $250m, not $500m, yet this issuance can impact a 20% dilution. This implicitly means that this new shares are going to be issued at a steep 50% discount. 

Else, to effect a 20% dilution with a " just" price without compromising on existing shareholders value, the amount raised should be $500m. Existing shareholders portion would then be (2000/2500) = 80%, and new sharesholders would be (500/2500) = 20%.  In this case, existing shareholders would still see a 20% dilution in control but the supposedly post spin off YMD NAV/share will remain unchange, meaning we will not see a theoretical 10% loss in the NAV.

Why 10% loss in NAV in the original case ? This is the simulation :-

Post spin off YMD =  3480m shares O/S at NAV $2000m, or 2000/3480 = $0.575/share

To effect a 20% dilution on existing shareholders, the new YMD will issue pp = (3480/0.8 minus 3480) = 870m new shares. However, these shares are issued at 50% discount such that only $250m is collected, instead of $500m.

Hence post spin off post pp $250m YMD =  4350m shares O/S at NAV $2250m ( 3480+870 = 4350m shares O/S), or $0.517/share

The loss in NAV value = (0.575 minus 0.517) = $0.058/share or 10%.

SInce YFH/YMD is an introductory spin off, we could reasonably assume YMD will commence its Day 1 trading with the NAV as a key reference in its debut price discovery. Mr Market will theorectically markdown YMD by 10% at the start.


 

fenghuo      ( Date: 16-Aug-2025 15:06) Posted: Can help enlighten me why there is 20% dilution?  Based on $250m placement, there is probably 250m shares increase ,  considering now YZJF has 3480m share, so around 7.2% dilution.

 

Working backward using 7.2%, you have assumed the placement price to be $0.94 pre spin or $0.47 post spin . If this is the case, I think existing holders is ok cos 7.2% dilution is only related to voting power. In term of NAV dilution, this same example is 0.9% and again no existing share holders will make noise. We are contemplating a 20% dilution to existing share holders using current outstanding shares and it work out to placement price of 50% to theorectically post spin YZJM' s NAV of $0.58 and that' s why we are alarmed. 

fenghuo      ( Date: 16-Aug-2025 15:06) Posted: Can help enlighten me why there is 20% dilution?  Based on $250m placement, there is probably 250m shares increase ,  considering now YZJF has 3480m share, so around 7.2% dilution.