Yangzijiang Financial Holdings (YZJFH) delivered a result which was within expectations.
Summary
- Earnings per share of 5.5 cents
- Dividends of 2.2 cents
- Done slightly more than 10% of share buyback since spin off
Currently YZJFH trades at a share price of 32 cents or SGD$1.13 billion market cap.
$900 Million in Cash and Cash products in Singapore
One important point from the year end results is that YZJFH has transferred a significant amount of cash from China to Singapore. With the cash in Singapore, it can be easily verified and reduces the allegations that the cash items in its balance sheet is fake.
The rest of its $340 million of Singapore funds are in investment funds, investments in other companies shares and funds. The total amount of funds in Singapore is now SGD$1.246 billion. This exceeds its current market cap.
The market is currently valuing YZJFH at 10% discount to its Singapore assets and I find this rather undervalued. Currently, 80% of the market cap is in liquid cash...
