The NAV isn't a paper number built on hard-to-value assets. YZJFH holds total AUM of S$1.82 billion (slide 5), of which S$575.4 million is cash and cash equivalents (slide 10), cash that can't be disputed or written down. On liabilities, the picture is equally clean: YZJFH carries zero bank borrowings, and 93% of its S$118.4 million
...I am now seeing a clear valuation anomaly at Yangzijiang Financial Holding (YZJFH). My reference point is the S$0.53 NAV per share reported as at 30 June 2026 (slide 10) link: 1H Financial reports, against a prevailing share price of S$0.20, which implies the stock trades at 0.40x book (slide 2), or roughly a 62% discount to intrinsic value. In my view, this gap is unjustified given the quality of the underlying asset base, and I see room for the stock to re-rate meaningfully from here. The company too has started an aggresive share buyback of its shares given the selling pressure, this signals a massive undervaluation.
