YZJFH remains one of the most mispriced balance sheets on the SGX. The stock trades at 19.4 Singapore cents. NAV sits at 53.21 cents per share as at 30 June 2026. That's just 0.36x book. A 63.5% discount to stated net asset value. For a debt-free Singapore-listed company, that gap is too wide to ignore. Start with the cash. YZJFH held S$575.4 million in cash and cash equivalents at end of 1H2026. Total liabilities were only S$118.4 million. 93% of those liabilities is deferred tax. Not money owed to a bank. Note 21 of the financial period confirms the company has zero borrowings, this period and last. Strip out the debt book, equity investment entirely. Cash alone covers roughly 85% of the current S$676 million market cap. That's a rare margin of safety. Now the debt investments book. This is where sceptics will push back. Gross debt investments stand at S$1,323.2 million. Against that, YZJFH has provisioned S$520.3 million. A 39.3% blended coverage rate....