Broker Name: DBS Bank Ltd
Date of Report: 21 November 2025

Excerpt from DBS Bank Ltd report.

Report Summary

• Yangzijiang Financial Holding Ltd (YZJFH) completed the spin-off of its maritime business, Yangzijiang Maritime Development (YZJ Maritime), which is now listed separately. YZJFH retains investment management, debt investments (mainly in China), and fund management, while all maritime assets have been transferred to YZJ Maritime.
• Post spin-off, YZJFH is valued at SGD0.48 (0.9x FY25E price-to-book) and YZJ Maritime at SGD0.85 (1.4x FY25E price-to-book), reflecting expected ROE improvements driven by their respective strategic focuses. YZJFH will shift towards asset management and reduce China debt exposure, while YZJ Maritime aims for higher returns by deploying capital and leveraging the shipbuilding upcycle.

above is an excerpt from a report by DBS Bank Ltd. Clients of DBS Bank Ltd can be the first to access the full report from the DBS Bank Ltd website : https://www.dbs.com