Broker Name: Lim & Tan Securities
Date of Report: 15 April 2026

Excerpt from Lim & Tan Securities report

Report Summary

• Yangzijiang Maritime (YZJ Maritime)
  Action: Positive outlook, no explicit BUY/SELL call, but consensus Target Price provided
  Key Idea: YZJ Maritime secured leasing agreements for 13 vessels worth US\$89.8 million, expected to generate recurring income and enhance earnings visibility. The company focuses on building stable, long-term revenue through disciplined capital allocation, cost advantages, and a strong balance sheet.
  Stats: Market cap S\$2.3bn, trades at 13.8x forward PE, 1.1x PB, 0.8% dividend yield.
  Consensus Target Price: S\$0.78 (18.2% upside from current price S\$0.66)
• TeleChoice International
  Action: No explicit recommendation; management confidence signaled via share buybacks. Consensus Target Price provided.
  Key Idea: TeleChoice delivered strong FY2025 results with revenue up 36.2% and net profit up 58%. The Group is executing a five-year transformation plan, focusing on growth in digital infrastructure and operational efficiency. A final dividend of 0.45 cents per share was proposed.
  Stats: Market cap S\$100m, trades at 12x forward PE, 2% yield.
  Consensus Target Price: S\$0.28 (27% upside from current price S\$0.22)

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