Listed on the Singapore Exchange · China-focused investment holding company
SGX: YF8 · Information cut-off 28 September 2026
Investor snapshot
Business model
Yangzijiang Financial Holding Ltd is a Singapore-listed investment company with 93% of its S$1.82bn of assets under management in China: a fixed-interest debt book lent through intermediary financial institutions, stakes in venture-capital funds and associates, and cash.
Latest figures
1H2026: profit of S$38.3m, down 29% as the debt book shrank, helped by a S$16.6m release of credit-loss allowances; net assets were 53.21 cents a share and no interim dividend was declared.
Main risk
The central risk is that half the gross debt book is non-performing: S$667m at 30 June 2026, mostly PRC real-estate loans, carried at S$228m on the company's own recovery estimates.
Next proof
The next test is the FY2026 results, due in early 2027, which will show whether recoveries on the large real-estate loans continue, what the redeployed cash earns, and whether a dividend is declared.
Yangzijiang Financial Holding Ltd distributed its maritime business to shareholders in November 2025 and now runs a China-focused investment portfolio: a fixed-interest debt book, stakes in venture-capital funds and associates, and S$575m of cash, with no borrowings.
Profit attributable to shareholders, 1H2026
S$38.332m
Interest income, 1H2026
S$31.247m
Credit-loss allowances released, 1H2026
S$16.593m
Net assets per share, 30 June 2026
53.21 cents
Net assets, 30 June 2026
S$1,851.881m
Cash and cash equivalents, 30 June 2026
S$575.433m
Debt investments at amortised cost, 30 June 2026
S$802.910m net
Non-performing share of the gross debt book
50.4%
Credit-loss allowance against non-performing loans
65.8%
Borrowings, 30 June 2026
nil
Interim dividend, 1H2026
nil
Shares in issue, 30 June 2026
3,480,450,520
Assets under management, 30 June 2026
S$1,819.2m
Share price, 25 September 2026
S$0.195 close
Information cutoff
28 September 2026
Public evidence is below. The authenticated private research library holds a release-state record for this company; it carries no current decision, fair value or investment action. Private research status.
The live questionWill recoveries on the non-performing half of the debt book keep coming in at or above their carrying value?Non-performing loans were S$667m at 30 June 2026, carried at S$228m after a 65.8% allowance, and 1H2026 profit of S$38.3m included a S$16.6m release of that allowance.
What improved
The company released S$16.6m of credit-loss allowances in 1H2026, recovered S$42.7m of principal on two non-performing projects, holds S$575m of cash and has no borrowings.
What became more demanding
Interest income fell as the debt book shrank, profit before allowances fell 37% to S$28.6m, and the company has not disclosed when it expects to recover the rest of the non-performing book.
Strongest alternative explanation
The carrying amount rests on the company's own loan-by-loan cash-flow estimates, so the same evidence fits a steady work-out at carrying value and a further charge if PRC property collateral is worth less.
The decisive missing fact
The FY2026 results will show the audited value of the non-performing loans and whether recoveries on the largest real-estate loans continue.
Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.
Private working record and downloads
Private working materials are not published and not available for sharing. This public page carries reported evidence only.
Placed credit, equity stakes, recoveries and the cash
The group places money through PRC intermediary financial institutions, holds stakes in venture-capital funds and associates, works out non-performing loans and redeploys its cash.
Follow the operating chain from demand or inputs to customer outcome and cash.
Revenue enginePlacement
Place funds through intermediaries
What happensThe group places money with PRC banks, trusts and other lenders for specific borrowings and books interest as it accrues.
How it earnsInterest income was S$31.2m in 1H2026; 93% of assets under management sits in China.
Capital allocationEquity book
Hold stakes in funds and associates
What happensFund stakes, unlisted debt and listed shares sit beside the debt book, producing gains and associates' profits.
Capital at riskAssets held at fair value rose to S$271m at 30 June 2026 from S$81.2m.
Capital recoveryRecovery
Work out the non-performing loans
What happensWhere placements stop performing, the group works each loan against its collateral and the borrower's cash flows.
Recovery driverNon-performing loans were S$667m at 30 June 2026, half the gross debt book.
Cash conversionCapital
Hold cash and redeploy it
What happensThe group holds much of its equity in cash, moving it into funds, unlisted debt and listed shares.
Cash triggerCash was S$575m at 30 June 2026; about 70% of the RMB1.0bn programme was deployed.
Original SMID Research comic. AI-assisted, analyst-directed monochrome artwork depicts the evidenced operating steps of Yangzijiang Financial Holding Ltd; deterministic captions and dated mix figures state the economics using issuer disclosures available to 2026-09-28. The drawings are representative—not issuer artwork, an exact product or site design, a statement of scale, or a company forecast.
Investor translation
What matters after the operating picture
Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.
Value lever
Interest on the debt book is the revenue engine: interest income was S$31.2m of S$35.5m total income in 1H2026, and recoveries on non-performing loans release allowances into profit.
Cash bottleneck
Cash was S$575m at 30 June 2026, mostly in renminbi inside China, and it is being moved into funds, unlisted debt and listed shares under the RMB1.0bn programme.
Balance-sheet pressure
Non-performing loans were S$667m at 30 June 2026, half the gross debt book, carried at S$228m on the company's own recovery estimates.
Next proof
The FY2026 results, due in early 2027: the audited value of the non-performing loans, the pace of recoveries and any dividend.
Text version of this comic
Revenue engine · Place funds through intermediaries The group places money with PRC banks, trusts and other lenders for specific borrowings and books interest as it accrues. How it earns: Interest income was S$31.2m in 1H2026; 93% of assets under management sits in China.
Capital allocation · Hold stakes in funds and associates Fund stakes, unlisted debt and listed shares sit beside the debt book, producing gains and associates' profits. Capital at risk: Assets held at fair value rose to S$271m at 30 June 2026 from S$81.2m.
Capital recovery · Work out the non-performing loans Where placements stop performing, the group works each loan against its collateral and the borrower's cash flows. Recovery driver: Non-performing loans were S$667m at 30 June 2026, half the gross debt book.
Cash conversion · Hold cash and redeploy it The group holds much of its equity in cash, moving it into funds, unlisted debt and listed shares. Cash trigger: Cash was S$575m at 30 June 2026; about 70% of the RMB1.0bn programme was deployed.
What the company is now
Yangzijiang Financial is an investment company, not an operating group. Its money sits in a fixed-interest debt book lent through PRC intermediary financial institutions, stakes in venture-capital funds and associates, and cash; 93% of its S$1.82bn of assets under management was in China at 30 June 2026.
It became this company in November 2025, when it distributed its maritime business to shareholders. Mr Ren Yuanlin stepped down as executive chairman and chief executive on 31 October 2025 to run the spun-off group; Ms Liu Hua, previously deputy chief executive, became executive chairman and Mr Peng Xingkui chief executive.
The latest figures cover 1H2026, the six months to 30 June 2026, published on 12 August 2026. They were neither audited nor reviewed by the auditors; the FY2025 accounts carry an unmodified audit opinion.
The consolidated balance sheet at 30 June 2026 and 31 December 2025, S$'000. Sources: 1H2026 results announcement, 12 August 2026 (unaudited); FY2025 annual report (audited), released 13 April 2026.
Line
31 December 2025
30 June 2026
Cash and cash equivalents
618,606
575,433
Debt investments at amortised cost (current)
425,544
452,632
Debt investments at amortised cost (non-current)
418,394
350,278
Financial assets at fair value through profit or loss (current)
25,020
144,882
Financial assets at fair value through profit or loss (non-current, venture-capital funds)
Profit fell 29% to S$38.3m in the first half of 2026. Interest income fell as the debt book shrank, and the company released S$16.6m of credit-loss allowances as some non-performing loans were recovered and others repaid in full.
Recoveries now carry the result. Profit before allowances was S$28.6m, down 37%; the allowance release and the group's share of associates' profits lifted it, and tax took S$12.1m.
Costs rose where the recoveries were. Employee pay almost doubled to S$2.76m on one-off incentives paid in the PRC for recovering non-performing loans, and legal fees rose to S$1.13m.
No interim dividend was declared. The company pays dividends once a year under a policy of paying at least 40% of profit excluding one-off items, and it declared none for FY2025 after a loss.
The consolidated income statement for continuing operations, 1H2026 and 1H2025, S$'000; 1H2025 is re-presented without the maritime business. Source: 1H2026 results announcement, 12 August 2026 (unaudited).
Line
1H2025
1H2026
Interest income
52,246
31,247
Dividend income
304
0
Net changes in fair value through profit or loss
−1,356
2,722
Other income
350
1,526
Total income
51,544
35,495
Employee compensation
−1,430
−2,760
Other expenses
−4,590
−4,142
Profit before allowances
45,524
28,593
Reversal of allowances for credit and other losses
Half the gross debt book is still non-performing. Non-performing loans were S$667m at 30 June 2026, and after a 65.8% allowance they are carried at S$228m.
The book is shrinking as loans are repaid. The company collected S$276m of redemptions and repayments in the half and made S$187m of new debt investments, and the net book fell to S$803m.
Ten projects make up the non-performing book, nine of them PRC real estate. The company recovered S$42.7m of principal on two of them in the half, and a S$68.2m real-estate loan became non-performing in the fourth quarter of 2025.
The company has not disclosed when it expects to recover the rest, so the pace cannot be judged: the carrying amount rests on its own loan-by-loan cash-flow estimates, including the value of PRC property collateral.
Debt investments at amortised cost by category at 30 June 2026, S$'000, with the expected credit-loss rate. Sources: 1H2026 results announcement, 12 August 2026 (unaudited); the non-performing and total loss rates from the 1H2026 results presentation.
The continuing business earned before the charge. Profit before allowances was S$92.2m; a S$291m credit-loss allowance, mostly on non-performing real-estate loans, turned that into a continuing loss of S$199m.
The year ended in a loss of S$5.22m attributable to shareholders, against a S$305m profit in FY2024. The maritime business, reported as discontinued, earned S$135m, and an income tax credit offset part of the charge.
The board declared no dividend for FY2025. FY2024's final dividend of 3.45 cents a share, S$120m, was paid in May 2025, so it sits in the FY2025 cash-flow statement.
The consolidated income statement for FY2025 and its FY2024 comparative, S$'000, as audited. Source: FY2025 annual report (audited), released 13 April 2026.
Line
FY2024
FY2025
Interest income
130,287
92,472
Dividend income
3,163
4,089
Other income
2,070
4,433
Net changes in fair value through profit or loss on financial assets and liabilities
−7,301
2,690
Total income
128,219
103,684
Employee compensation
−2,912
−2,381
Other expenses
−11,873
−9,152
Total expenses
−14,785
−11,533
Profit before allowances
113,434
92,151
Allowance for / (reversal of) allowances for credit and other losses
15,464
−290,941
(Loss)/profit after allowances
128,898
−198,790
Share of profits of associated companies, net of tax
2,888
19,019
Other (losses)/gains
43,543
−8,498
(Loss)/profit before income tax from continuing operations
175,329
−188,269
Income tax credit/(expense)
−51,892
53,755
(Loss)/profit from continuing operations
123,437
−134,514
Profit from discontinued operations (maritime business)
The maritime business left the group in November 2025
Shareholders now own the maritime business separately. The company distributed Yangzijiang Maritime Development Ltd to shareholders through a capital reduction, a distribution in specie carried at S$2.19bn, and the new company listed on the SGX Mainboard on 18 November 2025.
The distribution halved the balance sheet. S$289m of cash left with the spun-off group, and net assets fell from S$4.22bn at the end of 2024 to S$1.75bn at the end of 2025.
A planned lithium-battery investment fell through. The company agreed on 30 September 2025 to invest RMB1.02bn in the restructuring of Ningbo Shanshan, and the agreement ended on 6 November 2025 when creditors rejected the plan.
The consolidated cash-flow statement for FY2025 and its FY2024 comparative, S$'000, as audited. Source: FY2025 annual report (audited), released 13 April 2026.
Line
FY2024
FY2025
Net cash from operating activities
12,926
−91,842
Net cash from investing activities
1,367
−193,954
Net cash used in financing activities
−21,941
−428,286
Cash and cash equivalents of the spin-off group at distribution
The company holds cash and owes nothing. Cash was S$575m at 30 June 2026, down from S$619m, and there were no borrowings; deferred tax made up most of the S$118m of liabilities.
The cash is moving into other investments. Assets held at fair value through profit or loss rose to S$271m from S$81.2m, spread across venture-capital funds, unlisted debt and listed shares.
The company says about 70% of its RMB1.0bn programme was deployed by 30 June. Its target by FY2030 is equal holdings of debt and equity with a fifth of the portfolio in cash, and it plans to move more of the money outside China.
Most of the money is in renminbi inside China, so the Singapore-dollar figures move with the exchange rate: net assets rose S$105m in the half, and S$66.3m of that was a currency gain.
Share capital and ownership. Sources: 1H2026 results announcement, 12 August 2026; FY2025 annual report (audited), released 13 April 2026.
Line
Value
Ordinary shares in issue at 30 June 2026
3,480,450,520
Treasury shares held at 30 June 2026
0
Treasury shares cancelled on 16 April 2025
193,527,600
Shareholding held in the hands of the public (Rule 723)
Click a quarter — on the chart or in the return strip under it — to read its filings beside its large moves.
Key: Yangzijiang Financial Holding Ltd (YF8) as a solid line; Straits Times Index rebased, dashed; the benchmark runs off scale from Nov 25 and is clipped there; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.
Key moves
The five largest moves over a day or up to two weeks, with no day counted twice.
Each move is shown next to the market over the same days (and peers, where shown). News listed with a move was published within its dates; that does not mean the news caused the move. The quarter view has all the news.
The exchange asked about remuneration disclosure and a S$190m cash-flow reclassification between the preliminary results and the audited accounts; the company said profit was unaffected.
Net assets rose to 53.21 cents a share; no interim dividend was declared.
Same session: YF8 −4.3% · STI −0.6%
Large price moves
1315 Jul 2026 · +7% · index +1%
1421 Jul 2026 · +5% · index +1%
154 Aug 2026 · +5% · index 0%
1611 Aug 2026 · +10% · index +1%
Notes and sources
Share price record
How this section was built
This is the share-price record since 10 November 2025, when Yangzijiang Financial went ex its distribution of Yangzijiang Maritime Development shares. The earlier series belongs to a company that still held the maritime business, so it is left out. The record shows the Straits Times Index as a control and the company's filings that carried information; it records what the price did and does not infer a cause from timing alone.
Large moves were detected mechanically before being matched to filings: 16 moves, all kept. The residual is the move less the index return; no peer set was frozen, so no sector control is claimed. The filing record is a census of the exchange's own announcement files from 3 November 2025 to 28 September 2026, with the company's filings read.
How to read the tags.Market-wide and Sector-wide mean the index or the peer median moved with the share over the same session or week; Residual means the move is still large after both are subtracted. A residual is what is left over, not a cause: it does not establish that the company’s own news moved the price, and an unchanged or thinly traded price is not proof that no information arrived. Returns use the dividend-adjusted close; a filing released after the open is read against the next session.
Yahoo Finance daily closes for YF8.SI from 10 November 2025 to 25 September 2026 (222 sessions). Returns use the split- and dividend-adjusted series; no dividend went ex inside the window. The window starts on the ex-date of the maritime distribution, which the vendor series does not adjust for. The Straits Times Index is the market control on its available close series, so issuer-to-index figures are control diagnostics, not a total-return comparison. No same-session listed peer set was frozen.
The market series is Yahoo Finance daily data for YF8.SI, retrieved 28 September 2026; no second price source was kept. The census finds the company's filings by file name, so a filing attached under a generic name could be missed, and e-form notices without an attachment (buy-backs, substantial-shareholder and director-interest notices) are outside it. No same-session listed peer set was frozen. Filings are read as same-session associations unless the move itself is weekly.
A quarter shows only the columns it has. An empty developments column means: No selected issuer filing carrying information this quarter. An empty moves column means: No session cleared the large-move threshold this quarter.
The full move register — every large move and its market and sector controls
Every threshold-detected move since the distribution: 16 moves, all retained from the public price-driver map. Residual means the move remains large after the Straits Times Index return is subtracted; no same-session peer control was frozen.
#
Session
YF8
STI
Peers
Left over
Control result
What the evidence supports
1
18 Nov 2025
−6.8%
−0.9%
n/a
−5.9%
Residual
Against an index move of −0.9%, about 6 points are left over; 3.2× median volume. Price movement is not attributed to a supported catalyst in this record.
2
week to 23 Jan 2026
−6.6%
+0.9%
n/a
−7.5%
Residual
Weekly window, 2026-01-16 to 2026-01-23: against an index move of +0.9%, about 7 points are left over. Price movement is not attributed to a supported catalyst in this record.
3
week to 20 Feb 2026
+6.1%
+1.6%
n/a
+4.4%
Residual
Weekly window, 2026-02-13 to 2026-02-20: against an index move of +1.6%, about 4 points are left over. Price movement is not attributed to a supported catalyst in this record.
4
26 Feb 2026
−14.5%
−0.9%
n/a
−13.6%
Residual
Against an index move of −0.9%, about 14 points are left over; 7.3× median volume. Followed the FY2025 profit guidance dated 25 February 2026, which warned of a net loss on credit-loss allowances (release time not held; the 25 February session moved −1.4%).
5
27 Feb 2026
+5.1%
+0.6%
n/a
+4.5%
Residual
Against an index move of +0.6%, about 4 points are left over; 3.0× median volume. Price movement is not attributed to a supported catalyst in this record.
6
week to 27 Feb 2026
−11.4%
−0.5%
n/a
−11.0%
Residual
Weekly window, 2026-02-20 to 2026-02-27: against an index move of −0.5%, about 11 points are left over. The week included the filing “Profit guidance on unaudited FY2025 results” (2026-02-25).
7
2 Mar 2026
−6.5%
−2.1%
n/a
−4.4%
Residual
Against an index move of −2.1%, about 4 points are left over; 3.5× median volume. Followed the filing “Full yearly results FY2025”, released 28 Feb 2026, 21:08.
8
week to 6 Mar 2026
−14.5%
−2.9%
n/a
−11.6%
Residual
Weekly window, 2026-02-27 to 2026-03-06: against an index move of −2.9%, about 12 points are left over. The week included the filing “Full yearly results FY2025” (28 Feb 2026, 21:08).
9
11 Mar 2026
+6.0%
+0.1%
n/a
+5.9%
Residual
Against an index move of +0.1%, about 6 points are left over; 1.3× median volume. Price movement is not attributed to a supported catalyst in this record.
10
14 Apr 2026
+7.7%
+0.5%
n/a
+7.2%
Residual
Against an index move of +0.5%, about 7 points are left over; 1.9× median volume. Followed the FY2025 annual report and notice of meeting dated 13 April 2026 (release time not held); the report carried the accounts announced on 28 February with profit unchanged.
11
8 May 2026
−7.4%
−0.4%
n/a
−7.0%
Residual
Against an index move of −0.4%, about 7 points are left over; 3.7× median volume. Price movement is not attributed to a supported catalyst in this record.
12
week to 12 Jun 2026
−6.2%
−0.5%
n/a
−5.8%
Residual
Weekly window, 2026-06-05 to 2026-06-12: against an index move of −0.5%, about 6 points are left over. Price movement is not attributed to a supported catalyst in this record.
13
15 Jul 2026
+7.3%
+1.2%
n/a
+6.2%
Residual
Against an index move of +1.2%, about 6 points are left over; 1.2× median volume. Price movement is not attributed to a supported catalyst in this record.
14
21 Jul 2026
+4.9%
+0.5%
n/a
+4.4%
Residual
Against an index move of +0.5%, about 4 points are left over; 0.3× median volume. Price movement is not attributed to a supported catalyst in this record.
15
4 Aug 2026
+4.7%
−0.0%
n/a
+4.7%
Residual
Against an index move of −0.0%, about 5 points are left over; 0.8× median volume. Price movement is not attributed to a supported catalyst in this record.
16
11 Aug 2026
+9.5%
+1.0%
n/a
+8.5%
Residual
Against an index move of +1.0%, about 9 points are left over; 2.5× median volume. Price movement is not attributed to a supported catalyst in this record.
Key developments: sources, timing and notes
25 Feb 2026 · Loss warning for FY2025 on credit-loss allowancesResultsReaction (same session, order not established): YF8 −1.4% · STI −0.3% · 1.0× median volumeSource: Profit guidance on unaudited FY2025 results (2026-02-25)
28 Feb 2026 · FY2025: S$291m credit-loss allowance, S$5.22m loss, no dividendResultsReaction (next session, 2 Mar): YF8 −6.5% · STI −2.1% · 2.1× median volumeSource: Full yearly results FY2025 (2026-02-28)
1 Apr 2026 · No current plan for a Hong Kong dual listingCorporate actionReaction (same session, order not established): YF8 +2.0% · STI +1.8% · 1.0× median volumeSource: Clarification announcement (2026-04-01)
13 Apr 2026 · Annual report for FY2025 publishedResultsReaction (same session, order not established): YF8 −1.9% · STI −0.1% · 0.3× median volumeSource: Annual Report 2025 and notice of AGM (2026-04-13)
29 Apr 2026 · Share-purchase mandate renewed at the AGMCorporate actionReaction (same session, order not established): YF8 +1.9% · STI −0.5% · 0.3× median volumeSource: Results of the fourth AGM (2026-04-29)
12 Aug 2026 · 1H2026: profit S$38.3m, S$16.6m allowance releaseResultsReaction (same session, order not established): YF8 −4.3% · STI −0.6% · 3.7× median volumeSource: Half yearly results 1H2026 (2026-08-12)
How this page was built
This page reports what the company's own filings say. Figures come from the 1H2026 results announcement, press release and presentation (12 August 2026, unaudited and not reviewed by the auditors), the FY2025 annual report (audited, released 13 April 2026), the FY2025 results announcement (broadcast 28 February 2026), the response to SGX RegCo queries (28 April 2026) and the Ningbo Shanshan update (6 November 2025). The tables keep the as-filed values and the prose rounds them. The information cutoff is 28 September 2026.
The filing record is the exchange's own: SGX announcement attachments were enumerated by file number from October 2025 to September 2026 and read against the issuer's investor-relations list. An earlier draft of this page, never published, relied on that investor-relations list alone, which stops at 14 April 2026, and wrongly concluded that nothing had been filed since.
The share-price record starts on 10 November 2025, the ex-date of the maritime distribution (one Yangzijiang Maritime Development share for each share held; index-provider notice and press reports), because prices before that day include the maritime business and are not comparable. Yahoo Finance daily closes for YF8.SI to 25 September 2026; the Straits Times Index is the market control and no peer set was frozen.
What the record does not show
The 1H2026 statements are unaudited and were not reviewed by the auditors.
The non-performing project table in the results presentation names no borrowers, and the carrying amounts rest on the company's own recovery estimates.
The FY2022 to FY2024 annual reports were read for the debt-book, dividend and buy-back history only.
No peer set was frozen for the price record, so the page carries no sector cross-check.
The private record for this company carries no rating, no fair value and no credit opinion, and this page reports evidence only.
Each of these is a dated filing or decision still to come, and each would settle a question this page leaves open.
The FY2026 results, due in early 2027 · the audited value of the non-performing loans, whether recoveries on the largest real-estate loans continue, and whether a dividend is declared.
The rest of the RMB1.0bn programme · what the new fund, unlisted-debt and listed-share investments earn, and how much of the money moves outside China.
The Capital Markets Services licence · the company has applied to the Monetary Authority of Singapore; a licence would let it build a fund-management business in Singapore.
What you can watch yourself
Every other test on this page waits for the company to file. These do not. Each row is a series you can look up yourself, free, today — with the level this reading was built against, the levels that would put it in question, and what the series cannot tell you.
On the statistics bureau's site, open the monthly release for 70 large and medium-sized cities and read the new-home price line. National Bureau of Statistics of China
Last recorded
-0.17 % month-on-month, 2026-08-31
What the reading assumes
0 % month-on-month (flat month-on-month prices: the level at which the property collateral behind the credit book stops losing value, monthly change, measured against zero)
Watch / alert
-0.3 and -0.6 % month-on-month, on a move below — currently between the assumed level and the watch level
How often to look
monthly (the series prints monthly)
What it points to. Weaker PRC new-home prices cut the value of property collateral and the repayment capacity of property-linked borrowers, which shows up in the group's credit staging and its allowance charge one to two quarters later.
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. One monthly print can be reversed by the next release, and the group's borrowers are not the 70-city average, so a stabilising index does not by itself show that this particular book is recovering.
Settled by The group's next periodic filing: the credit-quality note showing stage migration and the allowance charge., due 2027-02-28. Lead time: one to two quarters between a price move and a change in the group's staging.
Watchlist reviewed on 2026-09-25; each observation has its own date above. This watchlist date does not change the company research cutoff. A series moving past a level is a reason to re-read the case, not a recommendation. The same series across every company covered: what you can watch.
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