{
 "company": "Yangzijiang Financial Holding Ltd",
 "ticker": "SGX:YF8",
 "source_page": "https://smidresearch.com/companies/yangzijiang-financial/",
 "information_cutoff": "28 September 2026",
 "licence": "Public evidence-library figures as filed by the issuer and recomputed by SMID Research; cite the page and its information cut-off. No rating, fair value, price target or recommendation is included. Not investment advice.",
 "tables": [
  {
   "index": 1,
   "section": "What the company is now",
   "caption": "The consolidated balance sheet at 30 June 2026 and 31 December 2025, S$'000. Sources: 1H2026 results announcement, 12 August 2026 (unaudited); FY2025 annual report (audited), released 13 April 2026.",
   "headers": [
    "Line",
    "31 December 2025",
    "30 June 2026"
   ],
   "rows": [
    [
     "Cash and cash equivalents",
     "618,606",
     "575,433"
    ],
    [
     "Debt investments at amortised cost (current)",
     "425,544",
     "452,632"
    ],
    [
     "Debt investments at amortised cost (non-current)",
     "418,394",
     "350,278"
    ],
    [
     "Financial assets at fair value through profit or loss (current)",
     "25,020",
     "144,882"
    ],
    [
     "Financial assets at fair value through profit or loss (non-current, venture-capital funds)",
     "56,196",
     "126,407"
    ],
    [
     "Investments in associated companies",
     "144,154",
     "151,994"
    ],
    [
     "Investment properties",
     "17,463",
     "17,603"
    ],
    [
     "Deferred income tax assets",
     "135,270",
     "134,255"
    ],
    [
     "Trade and other receivables (current)",
     "50,688",
     "15,516"
    ],
    [
     "Total assets",
     "1,893,133",
     "1,970,231"
    ],
    [
     "Other payables",
     "38,789",
     "5,634"
    ],
    [
     "Deferred income tax liabilities",
     "104,767",
     "110,571"
    ],
    [
     "Borrowings",
     "0",
     "0"
    ],
    [
     "Total liabilities",
     "145,890",
     "118,350"
    ],
    [
     "Net assets",
     "1,747,243",
     "1,851,881"
    ],
    [
     "Net assets per share (cents)",
     "50.20",
     "53.21"
    ]
   ]
  },
  {
   "index": 2,
   "section": "1H2026: a smaller profit, carried by recoveries",
   "caption": "The consolidated income statement for continuing operations, 1H2026 and 1H2025, S$'000; 1H2025 is re-presented without the maritime business. Source: 1H2026 results announcement, 12 August 2026 (unaudited).",
   "headers": [
    "Line",
    "1H2025",
    "1H2026"
   ],
   "rows": [
    [
     "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",
     "13,032",
     "16,593"
    ],
    [
     "Share of profits of associated companies",
     "9,761",
     "7,802"
    ],
    [
     "Other (losses)/gains",
     "6,509",
     "−2,545"
    ],
    [
     "Profit before income tax",
     "74,826",
     "50,443"
    ],
    [
     "Income tax expense",
     "−20,973",
     "−12,111"
    ],
    [
     "Profit from continuing operations",
     "53,853",
     "38,332"
    ],
    [
     "Earnings per share, continuing operations (cents)",
     "1.55",
     "1.10"
    ]
   ]
  },
  {
   "index": 3,
   "section": "The debt book: half non-performing, and shrinking",
   "caption": "Debt investments at amortised cost by category at 30 June 2026, S$'000, with the expected credit-loss rate. Sources: 1H2026 results announcement, 12 August 2026 (unaudited); the non-performing and total loss rates from the 1H2026 results presentation.",
   "headers": [
    "Category",
    "Gross carrying amount",
    "Credit-loss allowance",
    "Net carrying amount",
    "Loss rate"
   ],
   "rows": [
    [
     "Performing",
     "466,605",
     "−28,884",
     "437,721",
     "6.2%"
    ],
    [
     "Under-performing",
     "189,414",
     "−52,234",
     "137,180",
     "27.6%"
    ],
    [
     "Non-performing",
     "667,203",
     "−439,194",
     "228,009",
     "65.8%"
    ],
    [
     "Total",
     "1,323,222",
     "−520,312",
     "802,910",
     "39.3%"
    ]
   ]
  },
  {
   "index": 4,
   "section": "FY2025: the year of the credit charge",
   "caption": "The consolidated income statement for FY2025 and its FY2024 comparative, S$'000, as audited. Source: FY2025 annual report (audited), released 13 April 2026.",
   "headers": [
    "Line",
    "FY2024",
    "FY2025"
   ],
   "rows": [
    [
     "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)",
     "186,239",
     "135,152"
    ],
    [
     "Total profit for the year",
     "309,676",
     "638"
    ],
    [
     "Attributable to equity holders of the Company",
     "304,629",
     "−5,219"
    ],
    [
     "Attributable to non-controlling interests",
     "5,047",
     "5,857"
    ]
   ]
  },
  {
   "index": 5,
   "section": "The maritime business left the group in November 2025",
   "caption": "The consolidated cash-flow statement for FY2025 and its FY2024 comparative, S$'000, as audited. Source: FY2025 annual report (audited), released 13 April 2026.",
   "headers": [
    "Line",
    "FY2024",
    "FY2025"
   ],
   "rows": [
    [
     "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",
     "0",
     "−289,083"
    ],
    [
     "Effect of exchange rate changes on cash",
     "14,745",
     "−80,582"
    ],
    [
     "Net decrease in cash and cash equivalents",
     "−7,648",
     "−714,082"
    ],
    [
     "Cash and cash equivalents at beginning of year",
     "1,406,173",
     "1,413,270"
    ],
    [
     "Cash and cash equivalents at end of year",
     "1,413,270",
     "618,606"
    ]
   ]
  },
  {
   "index": 6,
   "section": "Cash, and where it is going",
   "caption": "Share capital and ownership. Sources: 1H2026 results announcement, 12 August 2026; FY2025 annual report (audited), released 13 April 2026.",
   "headers": [
    "Line",
    "Value"
   ],
   "rows": [
    [
     "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)",
     "64.17%"
    ]
   ]
  },
  {
   "index": 7,
   "section": "Share price record",
   "caption": "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.",
   "headers": [
    "#",
    "Session",
    "YF8",
    "STI",
    "Peers",
    "Left over",
    "Control result",
    "What the evidence supports"
   ],
   "rows": [
    [
     "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."
    ]
   ]
  }
 ]
}