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CGS-CIMB starts Yangzijiang Financial Holding at 'add' due to 'generous' 40% dividend payout

Felicia Tan
Felicia Tan6/7/2022 01:13 PM GMT+08  • 3 min read
CGS-CIMB starts Yangzijiang Financial Holding at 'add' due to 'generous' 40% dividend payout
YZJFH is headed by CEO cum CIO Vincent Toe / Photo: Albert Chua
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CGS-CIMB Research has initiated coverage on Yangzijiang Financial Holding (YZJFH) with an “add” call and a target price of 74 cents.

YZJFH is the carved-out and spun-off debt investment and investment management division of Mainboard-listed Yangzijiang Shipbuilding.

The target price is based on a CY2023 P/BV of 0.6x, which is comparable to Chinese banks, and a CY2023 P/E of 9x, which is at the peer average, say analysts Lim Siew Khee and Izabella Tan.

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