https://growbeansprout.com/gds-global-chairman
kopi-C with GDS Global Chairman: Enhancing infrastructure protection and safety with advanced shutter systems
kopi-C with GDS Global Chairman: Enhancing infrastructure protection and safety with advanced shutter systems
Growbeansprout
kopi-C with GDS Global Chairman: Enhancing infrastructure protection and safety with advanced shutter systems
GDS Global has more than 40 years of experience in the shutter industry and has recently announced new organic growth and M&A initiatives to drive its next phase of expansion. Chairman Tang Hee Sung, who was appointed in 2023, explains how he's tightening…
AFP: Back to black: facing energy shock, Asia turns to coal
https://www.thedailystar.net/news/world/us-israel-war-iran/news/back-black-facing-energy-shock-asia-turns-coal-4134331
https://www.thedailystar.net/news/world/us-israel-war-iran/news/back-black-facing-energy-shock-asia-turns-coal-4134331
The Daily Star
Back to black: facing energy shock, Asia turns to coal
Much of Asia is heavily exposed to the energy crisis that has unfolded since the US-Israel attack on Iran began last month.
Proposed_Acquisition_of_North_American_Studio_and_Appointment_of.pdf
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Proposed Acquisition of North American Studio and Appointment of Gaming Industry Veteran as Chief Revenue Officer
Strategic step to accelerate business development efforts and expand market presence in Western markets, as well as strengthen leadership team
• Winking Studios has entered into a share purchase agreement to acquire 100 per cent. of Ampera.
• On completion, Claude Bordeleau, formerly a senior leader of Keywords Studios, will join the Group as Chief Revenue Officer.
• In connection with the Company’s North America expansion strategy, up to 35 million new ordinary shares in the issued share capital of the Company (“Ordinary Shares”) may be issued contingent upon the achievement of cumulative adjusted EBITDA of approximately US$33 million over the period from 2026 to 2031, and the Company’s volume weighted average price reaching specified targets annually, culminating to at least 54.6 pence (or approximately S$0.936 ) in 2031.
Strategic step to accelerate business development efforts and expand market presence in Western markets, as well as strengthen leadership team
• Winking Studios has entered into a share purchase agreement to acquire 100 per cent. of Ampera.
• On completion, Claude Bordeleau, formerly a senior leader of Keywords Studios, will join the Group as Chief Revenue Officer.
• In connection with the Company’s North America expansion strategy, up to 35 million new ordinary shares in the issued share capital of the Company (“Ordinary Shares”) may be issued contingent upon the achievement of cumulative adjusted EBITDA of approximately US$33 million over the period from 2026 to 2031, and the Company’s volume weighted average price reaching specified targets annually, culminating to at least 54.6 pence (or approximately S$0.936 ) in 2031.
https://www.businesstimes.com.sg/companies-markets/institutions-pull-back-buybacks-and-insider-buying-persist
Geo Energy Resources: Insider buying, capital raising and infrastructure upside
On Mar 25, Huang She Thong, chairman and CEO of Geo Energy Indonesia, bought one million Geo Energy Resources : RE4 0% shares at S$0.504 each. This grew his holdings from 29.83 million shares to 30.83 million shares.
As a co-founder of the group, he oversees its Indonesian operations, setting country strategy and executing marketing initiatives to drive sales growth, expand the customer base and enhance financial performance. He was appointed chairman and CEO of Golden Eagle Energy on Oct 18, 2023, with overall responsibility for the business and management.
Separately, on Mar 9, 2026, group chief operating officer Philip Hendry and group chief financial officer Adam Tan also purchased Geo Energy Resources shares at S$0.475 apiece.
On Mar 16, Geo Energy Resources completed a 35-million-share placement at S$0.425 a share. Through this, it raised about S$15 million to strengthen its capital structure, enhance financial flexibility and broaden its shareholder base.
The funds are intended to support the execution of ongoing projects and growth initiatives, reinforcing the group’s strategy to scale as a resilient, high-growth Indonesian energy and infrastructure player.
On Mar 17, the company announced that the Marga Bara Jaya integrated infrastructure project is 80 per cent complete and on track to be finished in mid-2026.
Geo Energy Resources also said it had secured binding third-party haulage commitments of nine million tonnes annually to create a new, recurring toll-based revenue stream.
Meanwhile, higher coal prices support an outlook for US$170 million to US$200 million in 2026 coal sales earnings before interest, taxes, depreciation and amortisation (Ebitda).
The infrastructure upside could also lift group earnings materially over the medium term, by up to an additional US$300 million in annual Ebitda.
Geo Energy Resources: Insider buying, capital raising and infrastructure upside
On Mar 25, Huang She Thong, chairman and CEO of Geo Energy Indonesia, bought one million Geo Energy Resources : RE4 0% shares at S$0.504 each. This grew his holdings from 29.83 million shares to 30.83 million shares.
As a co-founder of the group, he oversees its Indonesian operations, setting country strategy and executing marketing initiatives to drive sales growth, expand the customer base and enhance financial performance. He was appointed chairman and CEO of Golden Eagle Energy on Oct 18, 2023, with overall responsibility for the business and management.
Separately, on Mar 9, 2026, group chief operating officer Philip Hendry and group chief financial officer Adam Tan also purchased Geo Energy Resources shares at S$0.475 apiece.
On Mar 16, Geo Energy Resources completed a 35-million-share placement at S$0.425 a share. Through this, it raised about S$15 million to strengthen its capital structure, enhance financial flexibility and broaden its shareholder base.
The funds are intended to support the execution of ongoing projects and growth initiatives, reinforcing the group’s strategy to scale as a resilient, high-growth Indonesian energy and infrastructure player.
On Mar 17, the company announced that the Marga Bara Jaya integrated infrastructure project is 80 per cent complete and on track to be finished in mid-2026.
Geo Energy Resources also said it had secured binding third-party haulage commitments of nine million tonnes annually to create a new, recurring toll-based revenue stream.
Meanwhile, higher coal prices support an outlook for US$170 million to US$200 million in 2026 coal sales earnings before interest, taxes, depreciation and amortisation (Ebitda).
The infrastructure upside could also lift group earnings materially over the medium term, by up to an additional US$300 million in annual Ebitda.
We are pleased to share highlights from Beng Kuang Marine's latest slides for Non-Deal Roadshow 2026, where the Group outlined its differentiated earnings model anchored on the FPSO lifecycle.
Beng Kuang Marine continues to position itself as a lifecycle execution partner, capturing recurring, compliance-driven revenue streams across offshore assets. With 19 active FPSOs and over 80% recurring revenue mix, the Group’s earnings profile is increasingly repeatable, sustainable, and predictable.
Key investment highlights include:
* Lifecycle-driven earnings model – Revenue is anchored to mandatory maintenance, regulatory compliance cycles, and asset ageing dynamics, rather than dependent on new contract wins
* Strong recurring revenue visibility – Multi-year revenue generated from the same FPSO assets, with over S$219 million in cumulative lifecycle revenue across core assets
* Structural growth tailwinds – Expansion in fleet size, geographic footprint, and service scope continues to deepen embedded presence across offshore operations
* Attractive market opportunity – A global base of over 400 FPSO/FSO assets, with ageing fleets and compliance requirements driving sustained lifecycle expenditure
* Margin resilience and earnings quality – Gross margins have expanded to 37.1%, supported by a strategic pivot towards higher-value lifecycle services, even amid revenue timing fluctuations
* Disciplined capital allocation – The ASOM acquisition enhances lifecycle exposure at attractive valuation multiples, supporting immediate earnings accretion
The Group’s strategy to deepen engagement with both FPSO operators and direct field owners further strengthens its long-term positioning, enhancing revenue visibility and margin profile.
As offshore assets continue to age and regulatory requirements intensify, Beng Kuang Marine remains well-positioned to capture structural, non-cyclical growth through its embedded role in lifecycle execution.
See full slides here: https://www.linkedin.com/feed/update/urn:li:activity:7444360836292276224
Beng Kuang Marine continues to position itself as a lifecycle execution partner, capturing recurring, compliance-driven revenue streams across offshore assets. With 19 active FPSOs and over 80% recurring revenue mix, the Group’s earnings profile is increasingly repeatable, sustainable, and predictable.
Key investment highlights include:
* Lifecycle-driven earnings model – Revenue is anchored to mandatory maintenance, regulatory compliance cycles, and asset ageing dynamics, rather than dependent on new contract wins
* Strong recurring revenue visibility – Multi-year revenue generated from the same FPSO assets, with over S$219 million in cumulative lifecycle revenue across core assets
* Structural growth tailwinds – Expansion in fleet size, geographic footprint, and service scope continues to deepen embedded presence across offshore operations
* Attractive market opportunity – A global base of over 400 FPSO/FSO assets, with ageing fleets and compliance requirements driving sustained lifecycle expenditure
* Margin resilience and earnings quality – Gross margins have expanded to 37.1%, supported by a strategic pivot towards higher-value lifecycle services, even amid revenue timing fluctuations
* Disciplined capital allocation – The ASOM acquisition enhances lifecycle exposure at attractive valuation multiples, supporting immediate earnings accretion
The Group’s strategy to deepen engagement with both FPSO operators and direct field owners further strengthens its long-term positioning, enhancing revenue visibility and margin profile.
As offshore assets continue to age and regulatory requirements intensify, Beng Kuang Marine remains well-positioned to capture structural, non-cyclical growth through its embedded role in lifecycle execution.
See full slides here: https://www.linkedin.com/feed/update/urn:li:activity:7444360836292276224
LinkedIn
BKM Non-Deal Roadshow 2026 | 8PR Asia
We are pleased to share highlights from Beng Kuang Marine Limited’s Non-Deal Roadshow 2026, where the Group outlined its differentiated earnings model anchored on the FPSO lifecycle.
Beng Kuang Marine continues to position itself as a lifecycle execution…
Beng Kuang Marine continues to position itself as a lifecycle execution…
Fuxing_DividendPolicy_PR_final.pdf
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Fuxing Announces Dividend Policy; Targeting a Minimum 15% Annual Dividend Payout for Next Three Financial Years
• A target annual dividend payout of at least 15% of the Group’s profit attributable to equity holders of the Company as dividends in respect of the next three financial years ending 31 December 2026, 31 December 2027 and 31 December 2028
• For the financial year ended 31 December 2025, the Board has recommended the payment of final dividend of RMB0.15 per ordinary share amounting to a total of RMB 3,031,000 which represented distribution of approximately 15.0% of the Group’s profit attributable to equity holders of the Company of approximately RMB20.3 million for FY2025.
• As highlighted in its FY2025 announcement, the Group is targeting revenue growth and margin expansion through enhanced operational efficiency, utilising greater automation, and increased direct-to-brand sales.
• A target annual dividend payout of at least 15% of the Group’s profit attributable to equity holders of the Company as dividends in respect of the next three financial years ending 31 December 2026, 31 December 2027 and 31 December 2028
• For the financial year ended 31 December 2025, the Board has recommended the payment of final dividend of RMB0.15 per ordinary share amounting to a total of RMB 3,031,000 which represented distribution of approximately 15.0% of the Group’s profit attributable to equity holders of the Company of approximately RMB20.3 million for FY2025.
• As highlighted in its FY2025 announcement, the Group is targeting revenue growth and margin expansion through enhanced operational efficiency, utilising greater automation, and increased direct-to-brand sales.
Reclaims Global Limited has announced its financial results for FY2026, delivering a strong performance underpinned by steady demand across its core business segments.
The Group recorded a 4.8% year-on-year increase in revenue to S$46.5 million, while net profit rose 23.0% to S$6.8 million. This growth was driven primarily by stronger contributions from its Excavation Services and Logistics and Leasing segments, reflecting continued execution strength and operational discipline.
The Group’s balance sheet remains robust, with net assets increasing to S$47.2 million, supported by cash and cash equivalents of S$27.9 million and zero borrowings. Positive operating cash flows of S$3.1 million further underscore its disciplined cash management approach.
In line with its commitment to shareholder returns, Reclaims Global has proposed a final and special dividend of 1.0 cent per share. Together with the interim dividend of 0.5 cent per share, this brings total dividend payout for FY2026 to 54% of net profit attributable to shareholders.
Looking ahead, the Group remains well-positioned to benefit from sustained demand in Singapore’s construction sector, while advancing its strategy to strengthen its asset base through property investments and drive long-term value creation.
https://links.sgx.com/1.0.0/corporate-announcements/CDVNWLDR9AXGP5Q8/0f6de06e42b99b22f0651e54361cb28fbeea29312958b5d99496a247d708a79f
The Group recorded a 4.8% year-on-year increase in revenue to S$46.5 million, while net profit rose 23.0% to S$6.8 million. This growth was driven primarily by stronger contributions from its Excavation Services and Logistics and Leasing segments, reflecting continued execution strength and operational discipline.
The Group’s balance sheet remains robust, with net assets increasing to S$47.2 million, supported by cash and cash equivalents of S$27.9 million and zero borrowings. Positive operating cash flows of S$3.1 million further underscore its disciplined cash management approach.
In line with its commitment to shareholder returns, Reclaims Global has proposed a final and special dividend of 1.0 cent per share. Together with the interim dividend of 0.5 cent per share, this brings total dividend payout for FY2026 to 54% of net profit attributable to shareholders.
Looking ahead, the Group remains well-positioned to benefit from sustained demand in Singapore’s construction sector, while advancing its strategy to strengthen its asset base through property investments and drive long-term value creation.
https://links.sgx.com/1.0.0/corporate-announcements/CDVNWLDR9AXGP5Q8/0f6de06e42b99b22f0651e54361cb28fbeea29312958b5d99496a247d708a79f
Sgx
RECLAIMS GLOBAL LIMITED : 31-Mar-2026
Financial Statements and Related Announcement::Full Yearly Results
Media_Release_Binding_Term_Sheet_for_the_Proposed_Acquisition_of.pdf
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Geo Energy Makes Strategic Entry into High-Value Coking Coal Market; Signs Binding Term Sheet to Acquire Majority Stake in Concession Holder with Indicative 2P Reserves of 20 - 25 Million Tonnes of Hard Coking Coal
• Secures entry into premium hard coking coal market, a highly sought resource that commands a significant global price premium.
• Based on recent market prices, the Target Company’s coking coal will be able to achieve a selling price of approximately US$220–US$250 per tonne.
• With an estimated annual production of 2 million tonnes and a cash cost of approximately US$110 per tonne, the Target Company could generate cash profits of US$110–US$140 per tonne, translating to potential annual cash profits of US$220 million-US$280 million for the Group.
• Secures entry into premium hard coking coal market, a highly sought resource that commands a significant global price premium.
• Based on recent market prices, the Target Company’s coking coal will be able to achieve a selling price of approximately US$220–US$250 per tonne.
• With an estimated annual production of 2 million tonnes and a cash cost of approximately US$110 per tonne, the Target Company could generate cash profits of US$110–US$140 per tonne, translating to potential annual cash profits of US$220 million-US$280 million for the Group.
Indonesia signals output boost of coal production
The Energy and Mineral Resources Ministry has approved annual production plans (RKAB) for 580 million tonnes of coal, the ministry’s coal and mineral director general, Tri Winarno, said on Friday.
He added that the remaining approvals were expected to be finalized shortly, signaling that this year’s total production quota would exceed that figure.
The accelerated approvals come as the government signals a strategic shift to increase coal output this year, potentially allowing the country to capitalize on rising coal prices amid the Iran war.
https://asianews.network/indonesia-approves-580-million-tonne-coal-production-plan-signals-output-boost/
The Energy and Mineral Resources Ministry has approved annual production plans (RKAB) for 580 million tonnes of coal, the ministry’s coal and mineral director general, Tri Winarno, said on Friday.
He added that the remaining approvals were expected to be finalized shortly, signaling that this year’s total production quota would exceed that figure.
The accelerated approvals come as the government signals a strategic shift to increase coal output this year, potentially allowing the country to capitalize on rising coal prices amid the Iran war.
https://asianews.network/indonesia-approves-580-million-tonne-coal-production-plan-signals-output-boost/
Geo Energy: Proposed Placement of 35m shares at S$0.525 per share
- KGI is the placement agent
- represents a discount of approximately 3.1% to the volume weighted average price of SGD0.542 per Share, and a discount of approximately 1.9% to the closing price of SGD0.535 per Share for trades done on the SGX-ST for the full market day on 2 April 2026, being the full market day on which the Placement Agreement was executed.
- https://links.sgx.com/FileOpen/SGX%20Announcement%20-%20Proposed%20Placement.ashx?App=Announcement&FileID=881917
- KGI is the placement agent
- represents a discount of approximately 3.1% to the volume weighted average price of SGD0.542 per Share, and a discount of approximately 1.9% to the closing price of SGD0.535 per Share for trades done on the SGX-ST for the full market day on 2 April 2026, being the full market day on which the Placement Agreement was executed.
- https://links.sgx.com/FileOpen/SGX%20Announcement%20-%20Proposed%20Placement.ashx?App=Announcement&FileID=881917
We are pleased to share a recent initiation report by Phillip Capital on Yangzijiang Maritime Development Ltd (YZJ Maritime), which highlights the Group’s differentiated positioning within the maritime sector.
As a specialized maritime financial solutions provider spun off from Yangzijiang Financial Holding, YZJ Maritime represents a unique, asset-light play on the structural upswing of the global shipping cycle.
Investment Highlights:
- Full-Lifecycle Value Capture: Unlike traditional operators, the Group earns at every stage of a vessel's life—from procurement margins at build (up to 20% below market) to recurring charter income, lease interest, and capital gains upon exit.
- Strategic Pivot to Maritime Assets: In FY25, Maritime Business income surged 61% YoY to US$69.9mn, now contributing 49% of total income as the Group deliberately transitions from cash management to higher-returning shipping assets.
- Fortress Balance Sheet: The Group maintains a highly defensive position, with zero borrowings and a net cash balance of S$507mn, representing approximately 27% of its market capitalisation.
- Favorable Industry Dynamics: With vessel prices at 15-year highs and traditional European banks retreating from ship finance due to Basel IV, YZJ Maritime is strategically positioned to fill the financing gap.
Phillip Capital has initiated coverage with a BUY recommendation and a target price of S$0.69, reflecting confidence in the Group’s long-term growth trajectory, supported by its expanding fleet, strong deal pipeline, and ability to capitalise on the current upcycle in global shipping markets.
As the maritime industry continues to evolve, YZJ Maritime’s full-lifecycle platform and disciplined capital deployment strategy place it in a strong position to deliver sustainable value for stakeholders.
We invite you to read the full report for a comprehensive overview of the Group’s business model, financial profile, and growth outlook.
As a specialized maritime financial solutions provider spun off from Yangzijiang Financial Holding, YZJ Maritime represents a unique, asset-light play on the structural upswing of the global shipping cycle.
Investment Highlights:
- Full-Lifecycle Value Capture: Unlike traditional operators, the Group earns at every stage of a vessel's life—from procurement margins at build (up to 20% below market) to recurring charter income, lease interest, and capital gains upon exit.
- Strategic Pivot to Maritime Assets: In FY25, Maritime Business income surged 61% YoY to US$69.9mn, now contributing 49% of total income as the Group deliberately transitions from cash management to higher-returning shipping assets.
- Fortress Balance Sheet: The Group maintains a highly defensive position, with zero borrowings and a net cash balance of S$507mn, representing approximately 27% of its market capitalisation.
- Favorable Industry Dynamics: With vessel prices at 15-year highs and traditional European banks retreating from ship finance due to Basel IV, YZJ Maritime is strategically positioned to fill the financing gap.
Phillip Capital has initiated coverage with a BUY recommendation and a target price of S$0.69, reflecting confidence in the Group’s long-term growth trajectory, supported by its expanding fleet, strong deal pipeline, and ability to capitalise on the current upcycle in global shipping markets.
As the maritime industry continues to evolve, YZJ Maritime’s full-lifecycle platform and disciplined capital deployment strategy place it in a strong position to deliver sustainable value for stakeholders.
We invite you to read the full report for a comprehensive overview of the Group’s business model, financial profile, and growth outlook.
We initiate coverage with a BUY rating and a target price of S$0.69. Our target price is
pegged to 1.0x P/B FY26e, 11% above peer valuations of 0.9x P/B. We believe this
premium is warranted given the Group’s net cash of S$507mn (27% of market cap), rapid
book value growth trajectory (S$0.5bn to S$2.0bn in net assets over three years), and
differentiated positioning as a full-lifecycle maritime financial platform rather than a
pure vessel operator. There is upside to the book value from rising earnings and
unrealized gains in newbuilds.
pegged to 1.0x P/B FY26e, 11% above peer valuations of 0.9x P/B. We believe this
premium is warranted given the Group’s net cash of S$507mn (27% of market cap), rapid
book value growth trajectory (S$0.5bn to S$2.0bn in net assets over three years), and
differentiated positioning as a full-lifecycle maritime financial platform rather than a
pure vessel operator. There is upside to the book value from rising earnings and
unrealized gains in newbuilds.
Skylink Holdings Provides Key Business Updates on its Operational Resilience
For the six-month ended 31 March 2026 (“2H2026”) compared to the six-month ended 30 September 2025 (1H2026) as follows:
• Secured more long-term commercial vehicle leasing contracts;
• Added new hire purchase financing loan books; and
• Completed more repairs and maintenance (“MRO”), and bodywork customisation jobs.
Given the structural roles of the Group’s core businesses within Singapore economy and the recently announced EV initiatives, the Group has seen increased business volume during 2H2026, which remained resilient despite heightened geopolitical risks.
Mr Wesley Shen (沈文德), Executive Director & Chief Executive Officer of Skylink Holdings, said, “Serving the needs of SMEs and essential mobility solutions is our strong commitment to customers. We are pleased that our integrated business model has demonstrated strong resilience, with minimal impact on our business activities despite recent volatility in global energy prices. Meanwhile, our expansion of commercial EV fleet is a strategic initiative to support and enable our customers’ green transition, and the recent rising fuel costs further accelerate this shift. Furthermore, majority of our leases are under long-term contracts with a diversified base of customers, which serves as a strong safeguard against market concentration and business risks. With good revenue visibility, Skylink Holdings’ integrated business model is well-positioned to navigate evolving market cycles with enhanced agility and resilience.”
Integrated Business Model
- Allow the Group to implement its growth initiatives in a self-compounding business cycle, both by way of growing asset-base and increasing business volume; - Generates recurring revenues, improves cost synergies and enhances asset utilisation under this ecosystem – being built for business agility and operational resilience across market cycles.
Customer Diversification
The Group maintains a highly diversified customer base, mainly SMEs, with no material reliance on any customer, thereby significantly mitigating business concentration risks.
Accelerating EV Adoption Initiatives
- Gained significant traction in enabling green mobility transition for its customers in several essential sectors under its expanding commercial EV lease offerings;
- Secured 18 new contracts and transitioned 16 existing customers to EVs with a total deployment of 43 new EV units in the 3-month period ended 31 March 2026
- Recently received more customer enquiries with a robust pipeline of leads for its EV lease offerings specifically during 4Q2026 amidst rising diesel prices, while the overall fleet utilisation rate has remained consistently high.
Minimal Financial Impact of Rising Fuel Costs - The Group does not expect the recent fluctuations in fuel prices to materially impact its financial performance specifically during 4Q2026 as lesses are responsible for operating expenses, including fuel costs.
- Majority of the commercial vehicle leases are on long-term contracts for more than 1 year, providing greater earnings visibility.
Improved Yields with Stable Growth in New Hire-Purchase Loan Book
- The newly added loan books during this period would generate higher yields as compared to those legacy loan books, which have since been progressively paid off
More MRO and Engineering Work for its Engineering Business
- Third-party revenue has improved significantly, reflecting the segment’s growing market recognition, expanding client base in the public sector, and service-centric approach.
For the six-month ended 31 March 2026 (“2H2026”) compared to the six-month ended 30 September 2025 (1H2026) as follows:
• Secured more long-term commercial vehicle leasing contracts;
• Added new hire purchase financing loan books; and
• Completed more repairs and maintenance (“MRO”), and bodywork customisation jobs.
Given the structural roles of the Group’s core businesses within Singapore economy and the recently announced EV initiatives, the Group has seen increased business volume during 2H2026, which remained resilient despite heightened geopolitical risks.
Mr Wesley Shen (沈文德), Executive Director & Chief Executive Officer of Skylink Holdings, said, “Serving the needs of SMEs and essential mobility solutions is our strong commitment to customers. We are pleased that our integrated business model has demonstrated strong resilience, with minimal impact on our business activities despite recent volatility in global energy prices. Meanwhile, our expansion of commercial EV fleet is a strategic initiative to support and enable our customers’ green transition, and the recent rising fuel costs further accelerate this shift. Furthermore, majority of our leases are under long-term contracts with a diversified base of customers, which serves as a strong safeguard against market concentration and business risks. With good revenue visibility, Skylink Holdings’ integrated business model is well-positioned to navigate evolving market cycles with enhanced agility and resilience.”
Integrated Business Model
- Allow the Group to implement its growth initiatives in a self-compounding business cycle, both by way of growing asset-base and increasing business volume; - Generates recurring revenues, improves cost synergies and enhances asset utilisation under this ecosystem – being built for business agility and operational resilience across market cycles.
Customer Diversification
The Group maintains a highly diversified customer base, mainly SMEs, with no material reliance on any customer, thereby significantly mitigating business concentration risks.
Accelerating EV Adoption Initiatives
- Gained significant traction in enabling green mobility transition for its customers in several essential sectors under its expanding commercial EV lease offerings;
- Secured 18 new contracts and transitioned 16 existing customers to EVs with a total deployment of 43 new EV units in the 3-month period ended 31 March 2026
- Recently received more customer enquiries with a robust pipeline of leads for its EV lease offerings specifically during 4Q2026 amidst rising diesel prices, while the overall fleet utilisation rate has remained consistently high.
Minimal Financial Impact of Rising Fuel Costs - The Group does not expect the recent fluctuations in fuel prices to materially impact its financial performance specifically during 4Q2026 as lesses are responsible for operating expenses, including fuel costs.
- Majority of the commercial vehicle leases are on long-term contracts for more than 1 year, providing greater earnings visibility.
Improved Yields with Stable Growth in New Hire-Purchase Loan Book
- The newly added loan books during this period would generate higher yields as compared to those legacy loan books, which have since been progressively paid off
More MRO and Engineering Work for its Engineering Business
- Third-party revenue has improved significantly, reflecting the segment’s growing market recognition, expanding client base in the public sector, and service-centric approach.
22-06-01_YZJ Marine_7Apr2026_IC.pdf
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(DBS) YZJ Maritime: Alpha Generator (Initiate with BUY; TP S$0.88)
Our TP is based on 1.4x PB, translating to 17x PE, in line with valuation multiple used for Seatrium and shipbuilding peers median PE.
Investment Thesis: Asset-light + Defensive + High Growth + Yield
*Unique integrated shipping/shipbuilding business model: Captures industry tailwinds without owning a shipyard, generating income through Charters, Finance Lease, Vessel Construction and Shipbroking, leveraging strategic partnership with ship operators and yards
*Resilience across cycles. The integrated, asset light model provides stable income stream and resilience across cycle as shipping and shipbuilding tend to counter-cyclical due to lag effects
Our TP is based on 1.4x PB, translating to 17x PE, in line with valuation multiple used for Seatrium and shipbuilding peers median PE.
Investment Thesis: Asset-light + Defensive + High Growth + Yield
*Unique integrated shipping/shipbuilding business model: Captures industry tailwinds without owning a shipyard, generating income through Charters, Finance Lease, Vessel Construction and Shipbroking, leveraging strategic partnership with ship operators and yards
*Resilience across cycles. The integrated, asset light model provides stable income stream and resilience across cycle as shipping and shipbuilding tend to counter-cyclical due to lag effects
Skylink Holdings: Insider purchases by 3 personnel, Chairman / CEO / CFO