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
☝🏻YZJ Maritime has announced the successful securing of leasing agreements for 13 vessels, comprising 12 oil/chemical/product tankers and one AHTS vessel, with an aggregate contract value of approximately US$89.8 million.
These agreements, spanning lease periods of one to eight years, are expected to generate recurring income streams while supporting the Group’s disciplined approach to asset selection and credit risk management.
With a maritime asset portfolio of 85 vessels (including newbuilding orders) and a strong balance sheet, Yangzijiang Maritime continues to leverage its structural cost advantages, deep shipbuilding expertise, and extensive international network to capitalise on opportunities within the global maritime sector.
These agreements, spanning lease periods of one to eight years, are expected to generate recurring income streams while supporting the Group’s disciplined approach to asset selection and credit risk management.
With a maritime asset portfolio of 85 vessels (including newbuilding orders) and a strong balance sheet, Yangzijiang Maritime continues to leverage its structural cost advantages, deep shipbuilding expertise, and extensive international network to capitalise on opportunities within the global maritime sector.
Sanli Environmental Limited is pleased to announce the procurement of new contracts across both the public and private sectors, with an aggregate value of approximately S$14.0 million.
These contract wins, recorded between 1 January 2026 and 31 March 2026, underscore the Group’s established technical capabilities and its enduring role in Singapore’s water and environmental infrastructure sector.
Key Business Updates:
- Significant Maintenance Component: Approximately S$13.7 million of the total value was awarded by a major customer for maintenance-related services to be delivered over a 3-year period.
- Diverse Scope of Works: The new contracts encompass a range of essential services, including engineering works, system upgrades, and maintenance within the environmental infrastructure sector.
- Focus on Project Execution: Following a landmark year in 2025—during which the Group secured approximately S$590 million in new Engineering, Procurement, and Construction (EPC) contracts—Sanli’s primary objective is the timely and high-quality delivery of its record order book.
- 20th Anniversary Milestone: Founded in 2006, the Group celebrates its 20th anniversary this year, reflecting a long-standing track record of contributing to landmark infrastructure projects in Singapore.
Chief Executive Officer Mr. Sim Hock Heng highlighted that these wins reflect the trust and consistent delivery Sanli has provided to its key customers over the past two decades. Moving forward, the Group remains committed to maintaining rigorous safety and operational standards while enhancing margins through disciplined cost control.
These contract wins, recorded between 1 January 2026 and 31 March 2026, underscore the Group’s established technical capabilities and its enduring role in Singapore’s water and environmental infrastructure sector.
Key Business Updates:
- Significant Maintenance Component: Approximately S$13.7 million of the total value was awarded by a major customer for maintenance-related services to be delivered over a 3-year period.
- Diverse Scope of Works: The new contracts encompass a range of essential services, including engineering works, system upgrades, and maintenance within the environmental infrastructure sector.
- Focus on Project Execution: Following a landmark year in 2025—during which the Group secured approximately S$590 million in new Engineering, Procurement, and Construction (EPC) contracts—Sanli’s primary objective is the timely and high-quality delivery of its record order book.
- 20th Anniversary Milestone: Founded in 2006, the Group celebrates its 20th anniversary this year, reflecting a long-standing track record of contributing to landmark infrastructure projects in Singapore.
Chief Executive Officer Mr. Sim Hock Heng highlighted that these wins reflect the trust and consistent delivery Sanli has provided to its key customers over the past two decades. Moving forward, the Group remains committed to maintaining rigorous safety and operational standards while enhancing margins through disciplined cost control.
☝🏻Geo Energy Resources Limited is pleased to announce that its recent share placement has been fully subscribed, raising gross proceeds of approximately S$18.4 million. The placement saw overwhelming demand from prominent institutional funds and top-tier investors, reflecting strong market confidence in the Group’s strategic direction and long-term fundamentals.
Placement Highlights:
- Issuance Details: The Group issued 35 million new ordinary shares at a placement price of S$0.525 per share.
- Distinguished Investor Base: The majority of the shares were subscribed by high-profile investors, including Asdew Acquisitions Pte Ltd, ICH AM Funds, and Mr. Han Seng Juan.
- Robust Market Valuation: As of 15 April 2026, Geo Energy’s market capitalisation has exceeded S$1 billion, with a closing share price of S$0.615.
- Strategic Use of Proceeds: The capital raised will be deployed to strengthen the Group's financial position, providing working capital to scale up PT Triaryani (TRA) production capacities and pursue further expansion opportunities.
Placement Highlights:
- Issuance Details: The Group issued 35 million new ordinary shares at a placement price of S$0.525 per share.
- Distinguished Investor Base: The majority of the shares were subscribed by high-profile investors, including Asdew Acquisitions Pte Ltd, ICH AM Funds, and Mr. Han Seng Juan.
- Robust Market Valuation: As of 15 April 2026, Geo Energy’s market capitalisation has exceeded S$1 billion, with a closing share price of S$0.615.
- Strategic Use of Proceeds: The capital raised will be deployed to strengthen the Group's financial position, providing working capital to scale up PT Triaryani (TRA) production capacities and pursue further expansion opportunities.