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.
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.
