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The Spin-off Journey Begins With A Single Step

YZJ announced that it is exploring the possibility of spinning off its investments business into a separate entity which will then be listed. While this process may take 6- 12 months, we view this move in a positive light as it should remove some of the discounts that investors had arguably placed on the company, given the size of this non-core business. Maintain BUY. Target price: S$2.00.

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