Posted by Vdhawan > 2 weeks ago | Report Abuse

its current pe is only around 8x. Still cheap 😁

Posted by BursaVulture > 2 weeks ago | Report Abuse

@vdhawan

you got to look at core and none core profit. the pe8 is not quite accurate. profit include earnings from epcc due to accounting. core will just be the fpso charter rate.

Posted by Raymond Tiruchelvam > 2 weeks ago | Report Abuse

yinson is a standard story, company with the single highest book order.... in the magnitude of $22b of RM102b.... which company can even come close ??? but this comes at a very high cost.... RISK, as just one fpso screw up or delay can alter the whole revenue chain, but if alls well there is only hard cash to be earned, besides yinson will be heavily financing all this book order by itself.... largely, so there u go

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 weeks ago | Report Abuse

<<<
Posted by Raymond Tiruchelvam > 4 hours ago | Report Abuse

yinson is a standard story, company with the single highest book order.... in the magnitude of $22b of RM102b.... which company can even come close ??? but this comes at a very high cost.... RISK, as just one fpso screw up or delay can alter the whole revenue chain, but if alls well there is only hard cash to be earned, besides yinson will be heavily financing all this book order by itself.... largely, so there u go
>>>

Probability and consequences, like the game of Russian roulette.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 weeks ago | Report Abuse

>>>
Posted by Vdhawan > 12 hours ago | Report Abuse

its current pe is only around 8x. Still cheap 😁
>>>

Never use PE as a single indicator. A low PE does not equate to cheap. When the price of a stock drops, ALL valuation parameters look "cheap".

As Daniel Kahneman shared in his wonderful book, engage your System 2 (slow) thinking.

Posted by Sslee > 2 weeks ago | Report Abuse

Many funds shy aways from oil and gas companies because of ESG issue or try to be politically right.
Even some bank do not want to see to be associate or financing coal, oil and gas industries.
Everyone want to be see as whiter than white but do they do the same things on the industries of war (weapon industries)

Top oil and gas companies by P/E ratio
companies: 361 average P/E ratio (TTM): 7.41

Posted by speakup > 2 weeks ago | Report Abuse

ESG is a scam created by USA & West to undermine the oil rich Arab countries & Russia. It is politically motivated!
If USA really cares about environment, why they exit Paris Climate Accord :
https://www.scientificamerican.com/article/u-s-exits-paris-climate-accord-after-trump-stalls-global-warming-action-for-four-years/

Posted by Sslee > 2 weeks ago | Report Abuse

EU is now using deforestation as a trade barrier to disadvantage palm oil from entering EU.

Many things in this word is done politically motivated to protect someone/countries vested interest.

Posted by BursaVulture > 2 weeks ago | Report Abuse

I find the whole argument on palm oil and deforestation pure BS. as if sunflower, soy, olive etc grows in the sky without the need to clear land.

Posted by Raymond Tiruchelvam > 2 weeks ago | Report Abuse

Integrity.....I like ur statements

Posted by Vdhawan > 2 weeks ago | Report Abuse

Valid point, Integrity. RIP to Daniel Kahneman who passed away last month

Posted by Vdhawan > 2 weeks ago | Report Abuse

A Strong Global Economy Is Expected to Keep Oil Prices Rangebound
https://oilprice.com/Latest-Energy-News/World-News/A-Strong-Global-Economy-Is-Expected-to-Keep-Oil-Prices-Rangebound.html

Posted by LadyRepins > 2 weeks ago | Report Abuse

Hmmm, me thinks to go in at this point. O&G is on a deficit supply capacity situation, so up is the way to go. Yinson is about the only O&G MY counter to still dribble sideways, most others already start moving up. Seems to be bogged down by selling, KWAP, KWSP? Not sure, but any biggies selling either bought long way back 2022 or have other needs for funds. There is a cost basis of about 2.44~2.55 (2024) so no one is selling unless running away scared. Trading day 26APR22024 likely smaller fish selling off more than the big boys. A few sessions more, this stock is likely upward 2.60 range and beyond. If 2.30 breaks down, a visit to 2.10~2.00, probably short lived. Anything lower is going to be all hell break loose situation, back to pandemic levels.

Posted by hng33 > 1 week ago | Report Abuse

sold at 2.40-2.42

Posted by 8dragon > 1 week ago | Report Abuse

Government funds are gradually reducing their shares in the company. Very obvious the company is facing undisclosed problems. I sold all @ 2.42 lately.

Posted by OTB > 1 week ago | Report Abuse

EPF is the fund who takes up the private placement at 2.36.
Yinson will ensure the fund took up the private placement make money in the future.
How ??
Good luck.

Posted by Vdhawan > 1 week ago | Report Abuse

I wait RM2.50 to take profit instead. Ha

Posted by kai8994 > 1 week ago | Report Abuse

@8dragon

As per the recent announcement, EPF's shareholding is at 17.226% vs 16.69% as reported in 31 May 2023 AR. While KWAP's shareholding is 7.65% vs 6.55% as reported in 2023 AR. Which govt fund you referring to?

Posted by Vdhawan > 1 week ago | Report Abuse

I guess he meant EPF: https://klse.i3investor.com/web/insider/detail/SBSH_584475_1878107926

Posted by Vdhawan > 1 week ago | Report Abuse

8dragon didn't check and compare the number of shares held before and after 😬

Posted by edwing9981 > 1 week ago | Report Abuse

Yinson one of the worst performing oil and gas stocks in term of share price this year. Despite of multiple projects awarded and good P&L figures but the share price just not moving or stay flat.

The investors are well educated after the Serbak scandal, they are smarter now because avoiding high debts companies.

Posted by Raymond Tiruchelvam > 1 week ago | Report Abuse

yinson is a standard story, company with the single highest book order.... in the magnitude of $22b of RM102b.... which company can even come close ??? but this comes at a very high cost.... RISK, as just one fpso screw up or delay can alter the whole revenue chain, but if alls well there is only hard cash to be earned, besides yinson will be heavily financing all this book order by itself.... largely, so there u go

Posted by Sslee > 6 days ago | Report Abuse

Serbak report fake projects, fake contracts, fake inventories, fake receivables and even fake suppliers.

Are Yinson book orders/contracts win fake or the FPSO also fake?

Posted by edwing9981 > 6 days ago | Report Abuse

I didn't say Yinson projects are fake.

Investors worry about Yinson high debts.

Similar to Serbak are good P&L, high debts and always negative cash flow.

Posted by CharlesT > 6 days ago | Report Abuse

Most likely will end up like JAK's Wawasan 2020

Always see good revenue good paper profit very low PE looks very yummy at the same time very ugly negative cash flow endless rights issue PP issuance of Bonds...

Why why why tell me why?

SS Lee knows the answer but again he refuses to accept the fact...till he has to admit his mistake few years later

Posted by CharlesT > 6 days ago | Report Abuse

Sifu is also willing to sing left 3 years right 3 years in Yinson.....though he always claim he is TA comes first man

Posted by CharlesT > 6 days ago | Report Abuse

If u also holds a small position in Yinson like Sifu then no worry lah......sup sup water only...considered it as donation to beggar loh at worst scenario

Posted by Sslee > 6 days ago | Report Abuse

I only hold a small position and loooking forward to wawasan 2026 when three (3) more FPSO in operation.

Will monitor the cashflow then if still negative will run fast fast.

As of Jaks it is now wawasan 2030 when JHDP pay off all it' 10 year term loan then most likely jaks will receive big dividend from JHDP till then avoid.

Posted by Huangbk72 > 6 days ago | Report Abuse

Is Coconut Felix talking about SAP?

Talking mountain of debt.. talking no cash flow

Share price flat over 2 years.. Coconut invested over 1 year

No mirror again? 😂😂😂😂

Posted by Sslee > 6 days ago | Report Abuse

Repost:
Building a new FPSO costs approximately US$ 2.5 Bn to US$ 3 Bn. However, the cost of conversion of an oil tanker is approximately between US$ 1.5 Bn and US$ 2 Bn.

Posted by CharlesT > 6 days ago | Report Abuse

What's their net profit margin like?

From Yinson's past years' records it seems their net profit margin is like 10%+/-...

I would say not really that convincing, in view of the heavy investment involved and the high risk

Oil palm plantation is much much better.....relatively high profit margin , consistent positive cashflow n div records....n potential land appreciation over the years

So SSLee, why are u in Yinson????

Posted by CharlesT > 6 days ago | Report Abuse

Posted by Sslee > 22 minutes ago | Report Abuse

Repost:
Building a new FPSO costs approximately US$ 2.5 Bn to US$ 3 Bn. However, the cost of conversion of an oil tanker is approximately between US$ 1.5 Bn and US$ 2 Bn.

One screw up in any of their FPSO their ass will be very painful

Posted by CharlesT > 6 days ago | Report Abuse

Why u like Yinson?

Coz u like to have dreams? U love Wawasan 2026 or 2036 or 2046? U like to do their profit projections?

Posted by Sslee > 6 days ago | Report Abuse

Repost:
FYE 2024 Yinson Production Operations results overview (YoY)
Revenue PAT

YTD Q4 FYE 2023
(RM’ mil)
YTD Q4FYE 2024
(RM’ mil)
Variance (RM’ mil)
Revenue 1,631: 2,279 : 648
Gross Profit 951: 1,480: 529
EBITDA 1,162: 1,643: 481
PAT 576 :776: 200
PATAMI 498: 628 :130
 Increase in revenue was due to fresh contribution from FPSO Anna Nery’s operation since first oil was achieved on 7 May 2023 and rate escalation for operating FPSOs, offset by loss of revenue contribution from Adoon after disposal in Q4’

Posted by CharlesT > 6 days ago | Report Abuse

https://klse.i3investor.com/web/stock/financial-last-10-fy/7293

Posted by Sslee > 6 days ago | Report Abuse

Repoat:
FPSO Anna Nery achieved financial acceptance in May-23 and began generating lease income.
Currently, it still has 3 more FPSOs under construction.
FPSO Atlanta and FPSO Maria Quiteria will be delivered in year 2024 and FPSO Agogo will be delivered by Feb-26

By 2025 you should see the result of the earning power of FPSO Atlanta and FPSO Maria Quiteria

Posted by CharlesT > 6 days ago | Report Abuse

Heavy capital intensive high risk biz

Net profit margin of 10% seems not justifiable to me lah

SSLee U as a palm oil Industry man, dont u think palm oil plantation biz is much much better than this biz?

Posted by Sslee > 6 days ago | Report Abuse

FYE 2024 Yinson Production Operations results overview (YoY)
Revenue PAT

YTD Q4 FYE 2023
(RM’ mil)
YTD Q4FYE 2024
(RM’ mil)
Variance (RM’ mil)
Revenue 1,631: 2,279 : 648
Gross Profit 951: 1,480: 529
EBITDA 1,162: 1,643: 481
PAT 576 :776: 200
PATAMI 498: 628 :130

The PAT margin is 776/2279 about 34%

Posted by CharlesT > 6 days ago | Report Abuse

Sslee

FYE 2024 Yinson Production Operations results overview (YoY)
Revenue PAT

YTD Q4 FYE 2023
(RM’ mil)
YTD Q4FYE 2024
(RM’ mil)
Variance (RM’ mil)
Revenue 1,631: 2,279 : 648
Gross Profit 951: 1,480: 529
EBITDA 1,162: 1,643: 481
PAT 576 :776: 200
PATAMI 498: 628 :130

The PAT margin is 776/2279 about 34%

https://klse.i3investor.com/web/stock/financial-last-10-fy/7293

We come from 2 different planet ah??

Posted by Sslee > 6 days ago | Report Abuse

FYE2024 Yinson Production EPCIC results overview (YoY)
YTD Q4
FYE 2023
(RM’ mil)
YTD Q4
FYE 2024
(RM’ mil)
Variance
(RM’ mil)
Revenue 4,561 9,220 4,659
Gross Profit 813 1,440 627
EBITDA 792 1,441 649
PAT 340 682 342
PATAMI 401 648 247

During FPSO contruction EPCIC result. After FPSO delivered and acceptance then it is Production Operations results.

Posted by Sslee > 6 days ago | Report Abuse

Yinson Production has held the naming ceremony for FPSO Maria Quitéria which will deployed in at Petrobras’ Jubarte field offshore Brazil.

The naming ceremony for the FPSO Maria Quitéria was held at Cosco Shipping Heavy Industry (Shanghai) Shipyard in China on April 3, 2024.

FPSO Maria Quitéria is a conversion project with a production capacity of 100,000 barrels of oil per day and a storage capacity of 1,000,000 barrels.

The vessel will be the first FPSO in Yinson Production’s fleet to operate heat recovery steam generation (HRSG) as part of its combined cycle power generation system.

HRSG is one of several technologies that we are implementing across Yinson’s fleet, in line with its efforts in reducing carbon emissions and be the frontrunner in decarbonizing the FPSO industry towards the goal of net zero.

Yinson Production was awarded the FPSO Maria Quitéria project by Petrobras in November 2021 and the conversion works started on January 25, 2022.

The project has been progressing according to schedule, with all topside modules onboard and integrated, and commissioning underway. Sail away to Brazil will be in the second quarter of 2024 and the asset will be deployed at the Jubarte field, as part of the Parque das Baleias Integrated Project, located in the northern part of the Campos Basin, offshore Brazil.

The deployment is part of a 22.5-year lease and operate contract with a total contract value of up to $5.3 billion.

FPSO Maria Quitéria is Yinson Production’s third FPSO destined for Brazil, following FPSO Anna Nery, which has been operating for Petrobras since May 2023, and FPSO Atlanta, which is expecting first oil in summer 2024 and will operate for Enauta.

Posted by Sslee > 6 days ago | Report Abuse

FPSO Anna Nery achieved financial acceptance in May-23 and began generating lease income.
Currently, it still has 3 more FPSOs under construction.
FPSO Atlanta and FPSO Maria Quiteria will be delivered in year 2024 and FPSO Agogo will be delivered by Feb-26

FPSO Maria Quitéria is Yinson Production’s third FPSO destined for Brazil, following FPSO Anna Nery, which has been operating for Petrobras since May 2023, and FPSO Atlanta, which is expecting first oil in summer 2024 and will operate for Enauta.

Only FPSO Agogo under contruction and need capital. FPSO Alanta and Maria Quiteria on it way deliver to client.

Posted by Sslee > 6 days ago | Report Abuse

March 20, 2024, by Melisa Čavčić
A floating production, storage, and offloading (FPSO) vessel destined to work at an oil field in the Santos Basin, has left a shipyard in Dubai, UAE, and set sail for Brazilian waters.


FPSO Atlanta; Source: Yinson Production
Enauta signed a contract with Yinson for the conversion of an existing production unit – purchased in February 2022 – so that the FPSO could be used for the Atlanta field’s Full Development System (FDS). In July 2023, Yinson exercised its option to buy the FPSO Atlanta through the purchase of all the shares of AFPS, which owns the vessel.

Following shipyard works and sea trials, the FPSO Atlanta is now en route to the Atlanta field in Santos Basin off the coast of Brazil. According to Enauta, this is in line with the project schedule and the estimated time of arrival (ETA) for the FPSO is 45 days, which may vary depending on sea conditions.

Upon the vessel’s arrival, anchoring and submarine systems connection works are expected to start, with the first oil anticipated in August 2024. Yinson Production held a naming ceremony for the FPSO Atlanta at Dubai Drydocks World in Dubai on December 13, 2023.

Posted by Bullrun18 > 6 days ago | Report Abuse

Yeah the Fpso Atlanta will reach the designated oil field by next week and start the submarine system’s connection work …..

Posted by Vdhawan > 4 days ago | Report Abuse

The FPSO will have a production capacity of 120,000 barrels of oil per day, by the way

Posted by 8dragon > 3 days ago | Report Abuse

Yinson is a sinking ship which is too heavy to be lifted...

Posted by Bullrun18 > 3 days ago | Report Abuse

有些人知识水平太低看到的都是问题，还有一些人格局太小糾结的都是鳼毛蒜皮，一般這些人总是在谷底看世界的俗人….

Posted by Jeffrey > 3 days ago | Report Abuse

168亿的债务不是鳼毛蒜皮，更可怕的是一年负28亿的operating cashflow。

当大多数的气油股都涨📈到五年新高，这只股和恒源一样还往下跌📉。这个格局老实说只有世外高人看得清。🤣🤣🤣

Posted by Sslee > 3 days ago | Report Abuse

If you build 4 FPSO in a short period of 5 years what will be your cash outflow per year?
After your delivered all the 4 FPSO and generating lease rental incomes what will be the yearly cashflow?
Know how much borrowings in YTLpower book?

Posted by Sslee > 3 days ago | Report Abuse

FPSO Anna Nery achieved financial acceptance in May-23 and began generating lease income.
Currently, it still has 3 more FPSOs under construction.
FPSO Atlanta and FPSO Maria Quiteria will be delivered in year 2024 and FPSO Agogo will be delivered by Feb-26

Building a new FPSO costs approximately US$ 2.5 Bn to US$ 3 Bn. However, the cost of conversion of an oil tanker is approximately between US$ 1.5 Bn and US$ 2 Bn.

Posted by OTB > 3 days ago | Report Abuse

1.) FPSO Maria Quitéria. Brazil. 100% stake.
https://www.theedgemarkets.com/article/yinson-lands-fpso-contracts-worth-us52-billion-brazil
Contract value = USD 5.2 billion. 22.5 years firm.
Start operation in mid-2024.
Annual (charter rate) revenue = USD 5200 million/22.5 = USD 231.11 million = RM 1.086 billion (1 USD = RM 4.70)
PBT (40% of revenue) = 434.40 million
PAT (37% tax) = 273.67 million

2.) FPSO Atlanta. Brazil. 100% stake.
https://www.oedigital.com/news/494478-malaysia-s-yinson-brazil-s-enauta-pen-firm-contracts-for-atlanta-field-fpso
Contract value = USD 1.9 billion. 15 years firm and with option to extend 5 years.
Start operation in mid-2024.
Annual (charter rate) revenue = USD 1900 million/15 = USD 126.67 million = RM 595.35 million (1 USD = RM 4.70)
PBT (40% of revenue) = 238.14 million
PAT (37% tax) = 150.03 million

I believe 50% of PAT (212 million) will be included in FY 2025 income statement.
Thank you.